A congressional review panel said there is “substantial reason to believe” that Democratic Rep. Alan Grayson of Florida violated federal law and broke House rules in a number of business and legal activities and in managing his congressional office.

Grayson, who is running for the Senate, remains under scrutiny by the House Ethics Committee over the allegations, which center on a hedge fund he started when he was outside Congress and legal work done by others for which Grayson may have been paid while he was in office. The second allegation, if proved, would be a violation of federal law.