Bank Loan to Super PAC Backed by CD of an Anonymous Person (updated)
Posted at 4:33 p.m. on May 15
The Clarion-Ledger reported this afternoon that the treasurer of the Mississippi Conservatives, a super PAC supporting Sen. Thad Cochran, R-Miss., stated the $250,150 loan it obtained from Trustmark was backed by a certificate of deposit owned by a person he would not name.
The Clairon Ledger also reported the Tea Party Patriots Citizens Fund had filed a complaint with the Federal Election Commission alleging the loan to the Super PAC was illegal. Cleta Mitchell of the Foley & Lardner law firm wrote the complaint.
View earlier Political MoneyLine posting on the $250,150 loan.
Update 5/17: The Mississippi Conservatives today filed an amended April 15th Quarterly report indicating on page 26 that a $250,000 certificate of deposit was pledged as collateral for their $250,150 loan from Trustmark on January 29, 2014. However, neither the amended report nor the loan papers filed on April 30th, identified the owner of the certificate of deposit.
On Friday, May 16th, the Super PAC filed a 24/48 independent expenditure report showing it had spent $379,606 on May 16th for radio and TV ads opposing Christopher Daniel, R-Miss. This brings their total spending against McDaniel to $1,000,484.