Braun faces campaign finance violation allegations for millions of loans

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A Federal Election Commission investigation alleges that US Senator Mike Braun (R-Ind.) Took out $ 7 million in bank loans during his campaign without proof of collateral required by federal campaign finance regulations.

(Drew Daudelin / WFYI News)

U.S. Senator Mike Braun (R-Ind.) Faces allegations he violated federal election laws by accepting millions of dollars in inappropriate loans during his 2018 Senate campaign.

The Braun campaign disputed these allegations at a Federal Election Commission hearing this week.

The FEC investigation alleged that Braun took out $ 7 million in loans from banks during his campaign without proof of collateral required by federal campaign finance regulations. The agency’s auditors also said Braun illegally took out a $ 1.5 million loan from his own company.

Chris Gober, an attorney for Braun, said the campaign provided proof that bank loans were flawless.

“Signed letters from the banks explaining why the loans were commercially reasonable, based on the senator’s long-standing customer relationship, creditworthiness and other factors,” Gober said.

As for Braun’s company loan, Gober said it was a sale of shares – and he admitted that it would have been better if Braun had taken the money from his personal accounts and the then loaned to his own campaign.

“We hope, however, that the information we provided to the committee should sufficiently refute the Audit Division’s erroneous position that it was not Senator Braun’s personal funds,” Gober said.

FEC auditors and lawyers argue that the documents provided by the Braun campaign still do not meet the necessary requirements.

Contact reporter Brandon at [email protected] or follow him on Twitter at @ brandonjsmith5.

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