Wallace filed paperwork to run for office in 2012 and began running a series of TV ads promoting his candidacy, but his campaign was derailed when a Mitch Daniels crony, Mitch Roob, contested the signatures he filed for his candidacy. The Marion Co. Election Board invalidated all but 486 of the 1,282 signatures Wallace's campaign had submitted for the 7th congressional district, leaving him 14 signatures short of the required number. The Indiana Election Commission voted 4-1 to remove his name from the 2012 Republican primary ballot.
Wallace, a West Point grad with an MBA from Harvard, has not hidden the disdain he has towards Pence, particularly after the RFRA battle earlier this year. Wallace formerly worked for two Fortune 500 companies in Central Indiana and various consulting companies, including Mitt Romney's Bain & Company. Wallace's TWG Capital, which was in the business of buying future commission payments that flow to insurance agents, filed for bankruptcy protection in September, 2012. He also had a domestic disturbance arrest involving his ex-wife in 2012, which was dismissed after satisfying the terms of probation through diversionary sentencing. "[Wallace] has publicly owned up to some personal negatives in his background and has no problem discussing them with potentially skeptical leaders, who may be warming to the prospect of finding someone with business and government background who speaks their language and is more into pragmatism than social issues," Feigenbaum writes.