Sen. Ted Cruz is not properly Goldman Sachs loan recognised in the balance sheet he acquired during his 2012 Senate campaign, the Federal Election Commission ruled on Thursday.
In a unanimous vote, the FEC commissioners decided that the almost $1.1 million in loans that were given to the campaign to Goldman Sachs and Citigroup, to the voters and the American public.
The final report of the FEC is expected in 30 days. In future actions, as the penalty for Cruz would be decided, should adopt the FEC, an “enforcement initiative” at a later date, according to the FEC.
The revelations around the Cruz campaign, the processing of the Goldman Sachs funds first appeared in the January 2016 during the presidential race, The New York Times reported that Cruz failed, that he had received a low-interest loan from Goldman Sachs and employees in his wife, Heidi.
“These loans were given, over and over and over again to multiple applications,” Cruz said at a press conference in January 2016. “If it was the case, they were not submitted, as the FEC requires, then we will change the documents submitted. But all the information has been public and transparent for many years. And this is the end.”
The Cruz campaign told reporters that in the past year, the loans were not something that the senator and his wife tried to hide, and that any mishandlings were a mistake.”
Federal election law allowed to take the candidate a loans of commercial banks, but only if the disclosure of the financing, interest rate and other conditions. Candidates are also able to lend their support to the campaign with unlimited personal funds.
Cruz’s office did not immediately respond to Fox News ” request for comment on the FEC decision.
Brooke Singman is a Reporter for Fox News. You can follow her on Twitter at @Brooke FoxNews.