Newly discovered financial documents have raised concerns about Eric Hovde, a Wisconsin Republican U.S. Senate candidate and chairman of Sunwest Bank. Reports from the Milwaukee Journal-Sentinel revealed that Sunwest Bank received a $26.2 million cash transaction from Banco Azteca, a Mexico-based bank known for alleged ties to criminal groups and money laundering activities. The money was flown in from Mexico as part of a currency conversion process.
Wisconsin Democrats expressed alarm over the revelations, accusing Hovde of prioritizing personal enrichment over ethical business practices. Previous reports from Reuters also highlighted suspicious cash transactions outside Banco Azteca locations in Sinaloa, a region associated with the Sinaloa drug cartel. The bank has faced challenges complying with U.S. money laundering laws and establishing banking relationships with American financial institutions.
Hovde defended the Sunwest-Banco Azteca deal, insisting that his bank maintains strong compliance and anti-money laundering protocols. He downplayed concerns about foreign influence, citing nominal deposits from foreign governments in comparison to Sunwest’s total assets. However, his ties to controversial financial transactions have sparked criticism and intensified scrutiny as he vies to unseat Democratic incumbent Senator Tammy Baldwin in the upcoming election.
The issue has become a focal point in the campaign, with Hovde dismissing concerns of foreign involvement as insignificant. Despite attempts to clarify the situation, the reports of questionable financial dealings have raised doubts about Hovde’s credibility and integrity as a political candidate. The Milwaukee Journal-Sentinel’s investigation shed light on the tangled web of financial connections surrounding Hovde and Sunwest Bank, casting a shadow over his bid for the U.S. Senate.
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