Tag: Trump organization

Two Big Banks Sever Ties With Trump Organization Over Capitol Riot

President Donald Trump may not see the error of his ways but some of the United States’ largest banks are making it known they strongly disagree with his actions.

According to The New York Times, Deutsche Bank is distancing itself from the president amid the aftermath of the deadly riots that erupted at the U.S. Capitol on Jan. 6. Although Trump owes the bank approximately $300 million, the paper reports that the German financial institution wants no future business dealings with the president or his companies. 

In addition to Deutsche Bank, New York’s Signature Bank also released a statement confirming the closure of Trump’s personal bank accounts while calling for the lame-duck president to resign from his post. The bank has also vowed not to conduct any further business with any Congressional members who actively worked to overturn the outcome of the presidential election and block the electoral college certification. Continue reading.

Judge rejects Trump Organization’s claim of privilege to shield documents from New York attorney general

The related investigation stems from Michael Cohen’s congressional testimony.

A judge in New York on Tuesday rejected President Donald Trump’s claim of attorney-client privilege that could have shielded documents from the New York Attorney General’s office.

The Trump Organization was given until Friday to turn over documents from the engineer of its Seven Springs Estate, a property in Westchester County being investigated by Attorney General Tish James over how it was valued by the organization while seeking tax benefits from New York state.

At issue is whether the property’s conservation easement is legitimate. The president’s son, Eric, sat for a deposition. James’ office is looking into whether an improper valuation let the Trump Organization take a $21 million tax deduction. Continue reading.

Tenants Sue Trump Over Scheme That Drove Up Their Rents

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The latest legal front against the outbound president involves a maneuver that earned him and his siblings millions while lowering their taxes.

President Trump will face a raft of potential legal challenges when he leaves office — from, among others, the Manhattan district attorney, the New York attorney general and perhaps the United States Justice Department.

Now add to that Leonie Green of the Westminster Apartments in Brooklyn.

Ms. Green is among a group of tenants in rent-regulated apartments once owned by Mr. Trump’s father who have filed a lawsuit against the president and his siblings, accusing the Trumps of a decade-long fraud to win artificially high rent increases through an invoice-padding scheme. Continue reading.

Lawsuit targeting alleged money laundering through the Trump Organization moves forward: report

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Moscow native Felix Sater, a real estate developer and former business associate of President Donald Trump known for his ties to the Russian mafia, has been accused of laundering millions of dollars in a lawsuit. And on Monday, U.S. District Judge Alison Nathan allowed that lawsuit to move forward.

The money, according to the lawsuit, was stolen from BTA Bank in Kazakhstan, and Sater is accused of laundering it through Trump Organization properties.

In a 25-page opinion, Law & Crime reporter Adam Klasfeld reports, Nathan dismissed two counts of a six-count complaint and wrote, “In this case, Kazakhstan’s largest city and a Kazakhstani bank seek to recover millions of dollars in stolen funds from those who allegedly helped the culprits launder them. Felix Sater — the alleged ringleader of the money-laundering operation — along with his associate Daniel Ridloff and several business entities they control, move to dismiss.” Continue reading.

Trump Tax Write-Offs Are Ensnared in 2 New York Fraud Investigations

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Inquiries into the president and his businesses, one criminal and one civil, are now looking at tax deductions taken on consulting fees. Some of the payments appear to have gone to Ivanka Trump.

Two separate New York State fraud investigations into President Trump and his businesses, one criminal and one civil, have expanded to include tax write-offs on millions of dollars in consulting fees, some of which appear to have gone to Ivanka Trump, according to people with knowledge of the matter.

The inquiries — a criminal investigation by the Manhattan district attorney, Cyrus R. Vance Jr., and a civil one by the state attorney general, Letitia James — are being conducted independently. But both offices issued subpoenas to the Trump Organization in recent weeks for records related to the fees, the people said.

The subpoenas were the latest steps in the two investigations of the Trump Organization, and underscore the legal challenges awaiting the president when he leaves office in January. There is no indication that his daughter is a focus of either inquiry, which the Trump Organization has derided as politically motivated. Continue reading.

Eric Trump’s comments to Fox News come back to haunt him in new brief from NY Attorney General

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President Donald Trump’s son Eric, a major figure within the Trump Organization’s businesses, has claimed he told a court that he is willing to appear in compliance with New York Attorney General Letitia James’ subpoena.

But in a new briefing, James pointed out that Eric Trump and his legal team have in fact stated a “categorical refusal” to appear — and that one of those refusals occurred during an interview with Fox News Radio.

President Donald Trump’s son Eric, a major figure within the Trump Organization’s businesses, has claimed he told a court that he is willing to appear in compliance with New York Attorney General Letitia James’ subpoena.

But in a new briefing, James pointed out that Eric Trump and his legal team have in fact stated a “categorical refusal” to appear — and that one of those refusals occurred during an interview with Fox News Radio. Continue reading.

Company that owns President Trump’s Vancouver hotel files for bankruptcy

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The company that owns the Trump International Hotel in Vancouver, Canada, has filed for bankruptcy, according to Canadian records — raising questions about the future of one of President Trump’s newest hotels, just three years after it opened.

Trump does not own the Vancouver hotel; the building’s owner pays Trump’s company to operate the hotel and to license the Trump name.

The Trump Vancouver hotel has already been closed for four months because of the coronavirus pandemic. By Friday — a day after the bankruptcy filing — the hotel’s website was taken down, its name was missing from Trump Hotels’ corporate website, and the Vancouver hotel’s accounts were deleted from Twitter and Facebook. Continue reading.

New York attorney general investigating Trump over financial statements

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New York state Attorney General Letitia James (D) is investigating whether President Trump illegally inflated his assets to attract investors and earn loans, her office revealed in court documents Monday.

James asked a judge to force the president’s son, Eric Trump, and the Trump Organization to comply with subpoenas as part of the investigation. Her office said in the court filings that the investigation is ongoing and authorities haven’t determined whether the president’s businesses violated the law.

“For months, the Trump Organization has made baseless claims in an effort to shield evidence from a lawful investigation into its financial dealings,” James said in a statement. “They have stalled, withheld documents, and instructed witnesses, including Eric Trump, to refuse to answer questions under oath. That’s why we’ve filed a motion to compel the Trump Organization to comply with our office’s lawful subpoenas for documents and testimony. These questions will be answered and the truth will be uncovered, because no one is above the law.” Continue reading.

Deutsche Bank Opens Review Into Personal Banker to Trump and Kushner

New York Times logoThe bank will examine a 2013 transaction between the banker, Rosemary Vrablic, and a company part-owned by Jared Kushner.

Deutsche Bank has opened an internal investigation into the longtime personal banker of President Trump and his son-in-law, Jared Kushner, over a 2013 real estate transaction between the banker and a company part-owned by Mr. Kushner.

In June 2013, the banker, Rosemary Vrablic, and two of her Deutsche Bank colleagues purchased a Park Avenue apartment for about $1.5 million from a company called Bergel 715 Associates, according to New York property records.

Mr. Kushner, a senior adviser to the president, disclosed in an annual personal financial report late Friday that he and his wife, Ivanka Trump, had received $1 million to $5 million last year from Bergel 715. A person familiar with Mr. Kushner’s finances, who wasn’t authorized to speak publicly, said he held an ownership stake in the entity at the time of the transaction with Ms. Vrablic. Continue reading.

Pandemic deepens economic pain at Trump’s company, already suffering from a tarnished brand

Washington Post logoThe head of President Trump’s flagship hotel stood on Pennsylvania Avenue with face mask on and two thumbs up.

After three brutal months of empty hotel rooms and a skeleton staff, Mickael Damelincourt finally had something to celebrate: new sidewalk seating to safely welcome back Trump’s MAGA-loving customers. “Let’s get back to work,” Damelincourt tweeted on May 28.

By the next day, Trump was in his underground bunker, protesters swarmed downtown Washington cursing Trump’s name, and the hotel’s outdoor seating experiment was tabled. Continue reading.