Showing posts with label Trump Organization fraud. Show all posts
Showing posts with label Trump Organization fraud. Show all posts

Friday, February 16, 2024

BREAKING: Trump Fined $350 Million For Fraud

 

New York State Judge Arthur Engoron has ordered the Malignant Loser to pay over $350 million and imposed a ban of 3 years from him serving in any executive capacity in any New York business due to his business fraud case brought by New York Attorney General Letitia James. From the New York Times coverage:

"A New York judge on Friday handed Donald J. Trump a crushing defeat in his civil fraud case, finding the former president liable for conspiring to manipulate his net worth and ordering him to pay a penalty of more than $350 million that could wipe out his entire stockpile of cash.

The decision by Justice Arthur F. Engoron caps a chaotic, yearslong case in which New York’s attorney general put Mr. Trump’s fantastical claims of wealth on trial. With no jury, the power was in Justice Engoron’s hands alone, and he came down hard: The judge delivered a sweeping array of punishments that threatens the former president’s business empire as he simultaneously contends with four criminal prosecutions and seeks to regain the White House.

Not only did Justice Engoron impose a three-year ban preventing Mr. Trump from serving in top roles at any New York company, including his own, but the judge also applied that punishment to the former president’s adult sons for two years. One of the sons, Eric Trump, is the Trump Organization’s de facto chief executive, and the ruling throws into doubt whether any member of the family can run the business in the near term." (our emphasis)

The court-appointed independent monitor, Barbara Jones, will be overseeing the Malignant Loser's New York business over the next three years to ensure that no continuing fraud is committed. The Malignant Loser will likely appeal, but he needs to come up with the money or secure a bond in the next 30 days. More as the story develops.

BONUSThe 92-page ruling is embedded here (pdf).


Wednesday, October 18, 2023

Damning Witness Testimony In Trump Fraud Case

 

Testimony from a real estate executive in the fraud trial brought by the New York State Attorney General Letitia James against the Malignant Loser indicates appraisals were never conducted by him, contrary to the Malignant Loser's filings. Doug Larson testified that phone calls to him that were referenced in the Malignant Loser's financial documents never occurred, and an appraisal by him never conducted. From AP's report:

"Larson, a real estate brokerage executive and certified appraiser, assessed Trump properties for lenders. He was taken aback when told on the stand that he was repeatedly cited as an outside expert in former Trump Organization controller Jeffrey McConney’s valuation spreadsheets.

'It’s inappropriate and inaccurate,' Larson testified. 'I should have been told, and an appraisal should have been ordered.'

When it came to valuing a storefront formerly known as Niketown, McConney relied on rates of return for a different type of property, rather than for comparable retail space, Larson testified. He also said he appraised a Trump-owned Wall Street building at $540 million in 2015, while McConney valued it at $735.4 million on Trump’s financial statement."  (our emphasis)

Another witness, Trump Organization accountant Donna Kidder, testified that the Malignant Loser's corrupt chief financial officer Allen Weisselberg had her inflate values of properties to improve the Malignant Loser's bottom line:

"Kidder, the Trump company accountant, testified that as she filled out spreadsheets documenting the value of a Trump-owned Wall Street office building, then-finance chief Allen Weisselberg told her to act as if the skyscraper would be fully leased by a certain date, even if some space was currently vacant. For a Park Avenue residential tower, she was told to project that unsold units “would all sell out' in a certain timeframe."  (our emphasis)

The accumulation of testimony and evidence in this case that deliberate fraud was committed should convict the Malignant Loser. He'll delay and appeal, of course, but the evidence that Attorney General James has assembled in extensive and unassailable. 

Monday, October 2, 2023

The Good, The Bad, And The Ugly

 

The good:

Like a game of Monopoly, Donald Trump may be forced to sell off his iconic properties under a New York judge's ruling that he committed fraud for years while building his real estate empire.

In a civil trial starting Monday, Trump's lawyers will return to court to begin a trial to determine how much he and his companies will be penalized for the fraud. New York Attorney General Letitia James is seeking $250 million in damages. Potential witnesses include Trump, his children and former business associates.

At stake? Whether the former president will have to shutter or break up his namesake Trump Organization and sell off those famous properties − and whether he will have to pay millions.

Trump's lawyers vowed to appeal the ruling. Trump called the decision "ridiculous and untrue."

New York Supreme Court Justice Arthur Engoron on Tuesday canceled Trump's business certificates by ruling he committed fraud for years through "pure sophistry," a "fantasy world" of real-estate valuations that "can only be considered fraud."

In fact, Engoron quoted a Marx Brothers movie to ridicule Trump's explanations for altering objective data such as the size of an apartment − an unusual approach for a judge to take.

“Well, who ya gonna believe, me or your own eyes?” Engoron quoted Chico Marx from the movie "Duck Soup."

Engoron ruled that Trump valued his Mar-a-Lago resort at 20 times the tax assessment, that apartments at Trump Park Avenue gained millions of dollars on his corporate balance sheet beyond their appraised values, and that Trump falsely nearly tripled the square-footage of his own Trump Tower penthouse apartment to increase its value by calling the measurement "a subjective process."... (our emphasis)

Today, starts the process of divesting the Malignant Loser of what matters to him most:  his wealth and image as a "billionaire."  Let the fun begin!

The bad:

The Consumer Financial Protection Bureau should be seen as a wild success. Over its 12 years of existence, it’s been responsible for returning more than $17 billion to Americans separated from their money by financial sector shenanigans.

Instead of being able to celebrate that achievement, the agency is in a fight for its life — and if it loses, we’ll all be poorer for it.

On Tuesday, the Supreme Court will hear a case filed by a trade group of payday-loan lenders against the CFPB. Last year, the U.S. Court of Appeals for the 5th Circuit — considered by many the most right-wing court in the country — agreed with the plaintiffs’ argument that the funding mechanism for the agency is unconstitutional.

In the worst-case scenario, this could lead to not just an end to payday-loan regulations, the continued halting of CFPB cases across the country, or to the CFPB needing to find a new funding source. It could lead also to much of the agency’s past work being declared invalid. This is not simply a fear being felt by progressives. It’s in a brief submitted to the court jointly by the Mortgage Bankers Association, the National Association of Home Builders and the National Association of Realtors, hardly anyone’s idea of the usual lefty suspects. While studiously not taking a side on the question of the bureau’s constitutionality, the groups point out that almost all residential real estate transactions are governed by CFPB rules, and that with a broad ruling, further court challenges might mean “the housing market could descend into chaos.”...

Will the corrupted Republican Supreme Court decide this one in favor of payday sharks or consumers? The suspense is killing us.

The ugly:

Every year, hordes of tourists descend upon Paris with a shortlist of concerns: pickpockets, steep hotel prices, how to get skip-the-line tickets and the most polite way to decline a stranger’s offer of a friendship bracelet outside the Sacré-Coeur.

But as the French capital prepares to welcome millions of visitors for the 2024 Summer Olympics, a different issue has caught the eye of government officials: bedbugs. Lots of them.

Apparent footage of the insects has gone viral on social media platforms such as TikTok, prompting some users to post videos of themselves standing on the metro instead of taking an open seat or warning about infestations in their Airbnbs. Social media posts appeared to show bedbugs on the metro and in public buses. One showed bedbug bites all over a person’s body, purportedly after visiting a movie theater.

Paris’s deputy mayor, Emmanuel Grégoire, wrote a letter last week to Prime Minister Élisabeth Borne calling for solutions to the bedbug problem, local media reported. “The state urgently needs to put an action plan in place against this scourge as France is preparing to welcome the Olympic and Paralympic Games in 2024,” Grégoire wrote, according to French TV news outlet TF1 Info.

The deputy mayor also attempted to reassure the public on social media, but he still made his warning clear: “No one is safe” from an infestation, he said...

 Sacré bleu! And a hearty zut alorsWe didn't know the Malignant Loser had properties in Paris!


Friday, September 29, 2023

Trump Fraud Trial Will Start Oct. 2



Justice won't be delayed in the State of New York's fraud (and more) case against the Malignant Loser (our emphasis):

An appeals court Thursday rejected Donald Trump’s bid to delay a civil trial in a lawsuit brought by New York’s attorney general, allowing the case to proceed days after a judge ruled the former president committed years of fraud and stripped him of some companies as punishment.

The decision, by the state’s intermediate appellate court, clears the way for Judge Arthur Engoron to preside over a non-jury trial starting Monday in Manhattan in New York Attorney General Letitia James’ civil lawsuit.

Trump is listed among dozens of possible witnesses, setting up a potential courtroom showdown with the judge. The fraud ruling Tuesday threatens to upend his real estate empire and force him to give up prized New York properties such as Trump Tower, a Wall Street office building, golf courses and a suburban estate.  [snip]

Engoron’s fraud ruling resolved the key claim in James’ lawsuit, but six others remain. They include allegations of conspiracy, falsifying business records and insurance fraud. The judge will also decide on James’ request for $250 million in penalties...

The Malignant Loser's loser legal team will attempt engage in the type of futile delaying maneuvers that have become the standard for this career con man.  The latest one has failed, but they'll keep trying and, we trust, failing.

The basic finding has already been made:  the Malignant Loser "committed years of fraud."


Tuesday, September 26, 2023

BREAKING: Trump Found Liable For Fraud In New York



A judge in New York just ruled that the Malignant Loser was responsible for defrauding banks and insurance companies during his time as head of the Trump Organization. A civil suit was brought by New York Attorney General Letitia James alleging that Trump manipulated the values of his property in order to obtain favorable loan rates and insurance. From the Associated Press:

"Judge Arthur Engoron, ruling in a civil lawsuit brought by New York Attorney General Letitia James, found that the former president and his company deceived banks, insurers and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing financing.

Engoron ordered that some of Trump’s business licenses be rescinded as punishment, making it difficult or impossible for them to do business in New York, and said he would continue to have an independent monitor oversee the Trump Organization’s operations.  [snip]

The decision, days before the start of a non-jury trial in James’ lawsuit, is the strongest repudiation yet of Trump’s carefully coiffed image as a wealthy and shrewd real estate mogul turned political powerhouse.

Beyond mere bragging about his riches, Trump, his company and key executives repeatedly lied about them on his annual financial statements, reaping rewards such as favorable loan terms and lower insurance costs, Engoron found.

Those tactics crossed a line and violated the law, the judge said, rejecting Trump’s contention that a disclaimer on the financial statements absolved him of any wrongdoing. [snip]

Manhattan prosecutors had looked into bringing criminal charges over the same conduct but declined to do so, leaving James to sue Trump and seek penalties that aim to disrupt his and his family’s ability to do business in the state.

Engoron’s ruling, in a phase of the case known as summary judgment, resolves the key claim in James’ lawsuit, but several others remain. He’ll decide on those claims and James’ request for $250 million in penalties at a trial starting Oct. 2. Trump’s lawyers have asked an appeals court for a temporary delay." (our emphasis)

Developing story, but a major blow to the life long con man and fraudster. Here's the ruling from Judge Engoron. A slam dunk for Attorney General James.

Monday, July 5, 2021

Monday Reading

 

As always, please go to the links for the full articles/ op eds.

If you're looking for an explainer on the criminal charges filed against Alan Weisselberg and the Trump Organization, you won't do better than Daniel Shaviro's.  This is just a snippet, excerpts from his general overview;  much more at the link:

1. This is no mere fringe benefits case. It is a straight-out fraud case, claiming that the defendants kept double books: phony ones to show the tax authorities, and accurate ones to be hidden from view. The question of whether a given company apartment or car might in theory (with appropriate supporting facts) have been an excludable fringe benefit turns out to be almost completely irrelevant.  [snip]

2. It is not just a state and local income tax fraud case. It is also – via New York State fraud, conspiracy, and grand larceny statutes – a federal income tax fraud case. The indictment’s first three and longest counts detail a “scheme to defraud” the federal Internal Revenue Service, including through a “conspiracy” with multiple “overt acts,” and the commission of “grand larceny.” [snip]

3. If the Manhattan DA can prove the facts asserted, this is not a trivial case, or one that ordinarily would not be brought, or one that bespeaks political bias, or is just about pressuring a witness whom the DA wants to “turn.” It is unimaginable to me that any prosecutor would not bring these or similar charges under the asserted facts. If the case is proven, the DA will not have been criminalizing political disagreement, as critics complain. Rather, it will have been criminalizing crime – and not a moment too soon from a broader enforcement standpoint, given widespread concerns about plunging enforcement, not just against income tax fraud, but against white-collar crime more generally.

Speaking of criminals and Trump, jabronis calling themselves the "Patriot Front" showed up in Philadelphia Saturday to proclaim their sorry existence:

Around 150 white supremacists marched in front of Philadelphia City Hall late on Saturday night. The marchers were part of the Patriot Front, a known white supremacist group based in Texas, and they wore white face coverings while waving flags and shields. Some also carried signs that read “Reclaim America” and chanted “the election was stolen” while they marched. Police said none of the marchers were from Philadelphia.

It seems the white supremacists had their march cut short by angry onlookers who made their feelings clear about having white supremacists openly espousing their views on the streets of Philadelphia. The onlookers started yelling at the protesters and there were a few scuffles with the white supremacists. A witness said the marchers often tossed smoke bombs and then used that as a cover to hit and kick counterprotesters. Although police were present, they apparently didn’t get really involved as counterportesters and white supremacists traded blows.

Police said the onlookers eventually chased the white supremacists away. “They started engaging with citizens of Philadelphia, who were none too happy about what they were saying. These males felt threatened, and at one point somebody threw a smoke bomb to cover their retreat, and they literally ran away from the people of Philadelphia,” police officer Michael Crum told local ABC affiliate WPVI. Police later pulled over the trucks the white supremacists were traveling in for safety reasons.

Perhaps they should call themselves "Patriot Rear," since that's what they showed the onlookers who chased them.  Run, "patriots," run!  Continue to feel threatened!

The latest ransomware attack is the biggest on record.  The retaliation must also be the biggest on record:

Cybersecurity teams worked feverishly Sunday to stem the impact of the single biggest global ransomware attack on record, with some details emerging about how the Russia-linked gang responsible breached the company whose software was the conduit.

An affiliate of the notorious REvil gang, best known for extorting $11 million from the meat-processor JBS after a Memorial Day attack, infected thousands of victims in at least 17 countries on Friday, largely through firms that remotely manage IT infrastructure for multiple customers, cybersecurity researchers said.

REvil was demanding ransoms of up to $5 million, the researchers said. But late Sunday it offered in a posting on its dark web site a universal decryptor software key that would unscramble all affected machines in exchange for $70 million in cryptocurrency.

The remaining tower of the Champlain South condominium in Surfside, FL, was demolished last night in an effort to expand search efforts for the missing residents:

Demolition crews set off explosives late Sunday to bring down the damaged remaining portion of a collapsed South Florida condo building, a key step to resuming the search for victims as rescuers possibly gain access to new areas of the rubble. [snip]

The precarious, still-standing portion of a collapsed South Florida condo building was rigged with explosive charges and set for demolition overnight, Miami-Dade County officials said late Sunday. The work has suspended the search-and-rescue mission, but officials said it will open up new areas for rescue teams to explore.

Here's the video from local news:

 

 

The remains of 24 people have been recovered, with 121 still missing after the June 24 collapse of part of the complex.

As usual, Infidel 753 has assembled a round- up of links to interesting posts from around the Internet. While you're there (hopefully), check out his essays on a variety of topics touching on religion, science, technology and cultural issues.

Thursday, July 1, 2021

Trump Organization, Weisselberg Charged With 15 Felony Counts

 



Shoes, start dropping:

New York prosecutors on Thursday charged the Trump Organization, Trump Payroll Corporation and Chief Financial Officer Allen Weisselberg with 15 felony counts in connection with an alleged tax scheme stretching back to 2005, in an extraordinary legal development against the former President's namesake company.

Prosecutors in court said the counts include a scheme to defraud, conspiracy, criminal tax fraud, offering a false instrument for filing and falsifying business records.
 
The indictment also alleges Weisselberg evaded $1.76 million in taxes over the period beginning in 2005 and that he concealed for years that he was a resident of New York City, thereby avoiding paying city income taxes. Weisselberg pleaded not guilty Thursday afternoon.

As we've said previously, this is just the first in what legal experts believe will be an ongoing investigation and series of indictments, ranging perhaps over months or years, moving laterally and up the chain in the Trump crime family and their crooked associates.  
 
All together now: "Lock them up!  Lock them up!"