A power struggle atop South Dakota’s multibillion dollar and opaque “trust” industry appears to be the driving financial force in the 2026 gubernatorial election and some of the wrongheaded and deliberately deceptive media messaging surrounding it.

A majority of funding in interim governor Larry Rhoden’s campaign warchest comes from a SuperPAC (political action committee) headquartered in Missouri, but headed by financier and trust industry scion James Brown of Highlands Ranch, Colorado.

The largest disclosed single personal donation to the Free American Fund, based in Missouri is T. Denny Sanford, the recently deceased credit card mogul and “philanthropist” alleged to have paid his way to criminal freedom after a brief and quietly disposed investigation for possession of child pornography.

South Dakota’s multibillion (closer to a trillion under management) trust industry is made possible by the state’s loose definition of citizenship, residency and an absence of a state income tax which make it an ideal harbor for multibillion dollar family trusts, NGOs and even criminal organizations like drug cartels and multinational mafia organizations to park their money. Swiss or Cayman-style bank accounts on American soil.

Tax free. Protected from scrutiny. In South Dakota.

Gubernatorial candidate Toby Doeden has eyed the trust industry as a potential source of what he calls “external revenue sources,” installing one-time fees or small taxation amounts to defray the growing property tax burden on South Dakota property owners.

The issue raised ugly head in 2018 when a pair of South Dakota legislative candidates broke the bounds of the state’s “citizenship” requirements prior to their campaigns, signing sworn petitions claiming to live in their legislative districts while records showed owner occupied status in Nebraska and Colorado, respectively.

Feigned pushback from then Republican leadership in the South Dakota legislature wilted under legal opinion and Attorney General counsel that enforcing strict interpretation of law on candidate citizenship might also work as case law precedent imperiling the housing of family, charitable and NGO trusts in South Dakota. A briefly pursued challenge to the seating of those out of state lawmakers was quickly abandoned.

The “Free American Fund,” headed by James “Jim” Brown of Highlands Ranch, Colorado, includes nearly a million dollars of unidentifed donations to gubernatorial candidate Larry Rhoden, including $50,000 from now deceased Sioux Falls businessman and state government kingmaker, T. Denny Sanford.

So-called “Dark Money,” that Rhoden supporters have used as near identical projection of allegation against candidate Toby Doeden in the 2026 campaign.

Doeden has accepted zero donations from any PAC according to FEC and South Dakota Secretary of State documents.

James Brown of Highlands Ranch, Colorado, is a Partner and Registered Representative at Charter Financial Resources, LLC (based in Highlands Ranch.)

His firm provides investment advisory, financial planning, retirement income planning, tax-aware strategies, insurance solutions, and risk management services, with an emphasis on helping families with long-term health care/eldercare planning (which frequently intersects with estate and trust planning).

Tracing the rest of the money in the “Free American Fund” proves difficult given both state and federal law that allows “dark money” to flow into political action committees without disclosure of donor identity and paper trail.

Federal PACs, private donors and state level PACs are allowed to give to Federal SuperPACS without discoverable disclosure of donor identity and without federal or state disclosure of dollars received and from whom.

Arch Beal’s “Beal Distributing” and James Brown personally appear as other significant donors to the Free American Fund PAC.

Rhoden’s campaign has previously fallen under conservative ire after discovery of a $4,000 donation from a law firm previously headed by longtime pro-abortion activist, Nancy Turbak. A thousands-per-plate Sioux Falls dinner donation event featured a who’s who of South Dakota’s rich, powerful and politically connected donor class, even as critics of Rhoden’s opponent focused on Toby Doeden’s self-funded campaign and personal fortune, attempting stupidly to portray the Aberdeen businessman as a wealthy elitist attempting to “buy the governor’s office.”

The horse owning class of South Dakota is a tight-knit group.

While state level bloggers and hired help for the Rhoden campaign have done their best to portray Rhoden as a “common cloth,” “old rusty pickup” kind of candidate seeking the state’s highest executive office, Rhoden’s in-state fundraisers and the “Free American Fund” paint a picture of an establishment approved and deeply funded candidate looking to protect big money donors, industrial giants and corporate interests that have long controlled South Dakota’s political process.

“Common cloth,” so long as that cloth is silk and the donor’s check is signed by South Dakota “old money” aristocracy.

Rhoden’s personal history has been given similar makeover, transforming him from the well-known stalking ogre version of the Pierre RINO capitol “hockey enforcer” to an affable old ranch hand who never says a harsh word, doesn’t drink alcohol and would never cheat on his wife. Much less mention near zipper misses with his manhood to female lawmakers after closing his jeans in Pierre restaurants.

Idiots in the blogosphere on social media have characterized Toby Doeden as an “elitist businessman” and “private jet owner” who is seeking to “buy” the governorship.

T. Denny Sanford and other multibillionaire donors to Larry Rhoden’s gubernatorial campaign can and do, own jets, if not companies and private airports, aside from point.

South Dakota is a leading U.S. jurisdiction for trust services (e.g., directed trusts, dynasty trusts, asset protection trusts via entities like South Dakota Trust Company). Financial advisors like James Brown, who focus on wealth preservation, retirement, eldercare, and multi-generational planning, commonly advise clients on using out-of-state trusts in favorable jurisdictions like SD, Delaware, or Wyoming for tax efficiency, privacy, and creditor protection.

Calls to James “Jim” Brown in Colorado were not answered and no response has been given or published by any news outlet regarding his motivation and support for Larry Rhoden for Governor campaign.