FEC faults Cruz on Goldman Sachs loans in rare unanimous vote

[TexasTowelie]

The Federal Election Commission (FEC) on Thursday said that Sen. Ted Cruz (R-Texas) improperly accounted for Goldman Sachs loans he received during his 2012 Senate campaign.

The FEC’s finding, which was posted on its website, marked a rare moment of agreement between the agency’s five commissioners.

The commissioners voted unanimously that $1.1 million in loans to Cruz’s 2012 Senate bid from Goldman Sachs Group Inc. and Citigroup Inc. should have been disclosed to voters. The loans first came to light during Cruz's GOP primary bid in last year's presidential campaign.

The FEC did not specify whether Cruz would face a penalty, but auditors found that he made five loans to his campaign during 2011 and 2012 totaling $1.4 million.

Read more: http://thehill.com/homenews/senate/335262-fec-faults-cruz-on-goldman-sachs-loans-in-rare-unanimous-vote

[Gothmog]

1. The FEC really hates Carnival Cruz

[awesomerwb1]

2. So what's gonna happen?

Nothing?

[TexasTowelie]

3. A fine is the likely outcome.1

Most violations of the Federal Election Campaign Act (FECA) result in civil penalties--fines arrived at through a conciliation process. Knowing and willful violations of certain FECA provisions can lead to imprisonment. The FEC has exclusive civil enforcement authority, and may refer criminal violations to the U.S. Department of Justice.

The violations will also provide ammunition for the Democratic challenger (current favorite is Rep. Beto O'Rourke) to Cruz when he runs in 2018.