Cruz, who went on to win that election, received loans each valued at $250,000 to $500,000 from Citibank and Goldman Sachs. While he disclosed the loans to Senate officials, he failed to inform the Federal Election Commission as required, reported the New York Times.
At the time, Cruz claimed he and his wife put "our entire net worth" into the campaign.
NBC News reported he used $1.43 million in personal funds. But a review of personal financial disclosures that Cruz filed later with the Senate does not find a liquidation of assets that would have accounted for all the money he spent on his campaign, according to the Times.
A Cruz rep said the loan from Goldman Sachs – where Cruz’s wife works – was used for the Senate race and a failure to disclose it was "inadvertent." The rep did not comment on the Citibank loan, which the Times noted would have freed up other assets even if it was not used on Cruz's campaign.
Disclosing the loans might have hurt Cruz, who was critical of Wall Street bailouts and big banks. Cruz, who said the loans were borrowed against the couple's own assets, cited a "filing error," NBC reported.
"Those loans have been disclosed over and over and over again on multiple filings," Cruz told the Wall Street Journal. "If it was the case that they were not filed exactly as the FEC requires, then we'll amend the filings."
