After Tim Sheehy's firm persuaded officials in Gallatin County, Montana to issue $160 million in bonds so it could expand locally, the firm used most of the money to pay off previous investors.

University of Chicago public policy professor Justin Marlowe commented on the situation, saying, “When, where, and how benefits accrue locally when local governments support these types of business ventures is exactly the right question to ask. If the project fails, it sends a signal about the future of that jurisdiction.”

Montana Republican U.S. Senate candidate Tim Sheehy walks up to the stage during a rally for Republican presidential nominee, former U.S. President Donald Trump at the Brick Breeden Fieldhouse at Montana State University on Aug.

One Republican U.S. Senate candidate running on his private sector experience is now being scrutinized for a deal in which he sided with wealthy investors over his own would-be constituents. NBC News reported Tuesday that Tim Sheehy — who is running against Sen.