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Ted Cruz Slapped With $35,000 Fine For Failure To Disclose Over $1 Million In Campaign Contributions

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GOP Sen. Ted Cruz was fined $35,000 by the Federal Exchange Commission( FEC) for is inadequate to accurately disclose loans to his 2012 Senate bid from Citibank and Goldman Sachs.

The fine stems from a complaint filed by the Campaign Legal Center( CLC) in 2016 over loans totaling $1,064, 000.

The FEC determined that the Texas senator’s reporting transgressed awareness-raising campaigns finance statute.

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“Candidates should take seriously their legal requirement to disclose where their campaign money comes from. Today’s announcement is an acknowledgment that Cruz’s campaign deprived voters of that critical info, ” the CLC said in a statement.

“In the homestretch of a high-profile election, voters were misled about Cruz’s personal and campaign finances. This is particularly harmful given that financial issues were at issue in awareness-raising campaigns and could have factored into voters’ decision-making at the ballot box.”

According to an FEC audit, of the $1.43 million that were found to have come into the campaign from Cruz’s personal monies, $800,000 come back here three loans from a Goldman Sachs brokerage account Cruz and his wife jointly held.

The FEC said in a letter to the CLC that it had accepted a conciliatory agreement from Cruz’s campaign.

“As are systematically been reported, the loans were public at the time and fully disclosed on Senate ethics revealings, but they weren’t reported correctly on the FEC sorts. This agreed settlement resolves that filing mistake once and for all, ” the Cruz campaign said in a statement.

The Hill notes 😛 TAGEND

The FEC in 2017 rebuked Cruz for misreporting in a rare unanimous vote.

Federal election law allows nominees to take out loans from commercial banks as long as they properly the funding sources, the interest rates paid and the loans’ words. Nominees can also give unlimited amounts of their own funds to their campaigns.

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The post Ted Cruz Slapped With $35,000 Fine For Failing To Disclose Over$ 1 Million In Campaign Contributions appeared first on The Gaily Grind.

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