Watchdogs file complaint against Cruz on undisclosed loans

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Campaign finance watchdogs are calling on the Federal Election Commission (FEC) to investigate allegations that GOP presidential hopeful Sen. Ted CruzTed CruzTeam Clinton: Sanders will help campaign take on 'rigged system' Clinton brings in the heavy hitters Wasserman Schultz drama overshadows Dem convention MORE (R-Texas) failed to report loans from his 2012 Senate race.

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The complaint on Wednesday from the Campaign Legal Center and Democracy 21 comes about a week after The New York Times reported Cruz had failed to disclose two loans worth up to $500,000 each, one from Citibank and another from Goldman Sachs.

While Cruz claimed that he and his wife had liquidated their “entire net worth,” and put it into the campaign, the Campaign Legal Center said it appears he used both personal and joint assets to secure loans from the two banks and then failed to disclose he had done so.

“The failure to report these loans is a clear cut violation of the law and kept voters in the dark about the money behind the Cruz campaign,” Paul RyanPaul RyanTrump, Clinton intelligence briefings likely to start next week Clinton maps out first 100 days Why a bill about catfish will show whether Ryan's serious about regulatory reform MORE, the center’s deputy executive director, said in a news release. “If he also used his wife’s assets to obtain these unreported loans, he caused his committee to accept illegal excessive contributions from his wife.”

The revelation of the Goldman Sachs loan came a day before the GOP's most recent primary debate and the Fox Business Network moderators were quick to confront him with the accusations.

Since then, Cruz's rivals for the Republican presidential nomination — particularly Donald TrumpDonald TrumpDNC vice chairwoman apologizes to Sanders 7 pieces of advice for Hillary Clinton Sanders optimistic on future of 'revolution' MORE and Sen. Rand PaulRand PaulWhat to watch for on Day 2 at the GOP convention Cyber squatters sitting on valuable VP web addresses Majority of GOP senators to attend Trump convention MORE (R-Ky.) — have hit him over the loans, accusing the conservative firebrand of hypocrisy.

“You know, he talks about he’s going to be Robin Hood, he’s protecting, then it finds out on his personal disclosure form he didn’t disclose that he’s borrowing a lot of money from Goldman Sachs,” Trump said Saturday.

“So he obviously didn’t want the voters to know he is totally controlled lock, stock and barrel by Citibank and by Goldman Sachs. And I think that’s very hypocritical, I’ll be honest with you, I think it’s very, very hypocritical.”