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falsely inflated the value of his net worth by billions of dollars in an effort to gain tax benefits and obtain other benefits from insurers and financial institutions.
what does that have to do with the state. if they banks didnt like it, why dont they sue
Trump allegedly committed wire, bank, insurance, and tax fraud in NY State.
Now that the lawsuit has been filed, I wouldn’t be surprised if his lenders called in their loans.
Trump allegedly committed wire, bank, insurance, and tax fraud in NY State.
Now that the lawsuit has been filed, I wouldn’t be surprised if his lenders called in their loans.
Or maybe they'll wait until it gets a little further along. You know they had to know. I heard Michael Cohen say when Trump would go to a bank for a loan, they would roll their eyes at the values he put on his property. They know who they were dealing with. The banking system is meant for the rich and is as corrupt as any other major corporation in this country.
If it's frivolous, it will be thrown out of court. I don't see that happening from what I've read in her filing though. She puts forth a lot of damning evidence.
She put forth a lot of damning *accusations*, not evidence. Evidence will be presented in court, and whether it’s tossed or not depends on who’s sitting.
a Bank doesn't get defrauded until the loan's not repaid though.
some would tell you every real estate deal is shady. I deal with folks constantly who don't "do unto others" and shade or obscure the truth.
absolutely if you knowingly cheat on your taxes, you do so with the expectation IF the years that you cheated get audited, you'll have serious problems. Has it not been universally accepted that Trump was frequently audited?
I don't think your statement about bank fraud is correct. They can be defrauded, but not lose money. But, there are other victims known or unknown in the NY public at large. If Trump got loans fraudently, other people may have been prevented from getting that money as a loan they needed.
Shady may or may not be illegal.
Trump has apparently been audited frequently. As a president, his audits were automatic. We don't know what kicked his returns out for audit in any year prior to being elected president.
The IRS doesn't catch everything. If you have a good story sometimes they accept it without verifying it. They generally make a big picture assessment of the return in front of them to get a feel for how much time they will have to spend vs how much additional tax they can assess if they change/disallow something. It may not be a top priority category of potential non-compliance and they have other higher priority work piled up on their desk. They may know that something that looks off usually results in a "no change" result. They hate that as it messes up audit stats and their manager will gig them if they have too many of those.
Lots of reasons IRS may not have caught something or chose to ignore it or not to dig deeper.
Trump Organization fraudulently valued multiple assets to achieve economic benefits such as bigger bank loans.
are y'all asserting that the Organization owned the apartment? Or that Trump did? I'm confused.
or asserting that he got Bank loans, collateralized by the apartment, which would have been in excess of say $90MM without whichever Bank was the lender getting an appraisal?
Or that they got economic benefits by borrowing at the QE rates of the Obama administration, not the normal rates paid by other residential borrowers?
Quote:
In a statement, James gave an example of how Trump allegedly valued his triplex apartment at $327 million in 2015 and 2016 financial statements, based on claims it was 30,000 square feet in size.
However, the actual size of Trump's triplex apartment was 10,996 square feet.
In 2017, Trump's financial statement changed the value of the property yet again, stating it was worth $116.8 million and for the first time revealing it was only 10,996.39 square feet in size.
Why, after all the documents she's gotten, are we at the "allegedly valued" when they know whether he did or not?
I mean, I've really expected a "you know he has small hands and what THAT means!" joke or 10 by now.
Do you or James have anything that relates to a crime against the residents of NY?
Nope, not always. Sometimes there are financial sanctions and sometimes not.
but the JUDGE - the person with the authority to say "This is frivolous and you deserve to be sanctioned"....the JUDGE is the one to call it frivolous, not the lawyer on the other side of the case, right?
Notice you say financial penalty, and I speak of sanctions. The Bar can censure ("Bad lawyer! Don't do it again!") based on a judge's opinion...yes?
Last week the Democrats were loving Bill Barr. So his comments below will especially resonate with them....
Former Attorney General Bill Barr said Wednesday on FNC’s “America Reports” that New York State Attorney General Letitia James’s lawsuit against former President Donald Trump and his adult children was a “political hit job.”
Barr said, “It’s hard for me not to conclude it’s a political hit job. This is a woman who campaigned for office promising she was going to go after Trump, which I think is a tremendous abuse of office to go headhunting and targeting individuals. So I think she was targeting Trump.”
He continued, “This is after three years a civil lawsuit, the gist of which is when the Trump organization borrowed money, Trump personally guaranteed those loans, and to support that, she’s claiming that he inflated his assets on his financial statements. I’m not even sure she has a good case against Trump himself, but what ultimately persuades me that this is a political hit job is she grossly overreaches when she tries to drag the children into this.”
Barr added, “Yes, they had roles in the business, but this was his personal financial statement. It was prepared by the CFO, accounting firms were involved in it. The children aren’t going to know the details of that, nor are they expected in the real world to do their own due diligence and have it reviewed independently.”
If it helps any, Alvin Bragg still has his criminal investigation into Trump and his businesses open.
No. I believe that turncoat dropped it.
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