Tag: The Trump Organization

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Business Donald Trump The Trump Organization

Trump Organization Facing Financial Collapse After Accounting Firm Cuts Ties: Report

Now that his longtime accounting firm has given him the boot and declared that his financial statements cannot be believed, failed former President Donald Trump and his company, the Trump Organization, are facing a major financial crisis that could well send the real estate mogul’s business into collapse .

On Monday, Mazars USA LLP released a letter stating that the Trump Organization’s financial statements from 2011 through 2020 “should no longer be relied upon,” which suggests the ex-president’s company has engaged in systematic fraud in order to obtain large bank loans to keep Trump Org. afloat.

With nearly $600 million in loans coming due over the next four years, Trump is already trying to locate financing that will allow him to stay in business.

But banks are probably not going to be willing to help prop up a company that’s facing legal jeopardy on multiple fronts and has now been outed as having lied about its assets.

According to attorney George Conway, the former president is facing almost certain bankruptcy, telling CNN host John Berman:

“This is about as calamitous a thing as could happen to a business as you could imagine, other than getting indicted and going bankrupt, and this could lead to going bankrupt.”

Trump biographer Timothy O’Brien echoed Conway in an article he wrote for Bloomberg, noting:

The Trumps, like most real estate developers, rely on massive bank loans to finance their operations. Their company has more than $590 million of debt coming due within the next four years, and Trump himself has personally guaranteed more than half of it. Banks are likely to find it untenable to keep doing business with a company or individuals already rejected by their own accountants.

The Trump Organization is now on the brink of complete financial collapse, and it could be only a matter of months before indictments are handed down in New York against the former president’s company and other members of his family (Don Jr., Eric, and Ivanka) who work there.

Perhaps George Conway put it best with this tweet:

Categories
Crime Donald Trump The Trump Organization

Trump’s Longtime Accounting Firm Says His Financial Statements Are Bogus

Donald Trump and the Trump Organization’s longtime accounting firm has dropped him as a client because they say statements of his financial condition cannot be “relied upon.”

CNBC reports the news came in a court filing on Monday:

The accounting firm Mazars has fired the Trump Organization as a client after saying that a decade’s worth of statements of ex-President Donald Trump’s financial condition “should no longer be relied upon,” the New York Attorney General’s office revealed in a court filing Monday.

Mazars, which for years prepared Trump’s income tax returns and financial statements used to obtain loans for his company, told the Trump Organization’s top lawyer Alan Garten that it would no longer represent the company due to the lack of reliability of the financial statements in a letter last Wednesday.

The letter was cited by AG Letitia James’ office on Monday as it asked a state judge to order the Trump Organization, Donald Trump Jr. and his sister Ivanka Trump, and others to comply with subpoenas seeking documents and testimony.

Mazars also noted in their letter:

The firm said it based on its decision about the past work’s reliability, “as well as the totality of circumstances, we have also reached the point such that there is a non-waivable conflict of interest with the Trump Organization.”

The information from the accounting firm would seem to confirm accusations made against the Trump Organization that Trump and his company have repeatedly inflated the value of their assets in order to obtain larger loans which they then devalued when it came time to pay taxes.

Attorney Luppe B. Luppen had this to say about the move by Mazars:

“The determination by Mazars that Trump’s financial statements over a full decade are not reliable through no fault of its own amounts to a declaration that it has been repeatedly misled by its client.”

 

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 Eric Trump Social Media

Eric Trump Has Childish Meltdown As New York AG Tish James Closes In On Him

It’s been a very bad 48 hours for Eric Trump, who found out that his phone records have been obtained by the House Select Committee on the January 6 Capitol insurrection and is now facing added pressure thanks for a court filing from New York Attorney General Letitia James.

The court filing hit the Trumps like a bolt of lightning, as James made it clear that she has “significant evidence” of criminal acts by the Trump Organization that she continues to pursue:

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.

That means bank and tax fraud. The Trumps have been suspected of those crimes for years.

But rather than remain calm and consult his attorneys, Eric Trump decided he’d have a childish meltdown and share it with the internet, firing off tweets that are certain to come back to haunt him and his family as the case against them moves forward.

https://twitter.com/EricTrump/status/1483782356628652034?s=20

What exactly was accomplished with that hissy fit? Does he think mean tweets are going to convince Ms. James to drop the case against him and the Trump Organization? If so, then Eric’s even dumber than he looks.

Eric quickly got hit with a massive dose of internet karma. Take a look:

https://twitter.com/Angela14777869/status/1483823641611567107?s=20

https://twitter.com/thinkingtime55/status/1483821346538807299?s=20
 

Categories
Crime Donald Trump The Trump Organization

Michael Cohen Says ‘Very Exciting’ Indictments Are Coming Soon From The Manhattan DA’s Office

According to Michael Cohen, who was personal attorney to failed, one-term former President Donald Trump for several years, he expects the office of new Manhattan District Attorney Alvin Bragg will call him back very soon and predicts “very exciting” indictments are coming in the case against Trump and the Trump Organization.

Cohen was a guest on MSNBC Sunday and was asked by host Alex Witt:

“What are your predictions for 2022 relative to the Trump probe? The fact that Cy Vance has now left office, do you think you’ll be contacted by the new Manhattan DA?”

Cohen replied:

“Yeah, I absolutely do. I think we’re going to start to see a lot of movement now. There’s a lot of momentum going on both at the DA’s office as well as the [New York State] attorney general.”

And Cohen then made his prediction of new indictments in the weeks ahead:

“This case is not over simply because Cy Vance is now out of office. To the contrary, I believe things are going to start ramping up. I think they’ll start moving quickly. I do believe that 2022, especially the early part is going to see some indictments and some very exciting ones for those of us that want to see justice.”

Cohen has previously said that he’s provided Manhattan prosecutors with everything they’ve asked for, and remarked in June of last year:

“I do believe that there is a mounting amount of evidence that they will be prosecuting upon. Some of it of course is civil, and other parts of it are criminal.”

How sweet it would be to see Trump and members of his family indicted for their decades of skirting the laws that are supposed to apply to all of us! It’s Donald’s worst nightmare, and it may be on the verge of finally happening.

Here’s the video:

https://www.youtube.com/watch?v=y5NIBvrw920&feature=emb_logo