Tag: The Trump Organization

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Business Donald Trump The Trump Organization

Guilty Plea By Trump Org. CFO Means ‘It’s All Over’ For Donald’s Company: Former Prosecutor

Allen Weisselberg, the former chief financial officer of the Trump Organization is on the verge of reaching an agreement with prosecutors in which he will plead guilty to multiple felony charges, including tax fraud.

The Washington Post notes, however, that Weisselberg will not agree to testify against Trump:

The specific terms of any plea agreement were not immediately clear. One of the people with knowledge of the matter, who spoke Monday on the condition of anonymity, said they expected Weisselberg to be sentenced to about five months behind bars. The person also said Weisselberg is not expected to help with an ongoing inquiry into Trump, who is facing legal scrutiny from multiple directions.

Weisselberg was charged with more than a dozen felony counts when he was indicted last year, among them grand larceny and criminal tax fraud. Before the indictment, a person familiar with the investigation into Trump’s finances had said prosecutors hoped to convince Weisselberg to testify against the former president as part of a deal that would reduce his own legal jeopardy.

Despite no cooperation from Weisselberg when it comes to helping convict Trump, according to former federal prosecutor Andrew Weissmann, the upcoming guilty plea is the end of Donald Trump’s company.

During an appearance on MSNBC, Weissmann explained:

“The reason that is important for Donald Trump is the Trump Organization is scheduled for trial in October. Once Allen Weisselberg pleads guilty, it is over for the Trump Organization. The crimes he committed, get imputed to the Trump Organization. So, the leverage in terms of the financial consequences to Donald Trump doesn’t mean he’s gonna go to jail, but the consequences for the Trump Organization are huge.”

Weissmann added that everything is falling apart for the disgraced ex-president on the legal front:

“This is a big deal. So, I think that would be number one, focus on the financial consequences of the Allen Weisselberg deal. And then, down the road, I mean, Lawrence, you laid out a litany of criminal and national security trouble, in Florida, in D.C., in Georgia. And this is a day where you saw a movement on all fronts. And to me, the thing that I thought was probably the most telling was the grand jury subpoena to Eric Herschmann. There is a guy who can completely corroborate what we heard from Cassidy Hutchinson. I am sure he has information.”

Could Donald Trump soon be facing imprisonment and the implosion of his corporation? It certainly looks that way, and it couldn’t possibly happen to a more deserving person.

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Crime Donald Trump

Former Federal Prosecutor: Trump Has Reached ‘The End Of His Rope’ And Is Going Down

When the history books are written decades from now, it may well be said that this was the week when everything that could possibly go wrong collapsed right on top of failed, twice-impeached former President Donald Trump.

Consider what has transpired over the past five days for Trump:

  • His accounting firm cut all ties to him and announced that financial statements provided to them by the Trump Organization contain “material discrepancies.”
  • A New York judge ruled that the ex-president, along with Donald Trump Jr. and Ivanka Trump, must sit for depositions within the next three weeks.
  • The National Archives and Records Administration confirmed that Trump did indeed take classified documents out of the White House and transport them to Mar-a-Lago. They then referred the matter to the Justice Department for further investigation and possible criminal charges.

In other words, Trump is facing financial collapse, civil and criminal indictment, and watching as both he and his three oldest children are put on trial for a plethora of felony charges.

What’s next? According to former federal prosecutor Glenn Kirschner, Trump has reached “the end of his rope” and there’s more bad yet to come.

Kirschner was a guest on MSNBC, where he was asked by Jonathan Capehart if he thought Trump would “face any consequences.”

Kirschner responded:

“How could he not, Jonathan? You just went through the trifecta of really crushing legal stories for Donald Trump. And it’s not that he’s just losing these cases, but what some of the judges are saying.”

Quoting from a judge’s ruling that Trump seems to be complicit in the January 6 Capitol attack, Kirschner then added:

“Those are the words of federal crimes. Things are getting really bad as the investigative circle is tightening around Donald Trump.”

Later in the discussion, Kirschner noted:

“Donald Trump may be reaching the end of his rope. I predict, once the first brave prosecutor who has the evidence to indict Donald Trump brings that indictment, everybody is going to want to be the second prosecutor to indict Donald Trump.”

Who will be the first prosecutor to indict Donald Trump? That remains to be seen, but as Kirschner predicts, it’s likely to have a domino effect that will leave the former president trying to defend himself on multiple fronts as his finances are being squeezed.

It couldn’t happen to a more deserving asshole.

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Crime Eric Trump The Trump Organization

WATCH Eric Trump Almost Burst Into Tears During An Interview With Sean Hannity

Things are falling apart for the Trump family, and the stress of multiple investigations — paired with news that the Trump Organization’s longtime accounting firm has dumped the company and declared Trump Org’s financial filings are a lie — led Eric Trump go to on Sean Hannity’s show Monday evening and whine about how bad things are.

At a couple of points during the discussion, Eric even looked like he might start weeping at any moment.

Rather than defend his father and the Trump Organization, Eric Trump used deflection, suggesting that Hillary Clinton needs to be under investigation:

“Where are the prosecutors right now? You know, the same prosecutors, they’ll go after my father every single day for nothing, right? Just because they want to disqualify him because he’s clearly the front runner for 2024.

“Where are those prosecutors? Hillary Rodham Clinton is a New York resident. Let me just kind of break that down for you. She lives in Chappaqua, New York and guess where Trump Tower is located is located? It’s located on Fifth Avenue in New York. Where are these prosecutors? Where is the DA? Isn’t that a federal – Isn’t that a, you know, isn’t that fraud? Isn’t that all sorts of offenses?”

Seconds later, the ex-president’s son asked Hannity:

“Where’s Letitia James in this whole thing? Is she just gonna ignore this because Hillary happens to be in her political party?”

The “whole thing” Eric is referring to is a court filing by Special Counsel John Durham which right-wing media is attempting to prove is a smoking gun that proves Hillary was spying on Trump. Problem is, there’s nothing in that filing that suggests such a thing, as Dean Obeidallah noted on Twitter:

Attorney Marcy Wheeler also explained what a giant nothing burger the Durham filing is during an appearance on MSNBC Tuesday morning:

“One of the things [Durham] revealed in that, which I have heard from other people is this claim that Rodney Joffe was accessing data from the White House. All of that data precedes Trump’s inauguration, so you have Trump out there calling for these people to be put to death when really what happened is Rodney Joffe was trying to keep [then-president] Barack Obama safe from hackers. That’s all it is. That’s why Trump wants these people killed, Durham knows that.”

Poor Eric. He can sense that the walls are closing in on him, his father and two of his siblings, Don Jr. and Ivanka. So he’s lashing out and getting all weepy. He’d do better to keep his mouth shut and let his attorneys handle the matter. Instead, he’s giving prosecutors even more ammunition they can use against him and his family.

 

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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.”