Tag

#fraud

4 incidents

Grade 1 of 5: Significant Democratic Concern

New York Civil Fraud Case: Liability Upheld, Nearly $500 Million Penalty Voided on Appeal

Judge Engoron found that Trump had consistently and intentionally misrepresented asset values across a decade of financial statements. His Mar-a-Lago estate was valued in financial statements at up to $739 million — although deed restrictions limited its use and the Palm Beach County assessor valued it between $18 million and $27.6 million from 2011 to 2021. His Trump Tower triplex was listed at 30,000 square feet when it was actually 10,996 square feet — nearly three times its actual size. The fraud allowed Trump to obtain loans at more favorable rates than he would have received with accurate valuations.

Outside the grading scale: Pre-Office Conduct

Trump Taj Mahal: $10 Million FinCEN Fine for Willful Anti-Money-Laundering Violations

FinCEN found that the Trump Taj Mahal willfully failed to implement an effective anti-money-laundering program, failed to report suspicious transactions, failed to properly file currency transaction reports and failed to keep required records; many of the violations from 2010 and 2012 had been found in earlier examinations, and examiners had cited problems since 2003. The casino admitted the violations. FinCEN had already penalized the Taj $477,700 in 1998, after the IRS found it broke the reporting rules 106 times in its first year and a half of operation in the early 1990s, when Trump owned it.

Outside the grading scale: Pre-Office Conduct

Trump SoHo: Condo Buyers' Fraud Suit Settled; Criminal Inquiry Dropped After Kasowitz Visit

To close sales, a condo-hotel needs a share of its units sold; buyers alleged that the Trump SoHo's sellers inflated the number. Their August 2010 suit called it a 'substantial and ongoing pattern of fraudulent misrepresentations and deceptive sales practices.' In late 2011 the Trumps and their partners settled, returning 90 percent of the deposits plus fees, and the buyers agreed not to cooperate with prosecutors unless subpoenaed. In May 2012 Kasowitz met District Attorney Cyrus Vance Jr.; the office dropped its case against Ivanka Trump and Donald Trump Jr. Vance said the donations had no influence.

Outside the grading scale: Pre-Office Conduct

Trump University: Defrauding Thousands of Students Through a Fraudulent 'Education' Scheme

Trump University promised to teach students Trump's real estate 'secrets' through courses taught by his handpicked instructors. In practice, it was found to be a high-pressure sales operation that extracted money from vulnerable people — including elderly retirees — through a series of escalating upsells. New York's attorney general sued for $40 million; a California class action settled for $25 million in 2016.