A super PAC that failed to list in their disclosure report two contributions totaling more than $460,000 may soon be negotiating with the Federal Election Commission on a conciliation agreement and civil penalty.
Liberty For All Action Fund, a libertarian-oriented super PAC, failed to include in their initial 2012 July 15 report two contributions from John Ramsey, an undergraduate student at Stephen F. Austin University in Nacogdoches, Texas. He had contributed two checks on May 8, one for $431,631.83 and another for $30,000. The failure to list the contributions also caused his aggregate contribution total to be incorrect, and the cash on hand at the close of the period total to be incorrect. Ramsey's aggregate contribution amount should have been listed as $2,271,637.36
The super PAC was founded by John Ramsey, a 21-year-old millionaire whose family made their money in the banking and real estate business. It is somewhat ironic that the PAC had these banking and accounting errors. One would have thought someone would have matched up the June 30 cash-on-hand figure with the bank statement(s). It was off by $461,632.
The PAC did file an amended report on Aug. 20, 2012. The FEC sent various requests for additional information and the PAC has updated their records and stated they have changed their accounting practices.
Any group planning of starting a PAC should read the tale of woe described by the PAC and sent today to the FEC as a miscellaneous filing.