Giuliani Camp Clears Name of Rhode Island Finance Chair

ABC News’ Teddy Davis Reports: The presidential campaign of former New York Mayor Rudy Giuliani is taking issue with an anti-Giuliani research report released Thursday by the Democratic National Committee.

The DNC alleged in its report that Giuliani’s Rhode Island finance co-chairman "repaid $19,885 in profits after the Securities and Exchange Commission accused him of making false statements regarding a company’s (Davstar) stock in return for compensation from the company."

But as it turns out, Giuliani’s Rhode Island finance co-chairman — Malcolm E. McGuire, Jr., — has not been rebuked by the SEC, according to a Giuliani aide. Rather, it was the co-chairman’s son, Malcolm E. McGuire III, who is not affiliated with Giuliani’s presidential campaign, who found himself in hot water.

The Giuliani research report with the inaccurate information was part of a package of opposition research that was released Thursday by the DNC to coincide with the Republican Party’s first presidential debate which is taking place at the Reagan Library in Simi Valley, Calif.

When contacted by ABC News, a DNC press official promised to correct the error while maintaining that many other questions remain for New York’s former mayor.

"Is that the best they can do?" asked DNC spokeswoman Stacie Paxton. "If so, there’s a bumpy road ahead for Rudy Giuliani."