Well, if what he did was illegal, someone really should look into it....
The number of crimes committed here are extensive:
The extent of Raines’ subsidiary interests in financial structuring of federal tax grants and whether Raines conspired to allocate tax assets to friends, family and insiders (that's an easy one to find).
As far as the "charitable foundation," the IRS is investigating foundations as major money-laundering machines. There are numerous ways they can steal, illegally convert, then launder money in these foundations.
Raines, and other federal employees who are bonded should incur imprisonment, fines, or other criminal penalties for lying on bonding applications.