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Crime Donald Trump The Trump Organization

Millions Of New Tax Documents Uncovered In Financial Fraud Case Against Trump

Remember Allen Weisselberg? He’s the former chief financial officer of the Trump Organization who was charged with several crimes by Manhattan prosecutors in July, including tax fraud and grand larceny.

And now we learn that over 3 million financial and tax documents have been unearthed in the basement of one of Weisselberg’s co-conspirators, according to a report from CNN:

(Bryan) Skarlatos, an attorney for Weisselberg, referenced a dispute between the Manhattan district attorney’s office and Trump Organization lawyers, saying, he is “concerned” that his client “becomes collateral damage in a bigger fight” between the two.

Holding up a manila envelope with a bulge in it, Skarlatos, said that the parties met in the judge chambers, before the court hearing. “It was represented to us by the [district attorney’s office] that this package includes documents found in a co-conspirator’s basement that are tax documents,” Skarlatos said.

Skarlatos did not identify the co-conspirator by name. CNN has reported that one alleged co-conspirator in the investigation is Jeff McConney, the controller of the Trump Organization. McConney has testified at least twice before the grand jury, in which he received immunity for his testimony.

However, the co-conspirator could be anyone with knowledge of the financial dealings of the Trump Organization, including former President Donald Trump and members of his family.

Attorneys also said in court Monday that they expect more indictments to be handed down soon:

“We have strong reason to believe there could be other indictments coming,” Bryan Skarlatos said at a pre-trial hearing in New York State Supreme Court.

Prosecutors are trying to get Weisselberg and other members of the Trump Organization to cooperate with their investigation and provide testimony against the former president and other high-ranking officials of the company.

The Trump Organization is a family-owned and controlled corporation, with the ex-president at the head of the company and his two oldest sons, Donald Jr. and Eric serving as executive vice presidents. Ivanka Trump has also been involved in the business over the years and could be facing legal exposure if she played a role in any criminal activities.

 

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Crime Donald Trump The Trump Organization

New Evidence Of Trump’s Tax Fraud Points To More Indictments Coming Soon From Prosecutors

Just last month, the very first indictments were handed down from the office of Manhattan District Attorney Cyrus Vance, Jr. against both the Trump Organization and the company’s Chief Financial Officer, Allen Weisselberg. Those indictments were based on evidence found in corporate and tax documents which suggest the former president’s company routinely paid employees off the books by agreeing to provide other gifts of value (private school tuition, cars, luxury apartments) that were never disclosed by either the recipients or the company.

And now we have even more evidence of tax improprieties, according to a report from The Daily Beast which alleges that Weisselberg’s son, Barry, was also showered with goodies that tax authorities knew nothing about because neither Barry Weisselberg or Trump’s corporation reported them as required by law:

“Barry Weisselberg is the longtime manager of the Trump-owned Wollman ice rink in Central Park. Details about the financial arrangement, as well as tax returns showing that the additional income was unreported, were delivered to the New York attorney general and Manhattan district attorney by Barry Weisselberg’s ex-wife, Jennifer Weisselberg. And The Daily Beast has reviewed the material, which includes a decade of tax returns and statements of net worth.”

“Specifically, as he admitted under oath during divorce proceedings, Barry Weisselberg lived in a “one-bedroom flat in Manhattan’s expensive Upper East Side” during 2018.”

“It’s a corporate apartment that I was given temporarily,” he testified under oath in August 2018, adding that he had no clue if rent was being paid.

Whether rent was being paid or not is irrelevant because the apartment clearly had value and therefore not reporting it was part of a larger tax avoidance scheme:

“That deal was described as a tax-dodging ‘scheme to defraud’ in the June 3 indictment against the Trump Organization and his father, the company’s chief financial officer. In it, prosecutors said the pad had ‘no reported rent at all.’ The indictment noted that the company ‘intentionally failed’ to report that income or pay associated taxes to federal, state, and local government agencies.

“’The value of the lodging provided to [Allen] Weisselberg’s family member constituted income to that family member,’ the indictment reads.”

Barry Weisselberg wasn’t named in the July indictments from the grand jury sitting at the request of Vance’s office, but it’s believed prosecutors may be using the threat of charging him in order to get his father to cooperate and tell what he knows about illegal actions committed by the former president and members of his family who are also intimately involved in the running of the Trump Organization. Namely, Don Jr., Ivanka, and Eric.

 

More indictments are coming from Vance’s grand jury. And it’s safe to speculate that Donald Trump’s name will be on them. After all, it’s his company and he and his three oldest children have run it for decades.

All of the evidence that has been disclosed in court filings suggests there’s some very bad days ahead for the Trump family and their company. For now, all we can do is wait for the next shoe to drop.

Categories
Crime Donald Trump

Judge Rules That Massive Fraud Lawsuit Against The Trump Family Will Move Forward

A federal judge has dealt a major blow to Donald Trump, his family, and the Trump Corporation by refusing to stay a massive lawsuit that accuses the Trumps of running a pyramid scheme that allegedly bilked investors out of millions of dollars. Those investors are now seeking a large settlement that could possibly endanger the already shaky financial situation of the family-held company.


According to Law and Crime:

“The complicated and anonymous class action lawsuit, filed by a Jane Doe and others, resulted in motions to stay the proceedings and interlocutory appeals by the Trumps, the Trump Corporation, and a third party called ACN Opportunity, LLC. ACN was ordered to produce documents relevant to the claims. Interlocutory appeals are appeals to higher courts filed in the midst, rather than at the conclusion, of lower court litigation.

“The judge, Lorna G. Schofield, a Barack Obama appointee, said the lawsuit would not be put on hold.”


Judge Schofield’s ruling is also problematic for Trump because it threatens to expose many of his shady business practices as part of the lawsuit and could also result in his three eldest children — Don Jr., Ivanka, and Eric — having to give depositions and appear in open court as part of the lawsuit.

The suit, which is a class action filing, accuses the Trump family and their business of promoting a multi-level marketing — aka pyramid — scheme, which was known as the ACN Opportunity, LLC:

“ACN, the plaintiffs said, was a ‘get-rich-quick scheme’ that relied on Trump and his family ‘conn[ing] each of these victims into giving up hundreds or thousands of dollars,’ in violation of various state laws.”


Conning and grifting are the only two enterprises Trump and his spawn have ever excelled at. When they’re unable to do so, they wind up filing for bankruptcy and moving on to another con job.

The Trumps had attempted to force the suit into arbitration so that discovery could be kept secret. Additionally, there are reportedly recordings of Donald Trump that will be introduced as evidence in the ACN lawsuit. Those alone could wind up being humiliating for the president and others in his orbit.

For now, the case moves forward, and facts will be coming out left and right. That alone is reason for Donald Trump to be worried. As we know, he’s never been a fan of facts or the truth.

Categories
Crime

Manhattan DA’s Criminal Investigation Expands – Now Includes Eric Trump

The criminal investigation underway by Manhattan District Attorney Cyrus Vance Jr. has expanded yet again, and this time Eric Trump is in the crosshairs.

CNN is reporting that as executive vice president of the Trump Organization, some of Eric’s actions have come to the attention of prosecutors in Vance’s office:

“Prosecutors’ interest in the 212-acre property called Seven Springs is a significant widening of an investigation that began more than a year ago. It also draws closer to President Donald Trump’s son Eric Trump, executive vice president of the Trump Organization, who was directly involved in discussions about the property now under scrutiny, according to court filings.

“Prosecutors sent grand jury subpoenas within the past two months to town officials seeking documents and communications that officials had with the Trump Organization relating to development plans it considered for the sprawling family property.”

As the Manhattan DA’s investigation continues to grow larger, the legal jeopardy faced by the Trump family is also increasing by the day, most notably to Donald Trump himself:

“The criminal investigation poses a significant threat to Trump, his business and his family as he leaves the White House next week and will no longer have the shield of the presidency to delay or postpone lawsuits and investigations.”

New York Attorney General Letitia James is also looking into the Seven Springs property. Her office has said it is trying to determine whether or not the Trump Organization “improperly inflated” the fair market value of the estate.

In a court filing made by the New York AG’s office is this allegation:

“Valuations of Seven Springs were used to claim an apparent $21.1 million tax deduction for donating a conservation easement on the property in tax year 2015, and in submissions to financial institutions as a component of Mr. Trump’s net worth.”

Reportedly, President Trump is considering issuing pardons to his family and executives with the Trump Organization. But those pardons would do nothing to immunize the recipients from state charges, meaning that the Trumps could well be facing indictment in the very near future.

 

Categories
Donald Trump

German Bank Preparing To Seize Trump’s Assets If He Fails To Repay His Loans

German financial giant Deutsche Bank is planning to cut all ties to Donald Trump and the Trump Organization immediately after the the election, according to a report from Reuters:

“Deutsche Bank AG is looking for ways to end its relationship with President Donald Trump after the U.S. elections, as it tires of the negative publicity stemming from the ties, according to three senior bank officials with direct knowledge of the matter.”

Trump owes Deutsche Bank about $340 million in loans that are guaranteed by three Trump properties and a personal promise of repayment from the president. And that could wind up being a gigantic problem for Trump if he cannot make enormous payments on the loans which are due over the course of the next two years, because the bank is prepared to seize the buildings or the president’s assets if payment is not made promptly:

“If Trump is not in office, Deutsche Bank executives feel that it would be easier for them to demand repayment, foreclose if he is not able to pay it off or refinance, or try to sell the loans, according to two of the three bank officials.

“Since Trump has personally guaranteed all the loans, Deutsche Bank could also seize the president’s assets if he is unable to repay, two of the three bank officials said.”

Imagine for a second what might happen if Trump does indeed lose the election: He would be a failed one-term president, under criminal investigation in New York, and flat broke as his creditors begin demanding payment and taking the only thing of value he has left: His properties.

 

Keep in mind that Trump’s properties and business holdings are already experiencing a major downturn thanks in large part to the coronavirus which the president has failed to control. And the Trump Organization’s attempts to expand into new areas of business have also hit a wall:

“Last month Reuters reported that Trump’s plan to make money by developing houses and hotels on his golf courses, including the one involving the Deutsche Bank loan, had not panned out so far.”

One thing is certain: Donald Trump is confronted with big problems that could wind up leaving him on the brink of financial collapse and facing imprisonment for the remainder of his life.