Cook County Treasurer Held Stake in Tax Software Vendor

Maria Pappas sold Tyler Technologies shares after disclosure, raising questions about county ethics rules

Published on Feb. 13, 2026

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Cook County Treasurer Maria Pappas held a small stake in Tyler Technologies, the company that runs the county's property tax computer system, and quietly sold those shares in March 2024. The investment was below the state's disclosure threshold, but the timing is awkward as Tyler's software rollout has delayed tax bills and stalled billions in payments to local governments. Pappas said the stock ended up in her portfolio through a former broker and that she moved to dump the shares as soon as the holding was discovered.

Why it matters

This case highlights concerns about potential conflicts of interest and lack of transparency when public officials hold investments in companies that do business with the government. The troubled Tyler Technologies rollout has created major political and budget headaches across Cook County, raising questions about oversight of government contracts.

The details

Broker statements show Pappas made an initial purchase of 10 Tyler shares in March 2020, with additional buys in January and May 2022. The office says those shares were then sold in March 2024. The filings indicate the original purchases cost roughly $4,562 and that the later sale brought in about $5,865. Pappas' spokesman said she instructed her broker to sell the shares immediately after realizing they were in her portfolio.

  • Pappas purchased 10 Tyler shares in March 2020.
  • Pappas made additional Tyler share purchases in January and May 2022.
  • Pappas sold the Tyler shares in March 2024.

The players

Maria Pappas

The Cook County Treasurer since 1998 who held a small stake in Tyler Technologies, the company that runs the county's property tax computer system.

Tyler Technologies

The Texas company that runs Cook County's property tax computer system and has been at the center of a troubled rollout of a new platform that slowed billing, refunds and payments to local agencies.

Michael Puccinelli

The spokesman for Cook County Treasurer Maria Pappas.

Juliet Sorensen

A former member of the Cook County Board of Ethics who said Pappas "should have known what she held" and could have sought advice from the ethics board.

Reform for Illinois

An advocacy group that said the county's ethics ordinance's dollar-threshold language can be confusing.

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What they’re saying

“when she realized the Tyler shares were in her portfolio she instructed her new broker to sell them immediately.”

— Michael Puccinelli, Spokesman for Cook County Treasurer Maria Pappas (Chicago Tribune)

“Pappas 'should have known what she held' and could have sought advice from the ethics board.”

— Juliet Sorensen, Former member of the Cook County Board of Ethics (Reporters)

What’s next

The Cook County Board of Ethics is expected to review the case and provide guidance on disclosure rules and conflicts of interest for public officials.

The takeaway

This case highlights the need for stronger oversight and clearer ethics rules around public officials' investments, especially in companies that do business with the government. It raises questions about transparency and the potential for conflicts of interest in how taxpayer-funded contracts are awarded and managed.