Multi-Millionaire Senate Candidate Pushes the Bounds of Election Laws

Pay Dirt is a weekly foray into the pigpen of political funding. Subscribe here to get it in your inbox every Thursday.

If one thing was clear from Connecticut hedge fund manager David McCormick’s brief run during the 2022 Pennsylvania Republican Senate primary, it’s that his campaign had a practically bottomless built-in fundraising base—in the form of the candidate himself.

But while McCormick, who boasts a net worth in the hundreds of millions, likely won’t have trouble scrounging up the cash for his newly minted 2024 Senate bid, his financial maneuvering this time around has already drawn scrutiny among legal experts. And those experts told The Daily Beast that McCormick appears to be testing the limits of “testing the waters”—exploiting a loophole in campaign finance law to build out his operation while keeping those moves off the books.

Read more at The Daily Beast.