Let's run down where this could be a problem (so far not accused.)
1. Did he use his connections with Carson or anyone in the government to curry special favors?
2. Did he use the shell company to dump off debt or hide sources of income that would not normally be allowed in these transactions?
3. Did any of these transactions provide any direct financial benefit to someone in the government- skirting disclosure rules?
4. Was any of this used to funnel money to candidates (or from candidates) during an election cycle?
5. Did he use connections and/or influence from players in the government to block out competitors to these properties?
6. Did he use government influence to get properties condemned or seized through eminent domain so he could buy them for personal or business gain.
So far, none of these have been charged. I'm sure we can think of more, but that's how this could have crossed the line.
But for now, this is just a normal, mundane financial transaction that happen every day.