News

Wagner invested his campaign donations and made a profit

Written by Candy Woodall/The York Daily Record | Sep 27, 2018 9:44 AM
Scott Wagner closeup.JPG

Former state Sen. Scott Wagner speaks with the media following his speech to the Rotary Club of York at the Country Club of York on Wednesday, September 12, 2018. (Ty Lohr/The York Daily Record)

Scott Wagner did something unusual, and it paid off. 

The Republican nominee for Pennsylvania governor invested more than $600,000 of his campaign donation into a brokerage account. 

The amount shows up as a $631,050 loss on his latest campaign finance report, but Wagner has actually gained more than $840,000 throughout his rare investment practice. 

His donation was first pointed out by Adam Bonin, a Philadelphia-based political lawyer who writes for Daily Kos, a publication that focuses on Democrats. 

Throughout his campaign, Wagner has invested more than $2.9 million. He's reported more than $2 million in losses, resulting in a net gain of about $840,000, according to a Pittsburgh Post-Gazette analysis

The investment practice is risky and unusual in state politics, but not illegal, according to the Post-Gazette report.

Wagner's spokesman, Andrew Romeo, told the Post-Gazette that only the candidate's personal donations have been invested. He has not invested any money from other donors, he said. 

"Harrisburg's money managers can actually learn a thing or two from Scott about how to grow money in the stock market," Romeo told the Post-Gazette

This story comes to us through a partnership between WITF and The York Daily Record. 

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