Categories
Crime Donald Trump The Trump Organization

Trump’s Financial Penalty For Inflating His Net Worth Could Reach $1 Billion: Report

In addition to possibly watching as New York Attorney General Letitia James shuts down the Trump Organization, failed, one-term former president Donald Trump is also facing the prospect of having to pay up to $1 billion in financial penalties to the state for inflating the value of his business.

That’s the opinion of Trump’s former attorney and fixer, Michael Cohen, who floated the $1 billion figure during an appearance on MSNBC Thursday.

Speaking with host Ari Melber, Cohen remarked:

“I think Tish James is fantastic. I think she is an incredible attorney general, and an attorney general that I wish every single state in this country had. I actually wish [Manhattan DA] Alvin Bragg had been a little more Tish James. Though I’m going give Alvin a little bit of leeway as we now in October have the case against the Trump Organization … you cannot separate the Trump Organization from Donald.”

The led Melber to ask:

“Knowing him well, where do you think his head and emotions are at today, when he sees the prospect that he could really be booted from New York business, not him or his kids able to run any business here?”

Cohen replied:

“One of the things you talked about at the beginning, she’s seeking $250 million. That’s not accurate. What she said was the baseline of $250 million. Knowing the documents the way I do and knowing exactly the fraud that was going on, I see the number between $750 million and $1 billion.”

Imagine it: Trump is forbidden from ever doing business in the state of New York, the Trump Organization is permanently shuttered, and on top of that, the Donald has to pay $1 billion in penalties to the Empire State. He doesn’t have $1 billion, and no one is going to loan him a sum that large. He’d be forced to declare bankruptcy and liquidate all his assets.

Sounds about right considering all the harm Trump has done to this country.

 

Categories
Crime Donald Trump The Trump Organization

NY AG Says Trump Inflated Value Of Mar-a-Lago By 10x – That Could Mean Seizure Of The Resort

When New York Attorney General Letitia James announced today that she was filing a civil lawsuit against Donald Trump, his three eldest children, and the Trump Organization for fraud, one of the things she mentioned as an example of the alleged fraud committed involved the ex-president’s Mar-a-Lago resort in Palm Beach, Florida.

The Washington Post reports:

The lawsuit, filed in New York Supreme Court, is the result of a more than two-year investigation by James and names 23 properties in the Trump Organization portfolio, including his Mar-a-Lago Club in Florida, his Seven Springs estate in Westchester County, N.Y., and the D.C. hotel he leased from the federal government until he sold it in May.

“The inflated asset valuations in the Statements cannot be brushed aside or excused as merely the result of exaggeration or good faith estimation about which reasonable real estate professionals may differ,” it says.

Here’s how James explained the way Trump overvalued Mar-a-Lago:

And the suit says Trump valued his Mar-a-Lago club property in Palm Beach, Florida, on the false premise that it sat on unrestricted property and could be developed for residential use, even though he allegedly knew that asset was subject to a slew of tight restrictions.

Mar-a-Lago “generated less than $25 million in annual revenue,” James said. “It should have been valued at about $75 million, but it was valued at $739 million.”

But the real danger for Trump, his family, and his company is that James has a weapon at her disposal that would allow her to impose what’s know as the “corporate death penalty” in the Empire State, as was first reported by Business Insider last month:

Fines and back taxes, however, may be the least of what Trump’s facing. James has signaled she will also seek the dissolution of the business itself under New York’s so-called corporate death penalty — a law that allows the AG to seek to dissolve businesses that operate ‘in a persistently fraudulent or illegal manner.’

In the coming months, James will be turning up the heat on the Trumps. And by the time she’s finished, the Trump Organization could be nothing but a bad memory.

 

Categories
Crime Donald Trump Elections

Trump Facing Fraud Charges After Bilking Supporters Out Of $250 Million For Bogus ‘Election Defense Fund’

The House Select Committee investigating the January 6, 2021 attack on the U.S. Capitol revealed Monday that failed, one-term former president Donald Trump likely committed yet another crime in connection with his attempts to overturn the 2020 presidential election.

Senior investigative counsel Amanda Wick noted:

“The Trump campaign knew that these claims of voter fraud were false yet they continued to barrage small-dollar donors with emails encouraging them to donate to something called the ‘Official Election Defense Fund.’ The select committee discovered no such fund existed.”

Committee member Rep. Zoe Lofgren (D-CA) also touched on the subject of the bogus defense fund:

“Mr. Chairman, at this time I would ask for unanimous consent to include in the record a video presentation describing how President Trump used the lies he told to raise millions of dollars from the American people. These fund-raising schemes were also part of the effort to disseminate the false claims of election fraud.”

That means Trump and anyone else associated with the fake election defense fund can be charged with wire fraud, according to former U.S. Attorney Barbara McQuade, who explained on MSNBC:

“If [Trump] is using a lie as a false pretense to collect money from people, that could also be a charge of wire fraud, so, in that way, we may have seen an expansion of the potential liability here.”

Wire fraud, it should be noted, is defined as:

Wire fraud occurs when interstate wirings are used in furtherance of a criminal act. In order for a defendant to be convicted under 18 U.S.C. 1343 for committing wire fraud, the follow elements must be satisified: (1) the defendant must have been engaged in a scheme to defraud; (2) the scheme must have involved material misstatements or omissions; (3) the scheme resulted, or would have resulted upon completion, in the loss of money, property, or honest services; (4) the defendant must have used interstate wirings in furtherance of scheme to defraud; and (5) the defendant used or caused the use of interstate wirings.

The crimes allegedly committed by Trump continue to mount.

Categories
Crime Ivanka Trump

Prosecutors Focusing On Ivanka For Committing Massive Fraud At The Trump Organization

While it’s long been known that Ivanka Trump is her father’s favorite child, it’s beginning to look like she’s almost as big of a liar and crook as her old man, too.

According to the Washington Post, New York Attorney General Letitia James suspects that Ivanka, acting on behalf of the Trump Organization, inflated the valuations of properties and other assets in order to bolster the company’s bid to lease the old Washington, D.C. Post Office and convert it to a Trump branded hotel:

As part of his bid for the GSA lease, Trump submitted statements of financial condition, according to a recent filing from James’s office and documents released by the House Oversight Committee. James alleged that in doing so, Trump and his daughter Ivanka — at the time an executive at his company who oversaw the project — won the hotel lease in part by providing the government with false financial information.

Ivanka Trump submitted the Trump Organization’s proposal and presented it on behalf of the company. James’s office noted in its filing that that “presentation and the associated bid explicitly incorporated the Statement of Financial Condition of Donald J. Trump.”

Rachel Maddow has now taken the Post’s reporting further, revealing that one of the properties under investigation as part of the fraud is a luxury apartment owned by Ivanka, as she explained on her show:

“Under her rental agreement, she apparently had the option to buy that apartment if she wanted to, for the cost of $8.5 million. But in the forms that were submitted to get the loans for the DC hotel, that very same apartment was listed as being worth more than $20 million. Then a few years later, they listed it as being worth $25 million — even though they knew there was an option to buy it for just $8.5 million. Attorney General James is looking into exactly that type of potentially illegally inflation of the Trump family and Trump Organization’s financial situation for a whole bunch of Trump properties.”

https://www.youtube.com/watch?time_continue=1&v=s1ZG6kj6rcc&feature=emb_logo

Since we know that the Trump Organization is already being investigated for such valuation lies (raising values to get bigger loans and then devaluing those same properties when it came time to pay taxes), it would seem that Ivanka was one of the masterminds behind the entire shell game the ex-president’s company was playing in order to gain a financial advantage, even though such actions are illegal.

If James has the evidence to support such a charge (and she has volumes of financial records and tax returns from the Trump Organization), then the best attorneys in the world won’t be able to save Ivanka or her old man from the legal hammer that’s about to come down on them.

 

Categories
Crime Donald Trump

NY Attorney General: Investigation Of Trump Has Uncovered ‘Significant Evidence’ Of Fraud

According to a court filing by New York Attorney General Letitia James, her investigation of former President Donald Trump and his company, the Trump Organization, has uncovered “significant evidence” of fraud by ex-president’s corporation.

NBC News reports:

The probe has uncovered evidence suggesting the company put a fraudulent value on multiple assets and misrepresented those values to financial institutions for economic benefit.

James, who launched her probe in 2019, also said in the court filing that the former president “had ultimate authority over a wide swath of conduct by the Trump Organization” that involved fraudulent misstatements to financial institutions, the Internal Revenue Service, and other parties.

She specifically mentioned the responsibility of two of the former president’s adult children, Donald Trump Jr. and Ivanka Trump.

In a statement issued on Tuesday, James wrote:

“Thus far in our investigation, we have uncovered significant evidence that suggests Donald J. Trump and the Trump Organization falsely and fraudulently valued multiple assets and misrepresented those values to financial institutions for economic benefit. The Trumps must comply with our lawful subpoenas for documents and testimony because no one in this country can pick and choose if and how the law applies to them.”

Trump has long been suspected of inflating the value of properties to obtain larger bank loans and then devaluing those same assets to reduce his tax liability. If it can be proven the Trump Organization behaved in such a manner, the company and its top officials (including the three oldest Tump children, Don Jr., Ivanka, and Eric) could be charged with bank and tax fraud.

Eric Trump has given a deposition, but refused to answer anything other than basic questions, according to court filings from James’ office:

“During his examination on Oct. 5, 2020, when asked a question that went beyond basic background information, Eric Trump delivered extended prepared remarks objecting to the investigation and invoking his right against self-incrimination.”

Ironically, Eric’s father has repeatedly said that only guilty people take the Fifth, remarking in 2017:

“The mob takes the Fifth. If you’re innocent, why are you taking the Fifth Amendment?”

Attorneys for Trump and the Trump Organization maintain the former president has done nothing wrong, with Ronald Fischetti commenting:

“They have been investigating this for three years. We are not concerned about it, because he has done nothing wrong.”

Sounds like it might be time to get concerned.