Wisconsin Democrats are calling for transparency after a report revealed that GOP Senate candidate Eric Hovde’s bank, Sunwest, received $26 million from a Mexican bank accused of ties to drug cartels. The Milwaukee Journal Sentinel reported that the Utah-based Sunwest arranged to fly the cash from Mexico City to Irvine, California last year.
While neither Hovde nor his bank are accused of breaking any laws, his political opponents are demanding clarity regarding his relationship with Banco Azteca, which was the subject of an investigative Reuters report for alleged cartel involvement. The bank had previously been cut off by other U.S. financial institutions due to its suspected links to criminal activity, including drug cartels, according to WisPolitics.
“Hovde is willing to do anything to enrich himself, even flying cash across the border for a bank suspected of working for criminal groups that are pouring deadly fentanyl into our state,” said Arik Wolk, the rapid response director for the Wisconsin Democratic Party.
The scrutiny deepened after reports surfaced that an executive from Banco Azteca was implicated in a federal indictment, accused of attempting to bribe a member of the U.S. Congress to restore the bank’s ability to do business with U.S. financial institutions, noted WisPolitics.
Hovde, who is challenging Democratic incumbent Sen. Tammy Baldwin, has faced several controversies throughout his campaign. Earlier this year, he came under fire for promoting conspiracy theories, claiming that votes from nursing homes were rigged due to the high turnout rates among elderly residents who he suggested were “too close to death” to be voting.
In addition, Hovde has been involved in legal battles, filing lawsuits against television stations that aired ads accusing him of hiding wealth in offshore tax havens.
As the race for the Wisconsin Senate seat heats up, Democrats are pressing Hovde to address his bank’s dealings with Banco Azteca, raising concerns about his judgment and ties to questionable financial institutions. With the state’s opioid crisis looming large, Hovde’s opponents argue that any connection to an institution linked to cartel activity demands full transparency.