Ethan Fallang
The data on this page comes from a financial disclosure filed by Ethan Fallang, who was picked to be: Deputy Assistant Secretary for Capital Markets, Department of the Treasury. It is part of a collection of thousands of ethics documents ProPublica has been collecting from across the Trump administration.
Roles Outside Government
Officials are required to disclose paid or unpaid positions they hold or recently held outside the federal government, including roles as officer, director, trustee or employee. (Form 278e, Part 1)
| Organization | Position held | Endnote | Line No. |
|---|---|---|---|
| Rumble, Inc. | Board Director, 5/2021 - 1/2025 | 1 | |
| Narya Capital Management | Partner, 2/2020 - 9/2023 | Held multiple positions during my tenure. Disclosed last title, held since 2022. | 2 |
| Viking Insurance, Ltd | Director, 1/2016 - 12/2023 | 3 | |
| Riverview Health Institute | Board Director, 10/2008 - 1/2025 | Held multiple positions during my tenure. Disclosed last title, held since 2019. | 4 |
| Our Ohio Renewal | Board Director, 4/2017 - 12/2024 | 5 | |
| Family Partnership #1 | Consultant, 1/2013 - 1/2025 | 6 | |
| Family Partnership #2 | Consultant, 1/2013 - 1/2025 | 7 | |
| Surgery Center of Dayton | Director, 4/2024 - 1/2025 | 8 | |
| Triumph Way Holdings, LLC | Founder, 9/2024 - Present | Entity has no assets. It was formed but never used. It will remain dormant during my service. | 9 |
| JDE Enterprise Investments, LLC | Founder, 2/2018 - Present | Entity has no assets. It was formed but never used. It will remain dormant during my service. | 10 |
Employment Assets
Officials are required to disclose assets associated with their employment, including salary, retirement accounts, stocks, intellectual property and awards or prizes. (Form 278e, Part 2)
| Description | Value | Income | Income Type | Endnote | Line No. |
|---|---|---|---|---|---|
| Rumble, Inc., restricted stock units | $250K - $500K | None (or less than $201) | 1 | ||
| Rumble, Inc. | $162K | Director Fees | 2 | ||
| Roth IRA | 3 | ||||
| PIMCO StocksPLUS Long Duration Fund Institutional Class Shares (PSLDX) | $100K - $250K | None (or less than $201) | 3.1 | ||
| Riverview Health Institute Defined Contribution Plan | 4 | ||||
| Fidelity Total Market Index Fund (FSKAX) | $250K - $500K | None (or less than $201) | 4.1 | ||
| Fidelity US Bond Index Fund (FXNAX) | $50,001 - $100K | None (or less than $201) | 4.2 | ||
| Fidelity International Index Fund (FSPSX) | $50,001 - $100K | None (or less than $201) | 4.3 | ||
| Rumble, Inc. (RUM) | $250K - $500K | None (or less than $201) | 5 | ||
| Rumble, Inc., restricted stock units | $146K | Cash Payout | 6 | ||
| Riverview Health Institute | $97,846 | Salary | 7 | ||
| Family Partnership #1 | $68,000 | Salary | 8 | ||
| Family Partnership #2 | $8,000 | Salary | 9 | ||
| Narya Capital Management | $181K | Salary | 10 | ||
| Narya Capital Management Defined Contribution Plan | 11 | ||||
| Vanguard Total Stock Market Index Fund Admiral Class Shares (VTSAX) | $50,001 - $100K | None (or less than $201) | 11.1 | ||
| Vanguard Total International Stock Index Fund Admiral Shares (VTIAX) | $15,001 - $50,000 | None (or less than $201) | 11.2 | ||
| Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) | $1,001 - $15,000 | None (or less than $201) | 11.3 |
Employment Agreements
Officials are required to disclose agreements relating to other jobs, including what will happen with any small businesses they own during government service and any continued health care coverage, planned leaves of absence, severance or bonuses. (Form 278e, Part 3)
| Organization | Agreement | Endnote | Line No. |
|---|---|---|---|
| Rumble, Inc. | The compensation committee elected to accelerate the vesting of my RSU's which would otherwise be forfeited. I will also receive partial compensation for my Director's fees which will be $8,500. (2022-09-01) | 1 | |
| Riverview Health Institute | I will continue to participate in this defined contribution plan, but the plan sponsor no longer makes contributions. (2008-10-01) | 2 | |
| Narya Capital Management | I will continue to participate in this defined contribution plan, but the plan sponsor no longer makes contributions. (2020-02-01) | 3 | |
| Narya Capital GP I, LP | Pursuant to my contract, I retain carried interest in Narya Capital GP I, LP, as compensation for services provided from 2/2020 – 9/2023. The percentage was fixed in August 2023. Payment will be made if and when the fund profits from its investments. (2023-08-01) | 4 | |
| Narya Capital GP II, LP | Pursuant to my contract, I retain carried interest in Narya Capital GP II, LP, as compensation for services provided from 2/2020 – 9/2023. The percentage was fixed in August 2023. Payment will be made if and when the fund profits from its investments. (2023-08-01) | 5 |
Compensation
Officials are required to disclose the sources of any compensation above $5,000 in a year. (Form 278e, Part 4)
Spouse’s Assets
Officials are required to disclose their spouse’s assets, including salary and retirement accounts worth more than $1,000. (Form 278e, Part 5)
| Description | Value | Income | Income Type | Endnote | Line No. |
|---|---|---|---|---|---|
| Roth IRA | 1 | ||||
| SPDR PORTFOLIO S&P 500 ETF (SPLG) | $1,001 - $15,000 | None (or less than $201) | 1.1 | ||
| Vanguard Total Stock Market Index Fund ETF Class Shares (VTI) | $15,001 - $50,000 | None (or less than $201) | 1.2 | ||
| SPDR PORTFOLIO S&P 600 SMALL CAP ETF (SPSM) | $1,001 - $15,000 | None (or less than $201) | 1.3 | ||
| SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) | $1,001 - $15,000 | None (or less than $201) | 1.4 | ||
| VanguardEmerging Markets Stock Index Fund ETF Shares (VWO) | $1,001 - $15,000 | None (or less than $201) | 1.5 | ||
| Vanguard Developed Markets Index Fund ETF Shares (VEA) | $15,001 - $50,000 | None (or less than $201) | 1.6 | ||
| ISHARES CORE US AGGREGATE BOND ETF (AGG) | $1,001 - $15,000 | None (or less than $201) | 1.7 | ||
| iSharesJPMorgan USDEmerging Markets Bond ETF (EMB) | $1,001 - $15,000 | None (or less than $201) | 1.8 | ||
| Kettering Health Network Defined Contribution Plan | 2 | ||||
| Fidelity Total Market Index Fund (FSKAX) | $15,001 - $50,000 | None (or less than $201) | 2.1 | ||
| FidelityGlobal ex US Index Fund (FSGGX) | $15,001 - $50,000 | None (or less than $201) | 2.2 | ||
| Fidelity US Bond Index Fund (FXNAX) | $1,001 - $15,000 | None (or less than $201) | 2.3 | ||
| Fidelity Small Cap Index Fund (FSSNX) | $1,001 - $15,000 | None (or less than $201) | 2.4 | ||
| Riverview Health Institute Defined Contribution Plan | 3 | ||||
| Fidelity Total Market Index Fund (FSKAX) | $15,001 - $50,000 | None (or less than $201) | 3.1 | ||
| Fidelity International Index Fund (FSPSX) | $1,001 - $15,000 | None (or less than $201) | 3.2 | ||
| Fidelity US Bond Index Fund (FXNAX) | $1,001 - $15,000 | None (or less than $201) | 3.3 | ||
| Fidelity Real Estate Index Fund (FSRNX) | $1,001 - $15,000 | None (or less than $201) | 3.4 |
Other Assets and Income
Officials are required to disclose other assets and sources of investment income belonging to them, their spouse or their dependent children. These include annuities, bonds, cash, college savings plans, farms, precious metals, real estate, stocks, trusts and wills. (Form 278e, Part 6)
| Description | Value | Income | Income Type | Endnote | Line No. |
|---|---|---|---|---|---|
| US Bank #1: HSA (cash) | $1,001 - $15,000 | None (or less than $201) | 1 | ||
| Nocterra Brewing, hospitality, Powell, OH | $15,001 - $50,000 | None (or less than $201) | 2 | ||
| Narya Fund I | $50,001 - $100K | None (or less than $201) | 3 | ||
| US Bank #2 (cash account) | $50,001 - $100K | None (or less than $201) | 4 | ||
| US Bank #3 (cash account) | $100K - $250K | $5,001 - $15,000 | Interest | 5 | |
| Legacy Trust | $5M - $25M | None (or less than $201) | Owns shares in Family Partnership #1 and #2. Filer has an 23.75% financial interest in Family Partnership #1. Filer has an 11% financial interest in Family Partnership #2. | 6 | |
| Family Partnership #1 | 6.1 | ||||
| Riverview Health Institute, LLC, healthcare, Dayton, OH (value and income not readily ascertainable) | 6.1.1 | ||||
| Hendricks Assistance Company, LLC, real estate investments, Middletown, OH (value and income not readily ascertainable) | 6.1.2 | ||||
| Buckeye Medical Leasing, LLC, healthcare, Dayton, OH (value and income not readily ascertainable) | 6.1.3 | ||||
| Alliance Health Group, LLC, healthcare, Dayton, OH (value and income not readily ascertainable) | 6.1.4 | ||||
| Oak Leaf Health Group, LLC, healthcare, Dayton, OH (value and income not readily ascertainable) | 6.1.5 | ||||
| Cozumel Leasing, holding company for aircraft and watercraft, Middletown, OH (value and income not readily ascertainable) | 6.1.6 | ||||
| Halo Aviation, holding company for aircraft, Middletown, OH (value and income not readily ascertainable) | 6.1.7 | ||||
| Prestige 62, holding company for miscellaneous vehicles, Marco Island, FL (value and income not readily ascertainable) | 6.1.8 | ||||
| Utah Power Systems, power generating equipment company, Marco Island, FL (value and income not readily ascertainable) | 6.1.9 | ||||
| BROKERAGE ACCOUNT | 6.1.10 | ||||
| Vanguard Federal Money Market Fund Investor Shares (VMFXX) | $50,001 - $100K | $15,001 - $50,000 | 6.1.10.1 | ||
| Vanguard Ohio Long Term Tax Exempt Investor Class (VOHIX) | $500K - $1M | $15,001 - $50,000 | 6.1.10.2 | ||
| Vanguard Intermediate Term Tax Exempt Admiral Class (VWIUX) | $500K - $1M | $15,001 - $50,000 | 6.1.10.3 | ||
| Vanguard Total Stock Market Index Fund ETF Class Shares (VTI) | $5M - $25M | $100K - $1M | 6.1.10.4 | ||
| Vanguard Total International Stock Index Fund ETF Shares (VXUS) | $1M - $5M | $50,001 - $100K | 6.1.10.5 | ||
| U.S. Bank #1 (Cash) | $100K - $250K | None (or less than $201) | 6.1.11 | ||
| Note Receivable - PrivCap Chud Mez | $250K - $500K | None (or less than $201) | 6.1.12 | ||
| Note Receivable - TruTouch Technologies Inc. | $100K - $250K | None (or less than $201) | 6.1.13 | ||
| Note Receivable - Family Member #1 | $1M - $5M | $15,001 - $50,000 | Interest | 6.1.14 | |
| Note Receivable - Family Member #2 | $250K - $500K | $5,001 - $15,000 | Interest | 6.1.15 | |
| Commercial real estate, Middletown, OH | $100K - $250K | None (or less than $201) | 6.1.16 | ||
| Farmland, Middletown, OH, leased for cash rent | $100K - $250K | None (or less than $201) | 6.1.17 | ||
| Farmland and residential rental property, West Alexandria, OH, leased for cash rent | $500K - $1M | None (or less than $201) | 6.1.18 | ||
| Farmland, Nunda, SD, leased for cash rent | $1M - $5M | None (or less than $201) | 6.1.19 | ||
| Far Hills Investments, LLP 25% Interest, Real Estate Investment, Dayton, OH (value not readily ascertainable) | None (or less than $201) | 6.1.20 | |||
| The Connor Group Debt Fund XVII, LLC .3246% Interest, real estate investments, Springboro, OH | $250K - $500K | $15,001 - $50,000 | Capital Gains | 6.1.21 | |
| Eastham Capital Fund VI, LP .125% Interest, Real Estate Investment, Boca Raton, FL | $50,001 - $100K | None (or less than $201) | 6.1.22 | ||
| ROC Venture Group - Grubmarket III, investment in GrubMarket - food delivery, Naples, FL | $50,001 - $100K | None (or less than $201) | 6.1.23 | ||
| ROC Fiber Ventures, SPV for investment in HarborLink - Telecom industry, Naples, FL | $500K - $1M | None (or less than $201) | 6.1.24 | ||
| TruTouch Technologies Inc. Privately Held Stock, Biomedical Sensors, Riverside, CA | $100K - $250K | None (or less than $201) | 6.1.25 | ||
| Critical Care Diagnostics Privately Held Stock, Medical Devices, San Diego, CA | $100K - $250K | None (or less than $201) | 6.1.26 | ||
| Gold coins | $1M - $5M | None (or less than $201) | 6.1.27 | ||
| Silver | $15,001 - $50,000 | None (or less than $201) | 6.1.28 | ||
| Family Partnership #2 | 6.2 | ||||
| Utah Power Systems, power generating equipment company, Marco Island, FL (value and income not readily ascertainable) | 6.2.1 | ||||
| BROKERAGE ACCOUNT | 6.2.2 | ||||
| Vanguard Federal Money Market Fund Investor Shares (VMFXX) | $15,001 - $50,000 | $1,001 - $2,500 | 6.2.2.1 | ||
| Vanguard Total Bond Market Index Admiral Class (VBTLX) | $50,001 - $100K | $2,501 - $5,000 | 6.2.2.2 | ||
| Vanguard 500 Index Admiral Class (VFIAX) | $500K - $1M | $5,001 - $15,000 | 6.2.2.3 | ||
| Vanguard Developed Markets Index Fund Admiral Class Shares (VTMGX) | $100K - $250K | $5,001 - $15,000 | 6.2.2.4 | ||
| U.S. Bank #1 (Cash) | $500K - $1M | None (or less than $201) | 6.2.3 | ||
| CoinBase Wallet | 7 | ||||
| Bitcoin | $100K - $250K | None (or less than $201) | 7.1 | ||
| Ethereum | $100K - $250K | $5,001 - $15,000 | Interest | Interest is staking rewards | 7.2 |
| College Advantage 529 Accounts | 8 | ||||
| Vanguard 500 Index | $100K - $250K | None (or less than $201) | 8.1 | ||
| U.S. Brokerage account | 9 | ||||
| Vanguard Total International Stock Index Fund Admiral Shares (VTIAX) | $15,001 - $50,000 | None (or less than $201) | 9.1 | ||
| Vanguard Total Stock Market Index Fund Admiral Class Shares (VTSAX) | $15,001 - $50,000 | None (or less than $201) | 9.2 | ||
| Vanguard Value Index Fund ETF Shares (VTV) | $1,001 - $15,000 | None (or less than $201) | 9.3 | ||
| WisdomTree 90/60 US Balanced Fund (NTSX) | $1,001 - $15,000 | None (or less than $201) | 9.4 | ||
| Vanguard Federal Money Market Fund Investor Shares (VMFXX) | None (or less than $1,001) | None (or less than $201) | 9.5 | ||
| AcreTrader Investments | 10 | ||||
| CVAP Ranch 10, LLC | $50,001 - $100K | None (or less than $201) | Fractional ownership of farmland | 10.1 | |
| C5 Farming LLC | $15,001 - $50,000 | None (or less than $201) | Fractional ownership of farmland | 10.2 | |
| Tehama Olive Partners LLC | $15,001 - $50,000 | None (or less than $201) | Fractional ownership of farmland | 10.3 | |
| Gold coins | $50,001 - $100K | None (or less than $201) | 11 | ||
| Narya Capital GP I, LLC Carried Interest | None (or less than $201) | Value not readily ascertainable - 2% profits interest | 12 | ||
| Narya Capital GP II, LLC Carried Interest | None (or less than $201) | Value not readily ascertainable - 0.5% profits interest | 13 |
Transactions
Officials are required to disclose the purchase, sale or exchange of property or securities in excess of $1,000. Many top officials are required to file periodic transaction reports (278-T) within 45 days to disclose additional actions. This table combines transactions from regularly scheduled financial disclosures and periodic transaction reports. If the same transaction appears on multiple reports, we’re only showing it once. (Form 278e, Part 7 and Form 278-T)
Liabilities
Officials are required to disclose their liabilities totaling more than $10,000, as well as any linked to their spouse or dependent children. These include mortgages, credit card debt and student loans. The interest rates and loan repayment terms are also required. (Form 278e, Part 8)
| Creditor | Description | Endnote | Line No. |
|---|---|---|---|
| Capital One | type: Credit Card, amount: $10,001 - $15,000, year-incurred: 2025, rate: Prime Rate + margin, term: Revolving | Paid off monthly | 1 |
About the Data
Most political appointees and senior officials in the executive branch are required by law to file public financial disclosure reports. These are documents that detail their financial holdings, positions they hold outside government, their spouse’s holdings, their liabilities and their recent financial transactions (such as buying or selling stock) during a defined reporting period.
The most senior officials file their disclosures with an agency called the Office of Government Ethics, and others file them with a designated ethics official within their agency. The Ethics in Government Act allows members of the public and the press to request these documents.
We’re publishing this information to give the public an important glimpse into the financial ties of a powerful and often hidden cadre of presidential appointees within the federal bureaucracy.
The main document type included in the database is the OGE Form 278e, which appointees must file when they are nominated (for Senate-confirmed appointees) or when they enter government (all others), and then annually while in the position. Another common document included is the OGE Form 278-T, also known as a periodic transaction report, which all public filers must submit within 30 days of a transaction. We are also making other ethics documents available, such as ethics agreements, certificates of divestiture and other documents we have obtained under the Ethics in Government Act.
