Contact Your Financial Adviser Money Making MC
26
December 2016
 |
Trump (The Total Investment & Insurance
Solutions)
A political action committee (PAC)
that backed Donald Trump's bid for the presidency is continuing to flout
campaign finance laws. The Total
Investment & Insurance Solutions
Earlier this month, ProPublica reported that the America Comes First PAC had
violated the rules by not disclosing the source of its funding before Election
Day and by exceeding caps on contribution amounts. The Total Investment & Insurance Solutions
America Comes First gave $115,000 to
Trump Victory, a group that raised money for the Trump campaign and for
national and state-level Republican groups. It now ranks as the second-biggest
PAC contributor to Trump Victory, according to a list compiled by the nonprofit Center for Responsive
Politics — behind GEO Group, a private prison company.
After the ProPublica article was
published, the treasurer of the PAC, David Schamens, said the group's filings
with the Federal Election Commission were inaccurate, and that they would be
amended. Last week they were — but the amended filing includes
new irregularities.
For example, the original filing lists
Schamens as the top donor to the PAC. The new documents show the top donor as
Tradedesk Financial, a firm that lists an address on Wall Street. (Schamens
didn't respond to questions about Tradedesk Financial or other information in
the new filings. One online record indicates
that a woman named Piliana Schamens was linked to Tradedesk in 2010.) However,
a PAC is not permitted to receive direct corporate support. Perhaps recognizing
that restriction, America Comes First's new filings now identify the group as a
super PAC, meaning that moving forward, it can receive unlimited corporate
money.
Yet declaring itself a super PAC
created a new problem for America Comes First, because super PACs can't donate
directly to a political campaign such as Trump Victory. A super PAC can make
independent expenditures, such as on advertisements that support a candidate,
but those can't be made in coordination with the campaign. To reconcile this
problem in its new filings, America Comes First reclassified the $115,000 it
gave as independent expenditures. Yet the payee is still Trump Victory, meaning
the expense went to a campaign — in violation of the rules for super PACs. The Total Investment & Insurance
Solutions
Schamens, who attended an October
fundraiser with Trump as federal regulators waited for any disclosure from his
PAC, was accused by the Securities and Exchange
Commission of securities fraud in the early 1990s. In a settlement, he did not
admit to the allegations but agreed to be barred from associating with
investment companies or securities brokers. Schamens currently is director of a
New Jersey technology company that optimizes and expedites securities trading
for financial institutions and traders.
The Total Investment & Insurance Solutions
In an interview with ProPublica before
the amended filing, Schamens said that among the concerns he related to the
Trump camp was the over-enforcement of securities regulations since 2008.The Total Investment & Insurance
Solutions
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