Trump Ordered to Pay $355 Million and Barred From New York Business

An appeals court with a brain will agree that no one was defrauded.

 

The supposed evidence collected by James is scarce worth the paper it is printed on.

 

It isn't lying. It's called "creative financing" and it happens allllll the time. You don't think Trump is the first person, ever, to fudge property values. Do you?

I refinanced my house about 10 years ago and I remember when the appraiser came by, at some point during the visit he says, "how much do you NEED this place to appraise for"

I'll never forget when we were checking out my work shed. He said, You do work in here? This is a shop, not a shed and shops are worth more than sheds".

Ya see, it's like this: banks are in the business of making money off of loans. No loans = no profit. The bigger the loan the bigger the profit.

No one was defrauded, since the loans were all paid back.

 

No he didn't property tax evaluation are wholly disconnected from the real value of a property and not just where Trump is concerned.

 

The evidence was overwhelming, hence Engoron's summary judgement.

Donald Trump and entities he controls own many valuable properties, including office buildings, hotels, and golf courses. Acquiring and developing such properties required huge amounts of cash Accordingly , the entities borrowed from banks and other lenders . The lenders required personal guarantees from Donald Trump, which were based on statements of financial condition compiled by accountants that Donald Trump engaged. The accountants created these compilations based on data submitted by the Trump entities. In order to borrow more and at lower rates, defendants submitted blatantly false financial data to the accountants, resulting in fraudulent financial statements. When confronted at trial with the statements, defendants fact and expert witnesses simply denied reality, and defendants failed to accept responsibility or to impose internal controls to prevent future recurrences . As detailed herein, this Court now finds defendants liable, continues the appointment of an Independent Monitor, orders the installation of an Independent Director of Compliance, and limits defendants right to conduct business in New York for a few years.
https://static01.nyt.com/newsgraphics/documenttools/ef72526861902856/1e996397-full.pdf

 

Again, no one was defrauded. No money was lost, or stolen.

I'll ask again, who gets the money?

 

They were paid back at a lower interest rate than they would have been charged if not for the fraudulent financial statements the loans were based on.

Why Trump can’t just move his companies out of New York
The New York attorney general, aided by Judge Engoron, has had an answer in place for more than a year in Trump’s civil fraud case, where a verdict is imminent.
https://www.msnbc.com/rachel-maddow...ork-businesses-civil-fraud-verdict-rcna139030

You might ask yourself, “Given the hammer that could fall on the Trump empire, why wouldn’t they just pick up and move their companies — and all of their assets — to Florida, or some other hospitable state?”

That’s a reasonable question. It’s also one for which James, aided by Engoron, has had an answer in place for more than a year, by way of the preliminary injunction she obtained in November 2022.

Under that injunction, through which retired federal Judge Barbara Jones was named the “independent monitor” for the Trump Organization, the three Trumps — and any of their employees or representatives, or any others acting at their direction — are prohibited from taking certain actions without notifying the attorney general, court or independent monitor.

Specifically, they cannot sell, transfer or otherwise dispose of “any non-cash asset listed on the 2021 Statement of Financial Condition of Donald J. Trump, without first providing 14 days written notice to OAG and this Court.” They also have to give the monitor at least 30 days’ notice of “any planned or anticipated restructuring of the Trump Organization, its subsidiaries, and all other affiliates, or of any plans for disposing or refinancing of significant Trump Organization assets, or disposing significant liquidity.”

The Trump brand is dead.

 

They were paid back at a lower interest rate than they would have been charged if not for the fraudulent financial statements the loans were based on.

 

And the banks knew exactly what they were getting into, as I've proven.

 

Oh, that must mean the bank is going to get this money?

 

See post #155. The facts tell a different story.

 

Do you recall that a number of appeals in order to have the case thrown out were rejected by appeals courts due to the merits of the case? Wait.......I forgot.........every court ruling that goes against Don is considered by you folks to be corrupt in some way.

 

The Complaint

The Complaint asserts seven causes of action. The first cause of action is of a type known as a stand-alone § 63( 12) claim. Consistent with the wording of the statute, plaintiff need only prove that defendants used false statements in business. The second through seventh causes of action require plaintiff to prove that defendants intended to violate a provision of the Penal Law. The second cause of action, pursuant to New York Penal Law 175.10, requires plaintiff to prove that defendants intended to falsify business records. The third cause of action requires plaintiff to prove that defendants intended to conspire to falsify business records. The fourth cause of action, pursuant to New York Penal Law § 175.45 , requires plaintiff to prove that defendants intended to issue a false financial statement. The fifth cause of action requires plaintiff to prove that defendants intended to conspire to issue a false financial statement. The sixth cause of action, pursuant to New York Penal Law § 176.05, requires plaintiff to prove that defendants intended to engage in insurance fraud. The seventh cause of action requires plaintiff to prove that defendants intended to conspire to engage in insurance fraud.

Summary Judgment

In a 35-page Decision and Order, dated September 26, 2023 , this Court granted plaintiff summary judgment only on liability and only on the first cause of action. Simply put, the Court found that plaintiff had capacity and standing to sue; that non-party disclaimers and party " worthless clauses do not insulate defendants material misrepresentations ; that intent, scienter, and reliance are not elements of a stand-alone 63( 12) claim; that disgorgement of profits is an available remedy; and that the subject financial statements materially misrepresented the value of the Trump Tower Triplex , The Seven Springs Estate, certain apartments in Trump Park Avenue , 40 Wall Street, Mar-a-Lago, and a golf course in Aberdeen , Scotland . NYSCEF Doc . 1531.

 

The bankers testimony tells the story...

https://apnews.com/article/donald-t...aud-new-york-364d1052f98816121000c26dc66f3878

How much of that money does the bank get?

 

The submission of fraudulent financial statements constitutes fraud whether the banks were vaguely aware Trump routinely submitted fraudulent statements or not. But it's telling that you used that as a defense of all things Don.

 

When a client wanted a loan or other credit facility from the Private Wealth Management Division, a relationship manager would interface with the client and then speak with a lending officer at the bank. The lending officer would document the terms of a proposed loan in a credit memorandum that would be sent to Haigh and his team for final approval. TT 986-987. If the credit risk management team was comfortable with the terms and information contained in the credit memorandum, they would approve and sign off on the proposal. TT 989. Haigh was the most senior credit officer to sign off on the Deutsche Bank loans to the Trump Organization entities. TT 992. INDEX NO . 452564/2022 RECEIVED NYSCEF : 02/16/2024 In2011, the risk management team approved the terms of a credit facility to the Trump Family based on the financial strength of the guarantor, emphasizing that [ t ]he financial profile of the guarantor includes on an adjusted basis, 135 million in encumbered liquidity, 2.4 billion in net worth and approximately 48 million in adjusted recurring net cash flow. The risk management team noted that [ a]lthough facility is being extended to [a special purpose vehicle] for the purposes of financing the purchase of the resort, the credit exposure is being recommended primarily based on the financial profile of the guarantor, further emphasizing the [ ull and unconditional guarantee of DJT which eliminates any shortfall associated with operating and liquidating Collateral. PX 293; TT 1001.

 

Democrat Elites Just Made Trump Even More Electable

Trump should be required to list this verdict as an in-kind contribution.

'Was there ever a more predictable outcome than that of Donald Trump’s civil trial? Attorney General Letitia James came into office vowing to punish him and ignore all other crimes. Judge Arthur Engoron found him guilty before anyone even set foot in a courtroom. It was all over but the punishment: a $355 million fine and a three-year ban from running a business in New York.'

'Guess they were out of tar and feathers. This was a politically motivated trial from the start, one that had the progressive James “protecting” big banks she would otherwise demean. Congratulations, you’ve won a trial without victims and proved that Donald Trump likes to exaggerate. See if that gets you elected governor. Democrats have again shot themselves in the foot, proving to an increasing number of voters that the justice system is stacked against the ex-president.'

'This trial and the upcoming “hush-money” nothingness trivializes the more serious Jan. 6 case. And how many will dismiss the classified documents trial because elderly Joe skated? Don’t even get us started on that circus in Georgia.'

Trump is blessed with the best enemies

 

Ok, but does the bank get some, or all of the money?

 

Who gets the money?

 

Look who wants to lecture about "retribution" when the entire purpose of this 355 mil joke is RETRIBUTION for repubicans winning last election. This is mob tactics and its gonna blow up in their faces.

 

The cry baby sexual abuser will rave hysterically concerning the adjudication, flail his well-worn victim card shamelessly, and whine copiously to his worshipers who will parrot his tantrum.

Away from the tawdry hoopla, his legal counsel will file an appeal.

 

Rightie fantasizing again ?

 

The state of NY gets the money. All your deflecting shows that you haven’t read the complaint or the decision.

Keep repeating “who got defrauded “ until the cows come home. The Orange Stain has a judgement against him for all the counts in the complaint. The calculations are spelled out in the decision.

Just because you want to be willfully ignorant is your problem. Your boy deliberately and systematically broke the law and got caught. Excellent outcome.

 

An attempt to fraud is a crime, whether the fraud succeeds or not.

 

Hey, you better buy some Trump sneakers to help him pay the bills:

https://gettrumpsneakers.com/




Only $399. Come on, it's for a good cause. Because if Trump doesn't get re-elected, you won't have a country anymore.