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New York Intends To Evict Trump...Send Him Packing
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Sep 21, 2022 20:51:55   #
woodguru
 
It has it's sense of Karmic justice given the games the trump's have played against minorities with rentals...the prosecutor wants the trump's kept away from serving on boards of directors, getting loans on properties...and this does not preclude him being criminally charged or gone after by the IRS for the same violations.

https://www.businessinsider.com/ny-ag-letitia-james-civil-lawsuit-trump-family-business-2022-4?utm_source=notification&utm_medium=referral

Reply
Sep 21, 2022 20:52:51   #
woodguru
 
New York went after things Cohen ratted trump out on, paybacks are a bitch huh?

Reply
Sep 21, 2022 20:56:14   #
proud republican Loc: RED CALIFORNIA
 
woodguru wrote:
It has it's sense of Karmic justice given the games the trump's have played against minorities with rentals...the prosecutor wants the trump's kept away from serving on boards of directors, getting loans on properties...and this does not preclude him being criminally charged or gone after by the IRS for the same violations.

https://www.businessinsider.com/ny-ag-letitia-james-civil-lawsuit-trump-family-business-2022-4?utm_source=notification&utm_medium=referral


He doesn't live in New York, duh!...😄😄😄

Reply
 
 
Sep 21, 2022 21:29:23   #
microphor Loc: Home is TN
 
woodguru wrote:
It has it's sense of Karmic justice given the games the trump's have played against minorities with rentals...the prosecutor wants the trump's kept away from serving on boards of directors, getting loans on properties...and this does not preclude him being criminally charged or gone after by the IRS for the same violations.

https://www.businessinsider.com/ny-ag-letitia-james-civil-lawsuit-trump-family-business-2022-4?utm_source=notification&utm_medium=referral


Too late, Trump said F..k you NY and moved to Florida, remember?

Reply
Sep 21, 2022 22:10:48   #
Milosia2 Loc: Cleveland Ohio
 
proud republican wrote:
He doesn't live in New York, duh!...😄😄😄


Duh????
These Are the Trump Properties at the Center of New York’s Fraud Lawsuit

New York AG Announces Civil Lawsuit Against Donald Trump
Unmute
New York AG Announces Civil Lawsuit Against Donald Trump
ByErik Larson and Greg Farrell+Follow
September 21, 2022, 4:56 PM EDT
From his skyscrapers to golf resorts, Donald Trump allegedly manipulated the value of a range of assets that inflated his net worth for years and defrauded banks, insurance companies and the Internal Revenue Service, according to New York Attorney General Letitia James.

Her lawsuit against the former president, three of his adult children and others -- which was filed Wednesday and exceeds 200 pages -- provides granular details of what James described as a scheme that reaped about $250 million in benefits from lower interest rates on bank loans, favorable insurance rates and artificially low tax rates.

Here are some of the biggest distortions alleged by James after her years-long probe, which pulled from millions of pages of corporate documents and sworn testimony from dozens of witnesses.

Trump Tower

Trump-Branded New York Building Looks To Remove President's Name
Trump Tower in New York.Photographer: Mark Kauzlarich/Bloomberg
According to James’s lawsuit, the Trump Organization inflated the value of its Fifth Avenue headquarters from 2011 through 2019. For most of those years, Trump’s financial team allegedly manipulated an accepted formula for property valuations by inflating the property’s net income and using an unusually low capitalization rate. In some cases, the suit claims, Trump’s team relied on data from previous years to create an even more favorable ratio from the formula.

An exception came in 2015, when the Trump Organization changed its valuation methods, apparently in response to the record-setting sale of a nearby building. Trump Tower’s $881 million valuation in 2015 marked a leap from its $707 million valuation the previous year, and occurred because the Trump Organization purportedly relied on market values from sales of similar properties. In fact, James’ suit notes, the new valuation relied solely on the sale of that nearby building, which benefited from a unique set of circumstances that justified its huge valuation.

The next year, the Trump Organization reverted back to its prior valuation method, resulting in a 28% drop in the value of Trump Tower. During the valuation process for the tower in 2019, Trump’s chief financial officer Allen Weisselberg allegedly rejected multiple valuations proposed by a junior employee that would’ve reduced its value to as low as $500 million. Instead, the tower was valued that year at more than $800 million.

Trump’s Triplex Apartment

Trump allegedly inflated the value of his apartment in Trump Tower from 2011 to 2015 by claiming the triplex was approximately 30,000 square feet in size instead of its actual size of 10,996 square feet, and then multiplying that size by an “unreasonable” price per square foot, the lawsuit said. That helped bring the value of the property to $327 million from about $80 million, James alleged.

It was not an honest mistake, James said in the suit. Trump and Weisselberg were intimately familiar with the apartment and its size. James cites a speedy tour of the apartment that Trump gave to an appraiser in 2010, in which Trump did not give the visitor enough time to take any measurements on site, nor was the appraiser allowed to see the entire apartment.

In his deposition, Weisselberg -- who last month pleaded guilty to tax fraud in a separate case -- admitted the size discrepancy resulted in an overstatement of “give or take” $200 million.

Seven Springs

The 212-acre property outside Manhattan, which Trump purchased in 1995 for $7.5 million, consists of two large homes, undeveloped land and a few other buildings. A 2000 appraisal prepared for the Royal Bank of Pennsylvania estimated the “as is” value of Seven Springs at $25 million for residential development, and bank records show that value rose to $30 million in 2006, the lawsuit said.

President Trump's Seven Springs Estate
Donald Trump’s Seven Springs estate in Mount Kisco, New York.Photographer: Johnny Milano/The Washington Post/Getty Images
From 2011 to 2021, valuations of Seven Springs catapulted, ranging from $261 million to $291 million based on the sale of luxury homes net of cost, the lawsuit said. “All of these values were a fiction,” James said in the suit.

She alleged that Eric Trump inflated the value of Seven Springs by exaggerating the development potential and failing to account for the years of work that was needed to make it happen. “The implication of such a valuation is that the lots or homes were ready to sell, and would do so, instantaneously—a false and misleading (and, indeed, impossible) assumption,” James said. Eric Trump, who sometimes lived and worked on the property, also allegedly worked to get a federal tax deduction by arranging a so-called “conservation easement” donation that was based on an inflated value for the land.

Niketown

A Nike Store Ahead Of Earnings Figures
The Niketown store in New York in 2014.Photographer: Craig Warga/Bloomberg
This asset relates to two long-term ground leases held by the Trump Organization since 1995 that comprise retail space previously occupied by Nike Inc. Trump’s 2011 financial statement valued the company’s interest in the property at $263.7 million, based on what the company expected to get from rental activities. But “that representation regarding how the value of Niketown was computed was false and misleading,” James says in the complaint.

In reality, James says, the valuation was derived from a loan-to-value ratio applied to the par value of bonds issued on the property in 1995 that was adjusted upwards each year, a fact the Trump Organization failed to report, according to the suit. Trump also allegedly used a variety of methods to tweak the value of the Niketown property as needed, including by reporting a different a square footage for the property in 2020 and 2021. “There is no indication the square footage of the space changed during that time,” James says.

Trump Park Avenue

relates to These Are the Trump Properties at the Center of New York’s Fraud Lawsuit
Trump Park Avenue in New York in 2005.Photographer: Daniel Acker/Bloomberg
The property is included as an asset on Trump’s statement of financial condition from 2011 through 2021, with values ranging from almost $91 million to $350 million. His 2012 statement allegedly valued rent-stabilized apartments in the building as if they were unrestricted, leading to a nearly $50 million valuation for those units. An appraisal that properly accounted for those units’ status valued them at a total of just $750,000, according to the suit.

A lead accountant who was involved in the matter testified that he was “shocked by the size of the discrepancy,” James says. Other units in the building were allegedly valued internally at much lower prices, resulting in a “a classic ‘two sets of books’ situation,” according to the suit.

40 Wall Street

Trading On The Floor Of The NYSE As U.S. Stocks Climb Toward Fresh Records While Commodity Shares Lead
The Trump building at 40 Wall Street in New York in 2016.Photographer: Michael Nagle/Bloomberg
Bank-ordered appraisals for the commercial property in this iconic 1930 Lower Manhattan skyscraper calculated its value at $200 million in August 2010 and $220 million in November 2012. But Trump’s 2011 financial statement allegedly listed the tower at $525 million in 2011 and $531 million in 2013. Trump allegedly achieved the “grossly inflated value” to please his lender, Capital One, for a 2010 loan modification.

The inflated values were allegedly used again in 2015 to negotiate better terms for a new loan through Weisselberg’s son, then an employee at Ladder Capital Finance. according to the suit. They further manipulated the appraisal figure by “unreasonably” lowering expenses to increase net income, in some instances “by revising the building’s budget to reclassify repeated annual costs as ‘one time expenses.’”

Golf Resorts and Other Real Estate

Palm Beach County Covid-19 Positivity Rate Rises
Mar-a-Lago in Palm Beach, Florida.Photographer: Saul Martinez/Bloomberg
The Attorney General’s lawsuit also focuses on valuations of many of Trump’s golf club facilities, which in the aggregate comprised about a third of his total asset value. While Trump didn’t break out the value of individual clubs, his financial statements from 2011 to 2019 claimed they were assessed by his associates and outside professionals, according to the lawsuit. The Trump Organization later dropped that claim after James’s investigation determined that employees of the Trump Organization didn’t consult with outside professionals. The lawsuit says that the Trump Organization used several schemes to inflate the property values, including basing them off the money spent to purchase and maintain the properties, despite being told that such an approach was not appropriate. Trump also added a “brand premium” to the valuation, even though the practice is prohibited under generally accepted accounting principles, the lawsuit said. The valuations also relied on anticipated income from the sale of properties at inflated values, as well as the practice of inflating the value of unsold memberships, James alleged.

As for the famed Mar-a-Lago, James alleged Trump inflated its value from 2011 to 2021. The suit says that numerous restrictions agreed to by Trump precluded the use of the property as anything but a private club, which allowed him to pay a lower tax rate on the property. But on his financial statements, the property was valued as though there were no restrictions, and a “brand premium” was added to the valuation, James alleged.
Yep .
I guess you’re right.
Trump doesn’t live in New York.
Duh!

Reply
Sep 21, 2022 22:42:24   #
microphor Loc: Home is TN
 
Milosia2 wrote:
Duh????
These Are the Trump Properties at the Center of New York’s Fraud Lawsuit

New York AG Announces Civil Lawsuit Against Donald Trump
Unmute
New York AG Announces Civil Lawsuit Against Donald Trump
ByErik Larson and Greg Farrell+Follow
September 21, 2022, 4:56 PM EDT
From his skyscrapers to golf resorts, Donald Trump allegedly manipulated the value of a range of assets that inflated his net worth for years and defrauded banks, insurance companies and the Internal Revenue Service, according to New York Attorney General Letitia James.

Her lawsuit against the former president, three of his adult children and others -- which was filed Wednesday and exceeds 200 pages -- provides granular details of what James described as a scheme that reaped about $250 million in benefits from lower interest rates on bank loans, favorable insurance rates and artificially low tax rates.

Here are some of the biggest distortions alleged by James after her years-long probe, which pulled from millions of pages of corporate documents and sworn testimony from dozens of witnesses.

Trump Tower

Trump-Branded New York Building Looks To Remove President's Name
Trump Tower in New York.Photographer: Mark Kauzlarich/Bloomberg
According to James’s lawsuit, the Trump Organization inflated the value of its Fifth Avenue headquarters from 2011 through 2019. For most of those years, Trump’s financial team allegedly manipulated an accepted formula for property valuations by inflating the property’s net income and using an unusually low capitalization rate. In some cases, the suit claims, Trump’s team relied on data from previous years to create an even more favorable ratio from the formula.

An exception came in 2015, when the Trump Organization changed its valuation methods, apparently in response to the record-setting sale of a nearby building. Trump Tower’s $881 million valuation in 2015 marked a leap from its $707 million valuation the previous year, and occurred because the Trump Organization purportedly relied on market values from sales of similar properties. In fact, James’ suit notes, the new valuation relied solely on the sale of that nearby building, which benefited from a unique set of circumstances that justified its huge valuation.

The next year, the Trump Organization reverted back to its prior valuation method, resulting in a 28% drop in the value of Trump Tower. During the valuation process for the tower in 2019, Trump’s chief financial officer Allen Weisselberg allegedly rejected multiple valuations proposed by a junior employee that would’ve reduced its value to as low as $500 million. Instead, the tower was valued that year at more than $800 million.

Trump’s Triplex Apartment

Trump allegedly inflated the value of his apartment in Trump Tower from 2011 to 2015 by claiming the triplex was approximately 30,000 square feet in size instead of its actual size of 10,996 square feet, and then multiplying that size by an “unreasonable” price per square foot, the lawsuit said. That helped bring the value of the property to $327 million from about $80 million, James alleged.

It was not an honest mistake, James said in the suit. Trump and Weisselberg were intimately familiar with the apartment and its size. James cites a speedy tour of the apartment that Trump gave to an appraiser in 2010, in which Trump did not give the visitor enough time to take any measurements on site, nor was the appraiser allowed to see the entire apartment.

In his deposition, Weisselberg -- who last month pleaded guilty to tax fraud in a separate case -- admitted the size discrepancy resulted in an overstatement of “give or take” $200 million.

Seven Springs

The 212-acre property outside Manhattan, which Trump purchased in 1995 for $7.5 million, consists of two large homes, undeveloped land and a few other buildings. A 2000 appraisal prepared for the Royal Bank of Pennsylvania estimated the “as is” value of Seven Springs at $25 million for residential development, and bank records show that value rose to $30 million in 2006, the lawsuit said.

President Trump's Seven Springs Estate
Donald Trump’s Seven Springs estate in Mount Kisco, New York.Photographer: Johnny Milano/The Washington Post/Getty Images
From 2011 to 2021, valuations of Seven Springs catapulted, ranging from $261 million to $291 million based on the sale of luxury homes net of cost, the lawsuit said. “All of these values were a fiction,” James said in the suit.

She alleged that Eric Trump inflated the value of Seven Springs by exaggerating the development potential and failing to account for the years of work that was needed to make it happen. “The implication of such a valuation is that the lots or homes were ready to sell, and would do so, instantaneously—a false and misleading (and, indeed, impossible) assumption,” James said. Eric Trump, who sometimes lived and worked on the property, also allegedly worked to get a federal tax deduction by arranging a so-called “conservation easement” donation that was based on an inflated value for the land.

Niketown

A Nike Store Ahead Of Earnings Figures
The Niketown store in New York in 2014.Photographer: Craig Warga/Bloomberg
This asset relates to two long-term ground leases held by the Trump Organization since 1995 that comprise retail space previously occupied by Nike Inc. Trump’s 2011 financial statement valued the company’s interest in the property at $263.7 million, based on what the company expected to get from rental activities. But “that representation regarding how the value of Niketown was computed was false and misleading,” James says in the complaint.

In reality, James says, the valuation was derived from a loan-to-value ratio applied to the par value of bonds issued on the property in 1995 that was adjusted upwards each year, a fact the Trump Organization failed to report, according to the suit. Trump also allegedly used a variety of methods to tweak the value of the Niketown property as needed, including by reporting a different a square footage for the property in 2020 and 2021. “There is no indication the square footage of the space changed during that time,” James says.

Trump Park Avenue

relates to These Are the Trump Properties at the Center of New York’s Fraud Lawsuit
Trump Park Avenue in New York in 2005.Photographer: Daniel Acker/Bloomberg
The property is included as an asset on Trump’s statement of financial condition from 2011 through 2021, with values ranging from almost $91 million to $350 million. His 2012 statement allegedly valued rent-stabilized apartments in the building as if they were unrestricted, leading to a nearly $50 million valuation for those units. An appraisal that properly accounted for those units’ status valued them at a total of just $750,000, according to the suit.

A lead accountant who was involved in the matter testified that he was “shocked by the size of the discrepancy,” James says. Other units in the building were allegedly valued internally at much lower prices, resulting in a “a classic ‘two sets of books’ situation,” according to the suit.

40 Wall Street

Trading On The Floor Of The NYSE As U.S. Stocks Climb Toward Fresh Records While Commodity Shares Lead
The Trump building at 40 Wall Street in New York in 2016.Photographer: Michael Nagle/Bloomberg
Bank-ordered appraisals for the commercial property in this iconic 1930 Lower Manhattan skyscraper calculated its value at $200 million in August 2010 and $220 million in November 2012. But Trump’s 2011 financial statement allegedly listed the tower at $525 million in 2011 and $531 million in 2013. Trump allegedly achieved the “grossly inflated value” to please his lender, Capital One, for a 2010 loan modification.

The inflated values were allegedly used again in 2015 to negotiate better terms for a new loan through Weisselberg’s son, then an employee at Ladder Capital Finance. according to the suit. They further manipulated the appraisal figure by “unreasonably” lowering expenses to increase net income, in some instances “by revising the building’s budget to reclassify repeated annual costs as ‘one time expenses.’”

Golf Resorts and Other Real Estate

Palm Beach County Covid-19 Positivity Rate Rises
Mar-a-Lago in Palm Beach, Florida.Photographer: Saul Martinez/Bloomberg
The Attorney General’s lawsuit also focuses on valuations of many of Trump’s golf club facilities, which in the aggregate comprised about a third of his total asset value. While Trump didn’t break out the value of individual clubs, his financial statements from 2011 to 2019 claimed they were assessed by his associates and outside professionals, according to the lawsuit. The Trump Organization later dropped that claim after James’s investigation determined that employees of the Trump Organization didn’t consult with outside professionals. The lawsuit says that the Trump Organization used several schemes to inflate the property values, including basing them off the money spent to purchase and maintain the properties, despite being told that such an approach was not appropriate. Trump also added a “brand premium” to the valuation, even though the practice is prohibited under generally accepted accounting principles, the lawsuit said. The valuations also relied on anticipated income from the sale of properties at inflated values, as well as the practice of inflating the value of unsold memberships, James alleged.

As for the famed Mar-a-Lago, James alleged Trump inflated its value from 2011 to 2021. The suit says that numerous restrictions agreed to by Trump precluded the use of the property as anything but a private club, which allowed him to pay a lower tax rate on the property. But on his financial statements, the property was valued as though there were no restrictions, and a “brand premium” was added to the valuation, James alleged.
Yep .
I guess you’re right.
Trump doesn’t live in New York.
Duh!
Duh???? br These Are the Trump Properties at the C... (show quote)


Just another political stunt to get some attention for midterms

Reply
Sep 21, 2022 22:46:26   #
Milosia2 Loc: Cleveland Ohio
 
microphor wrote:
Just another political stunt to get some attention for midterms


I am absolutely positive you are correct.

Reply
 
 
Sep 22, 2022 00:06:16   #
microphor Loc: Home is TN
 
Milosia2 wrote:
I am absolutely positive you are correct.


You do understand I'm saying the A G is using this as political stunt?

Reply
Sep 22, 2022 04:28:45   #
liberalhunter
 
woodguru wrote:
It has it's sense of Karmic justice given the games the trump's have played against minorities with rentals...the prosecutor wants the trump's kept away from serving on boards of directors, getting loans on properties...and this does not preclude him being criminally charged or gone after by the IRS for the same violations.

https://www.businessinsider.com/ny-ag-letitia-james-civil-lawsuit-trump-family-business-2022-4?utm_source=notification&utm_medium=referral




Ever thought about becoming badbobs sex slave?

Yeah you have..... weird you both are called ED

Reply
Sep 22, 2022 05:35:46   #
Bevvy
 
woodguru wrote:
It has it's sense of Karmic justice given the games the trump's have played against minorities with rentals...the prosecutor wants the trump's kept away from serving on boards of directors, getting loans on properties...and this does not preclude him being criminally charged or gone after by the IRS for the same violations.

https://www.businessinsider.com/ny-ag-letitia-james-civil-lawsuit-trump-family-business-2022-4?utm_source=notification&utm_medium=referral


biden should be evicted from the entire United States of America . He cares nothing for the country except the money he pockets . He has done nothing but harm to the country in just two years ...inflation ... fentanyl ... illegal invaders ... talk so filthily about people he does not like ... he is unamerican

Reply
Sep 22, 2022 20:57:13   #
Wonttakeitanymore
 
woodguru wrote:
It has it's sense of Karmic justice given the games the trump's have played against minorities with rentals...the prosecutor wants the trump's kept away from serving on boards of directors, getting loans on properties...and this does not preclude him being criminally charged or gone after by the IRS for the same violations.

https://www.businessinsider.com/ny-ag-letitia-james-civil-lawsuit-trump-family-business-2022-4?utm_source=notification&utm_medium=referral

Lol

Reply
 
 
Sep 22, 2022 20:57:34   #
Wonttakeitanymore
 
woodguru wrote:
New York went after things Cohen ratted trump out on, paybacks are a bitch huh?


You will see in nov

Reply
Sep 22, 2022 20:58:30   #
Wonttakeitanymore
 
Milosia2 wrote:
Duh????
These Are the Trump Properties at the Center of New York’s Fraud Lawsuit

New York AG Announces Civil Lawsuit Against Donald Trump
Unmute
New York AG Announces Civil Lawsuit Against Donald Trump
ByErik Larson and Greg Farrell+Follow
September 21, 2022, 4:56 PM EDT
From his skyscrapers to golf resorts, Donald Trump allegedly manipulated the value of a range of assets that inflated his net worth for years and defrauded banks, insurance companies and the Internal Revenue Service, according to New York Attorney General Letitia James.

Her lawsuit against the former president, three of his adult children and others -- which was filed Wednesday and exceeds 200 pages -- provides granular details of what James described as a scheme that reaped about $250 million in benefits from lower interest rates on bank loans, favorable insurance rates and artificially low tax rates.

Here are some of the biggest distortions alleged by James after her years-long probe, which pulled from millions of pages of corporate documents and sworn testimony from dozens of witnesses.

Trump Tower

Trump-Branded New York Building Looks To Remove President's Name
Trump Tower in New York.Photographer: Mark Kauzlarich/Bloomberg
According to James’s lawsuit, the Trump Organization inflated the value of its Fifth Avenue headquarters from 2011 through 2019. For most of those years, Trump’s financial team allegedly manipulated an accepted formula for property valuations by inflating the property’s net income and using an unusually low capitalization rate. In some cases, the suit claims, Trump’s team relied on data from previous years to create an even more favorable ratio from the formula.

An exception came in 2015, when the Trump Organization changed its valuation methods, apparently in response to the record-setting sale of a nearby building. Trump Tower’s $881 million valuation in 2015 marked a leap from its $707 million valuation the previous year, and occurred because the Trump Organization purportedly relied on market values from sales of similar properties. In fact, James’ suit notes, the new valuation relied solely on the sale of that nearby building, which benefited from a unique set of circumstances that justified its huge valuation.

The next year, the Trump Organization reverted back to its prior valuation method, resulting in a 28% drop in the value of Trump Tower. During the valuation process for the tower in 2019, Trump’s chief financial officer Allen Weisselberg allegedly rejected multiple valuations proposed by a junior employee that would’ve reduced its value to as low as $500 million. Instead, the tower was valued that year at more than $800 million.

Trump’s Triplex Apartment

Trump allegedly inflated the value of his apartment in Trump Tower from 2011 to 2015 by claiming the triplex was approximately 30,000 square feet in size instead of its actual size of 10,996 square feet, and then multiplying that size by an “unreasonable” price per square foot, the lawsuit said. That helped bring the value of the property to $327 million from about $80 million, James alleged.

It was not an honest mistake, James said in the suit. Trump and Weisselberg were intimately familiar with the apartment and its size. James cites a speedy tour of the apartment that Trump gave to an appraiser in 2010, in which Trump did not give the visitor enough time to take any measurements on site, nor was the appraiser allowed to see the entire apartment.

In his deposition, Weisselberg -- who last month pleaded guilty to tax fraud in a separate case -- admitted the size discrepancy resulted in an overstatement of “give or take” $200 million.

Seven Springs

The 212-acre property outside Manhattan, which Trump purchased in 1995 for $7.5 million, consists of two large homes, undeveloped land and a few other buildings. A 2000 appraisal prepared for the Royal Bank of Pennsylvania estimated the “as is” value of Seven Springs at $25 million for residential development, and bank records show that value rose to $30 million in 2006, the lawsuit said.

President Trump's Seven Springs Estate
Donald Trump’s Seven Springs estate in Mount Kisco, New York.Photographer: Johnny Milano/The Washington Post/Getty Images
From 2011 to 2021, valuations of Seven Springs catapulted, ranging from $261 million to $291 million based on the sale of luxury homes net of cost, the lawsuit said. “All of these values were a fiction,” James said in the suit.

She alleged that Eric Trump inflated the value of Seven Springs by exaggerating the development potential and failing to account for the years of work that was needed to make it happen. “The implication of such a valuation is that the lots or homes were ready to sell, and would do so, instantaneously—a false and misleading (and, indeed, impossible) assumption,” James said. Eric Trump, who sometimes lived and worked on the property, also allegedly worked to get a federal tax deduction by arranging a so-called “conservation easement” donation that was based on an inflated value for the land.

Niketown

A Nike Store Ahead Of Earnings Figures
The Niketown store in New York in 2014.Photographer: Craig Warga/Bloomberg
This asset relates to two long-term ground leases held by the Trump Organization since 1995 that comprise retail space previously occupied by Nike Inc. Trump’s 2011 financial statement valued the company’s interest in the property at $263.7 million, based on what the company expected to get from rental activities. But “that representation regarding how the value of Niketown was computed was false and misleading,” James says in the complaint.

In reality, James says, the valuation was derived from a loan-to-value ratio applied to the par value of bonds issued on the property in 1995 that was adjusted upwards each year, a fact the Trump Organization failed to report, according to the suit. Trump also allegedly used a variety of methods to tweak the value of the Niketown property as needed, including by reporting a different a square footage for the property in 2020 and 2021. “There is no indication the square footage of the space changed during that time,” James says.

Trump Park Avenue

relates to These Are the Trump Properties at the Center of New York’s Fraud Lawsuit
Trump Park Avenue in New York in 2005.Photographer: Daniel Acker/Bloomberg
The property is included as an asset on Trump’s statement of financial condition from 2011 through 2021, with values ranging from almost $91 million to $350 million. His 2012 statement allegedly valued rent-stabilized apartments in the building as if they were unrestricted, leading to a nearly $50 million valuation for those units. An appraisal that properly accounted for those units’ status valued them at a total of just $750,000, according to the suit.

A lead accountant who was involved in the matter testified that he was “shocked by the size of the discrepancy,” James says. Other units in the building were allegedly valued internally at much lower prices, resulting in a “a classic ‘two sets of books’ situation,” according to the suit.

40 Wall Street

Trading On The Floor Of The NYSE As U.S. Stocks Climb Toward Fresh Records While Commodity Shares Lead
The Trump building at 40 Wall Street in New York in 2016.Photographer: Michael Nagle/Bloomberg
Bank-ordered appraisals for the commercial property in this iconic 1930 Lower Manhattan skyscraper calculated its value at $200 million in August 2010 and $220 million in November 2012. But Trump’s 2011 financial statement allegedly listed the tower at $525 million in 2011 and $531 million in 2013. Trump allegedly achieved the “grossly inflated value” to please his lender, Capital One, for a 2010 loan modification.

The inflated values were allegedly used again in 2015 to negotiate better terms for a new loan through Weisselberg’s son, then an employee at Ladder Capital Finance. according to the suit. They further manipulated the appraisal figure by “unreasonably” lowering expenses to increase net income, in some instances “by revising the building’s budget to reclassify repeated annual costs as ‘one time expenses.’”

Golf Resorts and Other Real Estate

Palm Beach County Covid-19 Positivity Rate Rises
Mar-a-Lago in Palm Beach, Florida.Photographer: Saul Martinez/Bloomberg
The Attorney General’s lawsuit also focuses on valuations of many of Trump’s golf club facilities, which in the aggregate comprised about a third of his total asset value. While Trump didn’t break out the value of individual clubs, his financial statements from 2011 to 2019 claimed they were assessed by his associates and outside professionals, according to the lawsuit. The Trump Organization later dropped that claim after James’s investigation determined that employees of the Trump Organization didn’t consult with outside professionals. The lawsuit says that the Trump Organization used several schemes to inflate the property values, including basing them off the money spent to purchase and maintain the properties, despite being told that such an approach was not appropriate. Trump also added a “brand premium” to the valuation, even though the practice is prohibited under generally accepted accounting principles, the lawsuit said. The valuations also relied on anticipated income from the sale of properties at inflated values, as well as the practice of inflating the value of unsold memberships, James alleged.

As for the famed Mar-a-Lago, James alleged Trump inflated its value from 2011 to 2021. The suit says that numerous restrictions agreed to by Trump precluded the use of the property as anything but a private club, which allowed him to pay a lower tax rate on the property. But on his financial statements, the property was valued as though there were no restrictions, and a “brand premium” was added to the valuation, James alleged.
Yep .
I guess you’re right.
Trump doesn’t live in New York.
Duh!
Duh???? br These Are the Trump Properties at the C... (show quote)


New York owes him money zombie

Reply
Sep 23, 2022 01:22:26   #
Radiance3
 
woodguru wrote:
It has it's sense of Karmic justice given the games the trump's have played against minorities with rentals...the prosecutor wants the trump's kept away from serving on boards of directors, getting loans on properties...and this does not preclude him being criminally charged or gone after by the IRS for the same violations.

https://www.businessinsider.com/ny-ag-letitia-james-civil-lawsuit-trump-family-business-2022-4?utm_source=notification&utm_medium=referral

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Trump developed NYC to be the most beautiful city in the world. But now the blacks trashed it and made it rotten filled with, trash, needles, violence, looters, killers, car nappers. stealers, burglars, corrupt people running NYC are mostly blacks. The streets turn dark even at the middle of the day when these hundreds of blacks flock around knocking people of different colors than their black one. They kill them and take all valuables from their bodies. Then they all flock together to share the loot. They kill Whites, Asians and Jews, who are lots smarter than they are. Most of them are so dumb, thus they use CRT and WOKE to gain equity.

Trump owns many properties in NYC and paid tens of millions of property taxes. The blacks don't own NYC. They are mostly handout hoodlums filled with violence and crimes . I'd be afraid to have blacks in my neighborhood. Fortunately we don't have one. That's how I feel after watching all the crimes they are committing all over blue cities and states.

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Sep 23, 2022 01:34:55   #
Radiance3
 
Milosia2 wrote:
Duh????
These Are the Trump Properties at the Center of New York’s Fraud Lawsuit

New York AG Announces Civil Lawsuit Against Donald Trump
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New York AG Announces Civil Lawsuit Against Donald Trump
ByErik Larson and Greg Farrell+Follow
September 21, 2022, 4:56 PM EDT
From his skyscrapers to golf resorts, Donald Trump allegedly manipulated the value of a range of assets that inflated his net worth for years and defrauded banks, insurance companies and the Internal Revenue Service, according to New York Attorney General Letitia James.

Her lawsuit against the former president, three of his adult children and others -- which was filed Wednesday and exceeds 200 pages -- provides granular details of what James described as a scheme that reaped about $250 million in benefits from lower interest rates on bank loans, favorable insurance rates and artificially low tax rates.

Here are some of the biggest distortions alleged by James after her years-long probe, which pulled from millions of pages of corporate documents and sworn testimony from dozens of witnesses.

Trump Tower

Trump-Branded New York Building Looks To Remove President's Name
Trump Tower in New York.Photographer: Mark Kauzlarich/Bloomberg
According to James’s lawsuit, the Trump Organization inflated the value of its Fifth Avenue headquarters from 2011 through 2019. For most of those years, Trump’s financial team allegedly manipulated an accepted formula for property valuations by inflating the property’s net income and using an unusually low capitalization rate. In some cases, the suit claims, Trump’s team relied on data from previous years to create an even more favorable ratio from the formula.

An exception came in 2015, when the Trump Organization changed its valuation methods, apparently in response to the record-setting sale of a nearby building. Trump Tower’s $881 million valuation in 2015 marked a leap from its $707 million valuation the previous year, and occurred because the Trump Organization purportedly relied on market values from sales of similar properties. In fact, James’ suit notes, the new valuation relied solely on the sale of that nearby building, which benefited from a unique set of circumstances that justified its huge valuation.

The next year, the Trump Organization reverted back to its prior valuation method, resulting in a 28% drop in the value of Trump Tower. During the valuation process for the tower in 2019, Trump’s chief financial officer Allen Weisselberg allegedly rejected multiple valuations proposed by a junior employee that would’ve reduced its value to as low as $500 million. Instead, the tower was valued that year at more than $800 million.

Trump’s Triplex Apartment

Trump allegedly inflated the value of his apartment in Trump Tower from 2011 to 2015 by claiming the triplex was approximately 30,000 square feet in size instead of its actual size of 10,996 square feet, and then multiplying that size by an “unreasonable” price per square foot, the lawsuit said. That helped bring the value of the property to $327 million from about $80 million, James alleged.

It was not an honest mistake, James said in the suit. Trump and Weisselberg were intimately familiar with the apartment and its size. James cites a speedy tour of the apartment that Trump gave to an appraiser in 2010, in which Trump did not give the visitor enough time to take any measurements on site, nor was the appraiser allowed to see the entire apartment.

In his deposition, Weisselberg -- who last month pleaded guilty to tax fraud in a separate case -- admitted the size discrepancy resulted in an overstatement of “give or take” $200 million.

Seven Springs

The 212-acre property outside Manhattan, which Trump purchased in 1995 for $7.5 million, consists of two large homes, undeveloped land and a few other buildings. A 2000 appraisal prepared for the Royal Bank of Pennsylvania estimated the “as is” value of Seven Springs at $25 million for residential development, and bank records show that value rose to $30 million in 2006, the lawsuit said.

President Trump's Seven Springs Estate
Donald Trump’s Seven Springs estate in Mount Kisco, New York.Photographer: Johnny Milano/The Washington Post/Getty Images
From 2011 to 2021, valuations of Seven Springs catapulted, ranging from $261 million to $291 million based on the sale of luxury homes net of cost, the lawsuit said. “All of these values were a fiction,” James said in the suit.

She alleged that Eric Trump inflated the value of Seven Springs by exaggerating the development potential and failing to account for the years of work that was needed to make it happen. “The implication of such a valuation is that the lots or homes were ready to sell, and would do so, instantaneously—a false and misleading (and, indeed, impossible) assumption,” James said. Eric Trump, who sometimes lived and worked on the property, also allegedly worked to get a federal tax deduction by arranging a so-called “conservation easement” donation that was based on an inflated value for the land.

Niketown

A Nike Store Ahead Of Earnings Figures
The Niketown store in New York in 2014.Photographer: Craig Warga/Bloomberg
This asset relates to two long-term ground leases held by the Trump Organization since 1995 that comprise retail space previously occupied by Nike Inc. Trump’s 2011 financial statement valued the company’s interest in the property at $263.7 million, based on what the company expected to get from rental activities. But “that representation regarding how the value of Niketown was computed was false and misleading,” James says in the complaint.

In reality, James says, the valuation was derived from a loan-to-value ratio applied to the par value of bonds issued on the property in 1995 that was adjusted upwards each year, a fact the Trump Organization failed to report, according to the suit. Trump also allegedly used a variety of methods to tweak the value of the Niketown property as needed, including by reporting a different a square footage for the property in 2020 and 2021. “There is no indication the square footage of the space changed during that time,” James says.

Trump Park Avenue

relates to These Are the Trump Properties at the Center of New York’s Fraud Lawsuit
Trump Park Avenue in New York in 2005.Photographer: Daniel Acker/Bloomberg
The property is included as an asset on Trump’s statement of financial condition from 2011 through 2021, with values ranging from almost $91 million to $350 million. His 2012 statement allegedly valued rent-stabilized apartments in the building as if they were unrestricted, leading to a nearly $50 million valuation for those units. An appraisal that properly accounted for those units’ status valued them at a total of just $750,000, according to the suit.

A lead accountant who was involved in the matter testified that he was “shocked by the size of the discrepancy,” James says. Other units in the building were allegedly valued internally at much lower prices, resulting in a “a classic ‘two sets of books’ situation,” according to the suit.

40 Wall Street

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The Trump building at 40 Wall Street in New York in 2016.Photographer: Michael Nagle/Bloomberg
Bank-ordered appraisals for the commercial property in this iconic 1930 Lower Manhattan skyscraper calculated its value at $200 million in August 2010 and $220 million in November 2012. But Trump’s 2011 financial statement allegedly listed the tower at $525 million in 2011 and $531 million in 2013. Trump allegedly achieved the “grossly inflated value” to please his lender, Capital One, for a 2010 loan modification.

The inflated values were allegedly used again in 2015 to negotiate better terms for a new loan through Weisselberg’s son, then an employee at Ladder Capital Finance. according to the suit. They further manipulated the appraisal figure by “unreasonably” lowering expenses to increase net income, in some instances “by revising the building’s budget to reclassify repeated annual costs as ‘one time expenses.’”

Golf Resorts and Other Real Estate

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Mar-a-Lago in Palm Beach, Florida.Photographer: Saul Martinez/Bloomberg
The Attorney General’s lawsuit also focuses on valuations of many of Trump’s golf club facilities, which in the aggregate comprised about a third of his total asset value. While Trump didn’t break out the value of individual clubs, his financial statements from 2011 to 2019 claimed they were assessed by his associates and outside professionals, according to the lawsuit. The Trump Organization later dropped that claim after James’s investigation determined that employees of the Trump Organization didn’t consult with outside professionals. The lawsuit says that the Trump Organization used several schemes to inflate the property values, including basing them off the money spent to purchase and maintain the properties, despite being told that such an approach was not appropriate. Trump also added a “brand premium” to the valuation, even though the practice is prohibited under generally accepted accounting principles, the lawsuit said. The valuations also relied on anticipated income from the sale of properties at inflated values, as well as the practice of inflating the value of unsold memberships, James alleged.

As for the famed Mar-a-Lago, James alleged Trump inflated its value from 2011 to 2021. The suit says that numerous restrictions agreed to by Trump precluded the use of the property as anything but a private club, which allowed him to pay a lower tax rate on the property. But on his financial statements, the property was valued as though there were no restrictions, and a “brand premium” was added to the valuation, James alleged.
Yep .
I guess you’re right.
Trump doesn’t live in New York.
Duh!
Duh???? br These Are the Trump Properties at the C... (show quote)

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They just want to totally destroy Trump. Especially when Trump announces to run for the 2024. They'll do everything. I pray his life is safe, cause these radical democrats are criminals armed with wo many weapons of mass destructions like the FBI, DOJ. and MSM'S.

We can solve this, please write your pen for the GOP on Nov. election for peace and security of our lives. I am scared to drive out of our compound.

Vote to clean the black violence in NYC, Seattle, Chicago, San Fran, Los Angeles. Minneapolis, and so many others.

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