As business fraud it is but a misdemeanor. But put that in the context of an election and it is a felony.
Because we are supposed to be able to know about all of the people who contributed to a campaign. It is a list that we get to read.
(super pacs make a mockery of this but can trump claim to be his own opaque pac? and a pac isn't a pac if they only work to elect one guy.... that's not allowed... technically)