WASHINGTON -- The Republican who tried to unseat Democratic Sen. Al Franken last year is still paying himself back from a $90,000 loan he gave to his campaign, recent filings records show.
Mike McFadden, a Sunfish Lakes investment banker, unsuccessfully ran against Franken last November for the U.S. Senate. He lost by more than 10 points to the incumbent.
Records filed through June 30 of this year show McFadden gave himself a $90,000 loan last year to run against Franken.
McFadden paid off $45,800 of that "debt" (back to himself) in this last reporting cycle, records show.
Public disclosures filed last year show McFadden's net worth at between $15 million and $56 million.
Hanging on to some debt allows him to keep fundraising legally, though he doesn't seem to be doing much of that in 2015. He only received $139 in campaign contributions and no PAC contributions, the report shows.
Last year, McFadden took a leave last year to run for office. He was co-running Lazard Middle Market, a firm with offices in Minneapolis and Europe and Asia. On Lazard's updated website, McFadden is listed as a senior adviser with the company.
*Please note: An earlier version of this blog misstated that McFadden had campaign debt. It has been clarified that the "debts" showing up on campaign finance reports were actually loans McFadden gave his own campaign.
