Reports: McCord Faces Federal Investigation

State treasurer resigned today, saying he was returning to "private sector."

Photo | Matt Slocum, AP

Photo | Matt Slocum, AP

[Update: 7 a.m., January 30th] Details continue to drip out about the reported investigation that may have prompted the abrupt resignation of State Treasurer Rob McCord. The Morning Call reports that the investigation into McCord is being run by the FBI’s Harrisburg office and, according to their source, “it’s been [going on] a while.”

[Update: 5:45 p.m.] Gary Tuma, Rob McCord’s spokesman, says, “This is not a matter on which the Treasury Department can comment. Treasury routinely receives investigatory subpoenas or requests for documents from local, state and federal law enforcement agencies. It has been the department’s policy to cooperate with and fully respond to all law enforcement inquiries, and to honor the confidentiality of any such inquiry. We defer to the law enforcement authorities on whether to comment on, or even confirm, any such inquiry.”

[Update: 3:45 p.m.] 6ABC reports that McCord is facing a federal investigation:

Action News confirms that Pennsylvania State Treasurer Rob McCord, who announced Thursday he is stepping down from the job, is currently under federal investigation.

Sources tell Action News that the wide-spread probe is examining the alleged theft of campaign and other funds.

A call to Governor Wolf’s office for comment was not immediately returned.

[Original] Pennsylvania Treasurer Rob McCord will resign, he announced today. He sent Gov. Tom Wolf a resignation letter saying he will return to the private sector; his last day will be February 12th.

Chief counsel Christopher Craig will handle the state treasurer’s duties until a replacement is found. McCord’s resignation means the governor gets to appoint a new state treasurer, who then must be approved by a majority of the State Senate.

McCord, a Democrat, was first elected in 2008. He won election to another four-year term in 2012. The former venture capitalist defeated Republican bond lawyer Tom Ellis in his first race, then won reelection by defeating Washington County Commissioner Diana Irey Vaughan.

“We came to know and admire this fiery man, who had a passion for economics, policy, and a plan to move an agenda forward for all Pennsylvanians,” State Democratic Party Chair Jim Burn said in a statement. “Treasurer McCord has been an integral and vital part of protecting the best interests of this Commonwealth during his tenure as Treasurer as evidenced in part by his defense of both Pennsylvania State University and The Pennsylvania State Lottery.” (Yes, Burn called someone fiery.)

McCord ran unsuccessfully for governor in last year’s gubernatorial race. He ruled out a 2016 run for Pat Toomey’s Senate seat last November.

“Treasurer Rob McCord has honorably and diligently served the people of Pennsylvania,” Gov. Tom Wolf said in a statement. “In the past six years, Treasurer McCord has saved our commonwealth over a billion dollars by modernizing the Treasury Department, expanding innovative programs for our citizens, and protecting Pennsylvania’s best interests. I thank him for his tremendous service, commitment and dedication and wish him well in his new endeavors.”

State Treasurer Rob McCord’s resignation letter

McCord resignation letter via PennLive