I retired from a company that used a large securities firm similar to Goldman Sachs for its employees. I automatically had an account with that firm, opened by my employer. The employer changed their security firm, and viola, I had an account with the new firm. These firms automatically granted me loan accounts based to the securities I held there.
What makes you think the Cruz's are any different?
If the loans are signature loans and not secured by collateral they have a big problem. If they are collateralized then probably not.
At that point you will just have to believe that a super smart lawyer and a banker “forgot” to properly file their liabilities.