Follow the money in Trump’s $450 million NY fraud case
Judge rules that Trump owes $454 million in civil fraud case
Judge Arthur Engoron’s formally ordered Donald Trump to pay $454 million, including interest… He found Trump, Donald Trump Jr. and Eric Trump liable for fraud in the civil case brought by New York Attorney General Letita James. – CNN
How did Trump pull off this massive scam? How did he con the banks? How did Trump cheat the IRS depriving the U.S. government of funds to pay for programs for hard working Americans and seniors? What penalties does Trump and his sons face? Follow the money in Trump’s scam with this infographic.
Trump’s fraud scheme explained
Pay back ill gotten gains
Trump, both individually and as the owner of various corporate entities must pay almost $450 million. – AP News
- $168 million, plus interest, in savings on loans he obtained using his inflated financial statements for a golf resort near Miami, a Chicago hotel and condominium tower, a Washington, D.C. hotel and a Manhattan office building. Trump obtained three of the loans through Deutsche Bank’s private wealth management unit, which offered lower interest rates than its commercial real estate division, and used his financial statements to show the bank he was wealthy and a good credit risk.
- $126.8 million, plus interest, in profit from selling the Trump International Hotel in Washington in May 2022 to a company that now operates it as a Waldorf Astoria. Trump used $170 million of the $375 million to pay off a loan on the property. Other proceeds went to his children.
- $60 million, plus interest, from selling the rights to manage a New York City golf course in June 2023. Engoron noted in his ruling that the buyer, Bally’s Corporation, stands to pay Trump an additional $115 million if it obtains a casino license for the property.
- Trump’s sons, Eric and Donald Jr., must each pay a little over $4 million, plus interest, to the state for their shares of the Washington hotel sales. Weisselberg, the former Trump Organization finance chief, was ordered to pay $1 million — half of the $2 million severance he’s receiving.
TakeAway: Vote for ethical leadership with President Biden, not a convicted fraudster like Trump.
Deepak
DemLabs
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Reposted from Democracy Labs with permission.