Groups | Search | Server Info | Keyboard shortcuts | Login | Register [http] [https] [nntp] [nntps]

Groups > alt.fan.rush-limbaugh > #2484711

Re: "Significant Evidence of Fraud..."

Cross-posted to 6 groups.

Show all headers | View raw

On 1/19/2022 8:13 AM, davej wrote:
> Ballot fraud? Nope. Republicans can't seem to find any evidence of that. This is tax fraud in the Trump business empire. Tax fraud. Tax fraud.
> 
> https://thehill.com/homenews/590331-new-york-attorney-general-says-investigation-found-significant-evidence-of-trump
> 

Read the filing by New York attorney-general Letitia James:
https://www.nytimes.com/interactive/2022/01/19/nyregion/letitia-james-trump-filing-january-18-2022.html

Fraud upon fraud upon fraud.  Fraud everywhere.

    The Statements described Mr. Trump’s (or the Trustees of the Revocable
    Trust’s) valuation process in broad terms and in ways which are often
    inaccurate or misleading to a reader when compared with the supporting data
    and documentation that the Trump Organization submitted to Mazars. Among
    other things, the Statements or the backup material:

       a. Misstated objective facts, like the size of Mr. Trump’s Trump Tower
          penthouse;
       b. Miscategorized assets outside Mr. Trump’s or the Trump Organization’s
          control as “cash,” thereby overstating his liquidity;
       c. Misstated the process by which Mr. Trump or his associates reached
          valuations.
       d. Failed to use fundamental techniques of valuation, like discounting
          future revenues and expenses to their present value;
       e. Misstated the purported involvement of “outside professionals” in
          reaching the valuations; and
       f. Failed to advise that certain valuation amounts were inflated by an
          undisclosed flat percentage for brand value, despite express language
          on the Statements asserting that the value of Mr. Trump’s brand was not
          reflected the Statements pursuant to generally accepted accounting
          principles (“GAAP”).


    “Other assets”: Seven Springs and the Mr. Trump’s Trump Tower Triplex

    The Seven Springs Estate (“Seven Springs”) is a parcel of real property that
     consists of approximately 212 acres within the towns of Bedford, New Castle,
    and North Castle in Westchester County. Seven Springs LLC, a Trump
    Organization subsidiary, purchased the property in December 1995 for $7.5
    million.

    A 2000 appraisal prepared for the Royal Bank of Pennsylvania and sent to the
    Trump Organization estimated that Seven Springs had an “as-is” market value
    of $25 million for residential development. Ex. 335 at C&W_0048781, -88-91.

    The same bank’s records further indicate that a 2006 appraisal showed an “as-
    is” market value of $30 million. Ex. 336 at 00046009.12.2019.


   _Year_  _Stated Value_
    2004     $80 million
    2007    $200 million
    2008    $200 million
    2009    $251 million
    2010    $251 million
    2011    $261 million
    2012    $291 million
    2013    $291 million
    2014    $291 million

    The Statements of Financial Condition listed the above valuations of Seven
    Springs for the indicated year.

    As depicted below, supporting data that the Trump Organization provided to
    Mazars for the purpose of compiling the 2012 financial statement recorded a
    “telephone conversation with Eric Trump (9/24/2012)” as one basis of this
    valuation, and also noted that portions of the Seven Springs property were
    “land to be donated.” See Ex. 321 at rows 679-680. The supporting data for
    2013 and 2014 reflected similar conversations with Eric Trump. Ex. 322
    at cell B640; Ex. 323 at cell B660.

    Asked to explain various aspects of the 2012 and 2013 valuations, Eric Trump
    repeatedly invoked his Fifth Amendment privilege. Ex. 338 at 262:5-266:7;
    271:19-272:3. And asked whether he discussed the valuation of Seven Springs
    with Mr. McConney on September 12, 2014, Eric Trump invoked his Fifth
    Amendment privilege. Id. at 274:10-16.

    ["If you're innocent, why are you taking the fifth?"  Donald J. Trump
     Well, Eric???]

    As described in previous submissions and alleged in detail below, in March
    2016, two Cushman appraisers completed an appraisal of Seven Springs and
    concluded that the entire property (including undeveloped land and existing
    buildings) as of December 1, 2015 was worth $56.5 million. See 345 at
    MLB_EM00009124 (the “March 2016 Appraisal”). Like Mr. McArdle’s verbal
    consultation, this March 2016 Appraisal—reporting less than one-fifth of the
    value that Mr. Trump had most recently asserted on his financial statements
    and certified as accurate to financial institutions—substantially undermines
    the assertions in Mr. Trump’s Statements of Financial Condition: from 2008
    through 2014, the Statements assigned valuations for Seven Springs that range
    from $200 million to $291 million. Ex. 312 at MAZARS-NYAG-00000733; Ex. 346.
    And as noted below, OAG has identified evidence that the March 2016 Appraisal
    itself relied on questionable assumptions indicating misrepresentations and
    significant omissions—such that even the $56.5 million valuation in that
    appraisal was improperly inflated.

    Further, after receiving the March 2016 Appraisal, Mr. Trump’s subsequent
    Statement of Financial Condition was changed in a manner that disguised what
    would otherwise have appeared as a more than 80% drop in the value of Seven
    Springs, which had been reported to be worth $291 million for the three
    preceding years.

    In prior years, the asserted value for Seven Springs was listed individually
    on the summary page or property description for each financial statement. See
    Ex. 305 at 17; Ex. 306 at 17; Ex. 307 at 15; Ex. 308 at 16; Ex. 309 at
    MAZARS-NYAG-00003148; Ex. 310 at MAZARS-NYAG-00006325; Ex. 311 at MAZARS-
    NYAG-00000052; Ex. 312 at MAZARS-NYAG-00000733.
    [...]
    The supporting data for Mr. Trump’s 2015 financial statement reported the
    value of Mr. Trump’s triplex apartment as $327 million, based on the
    apartment having 30,000 square feet of space multiplied by a certain price
    per square foot. Ex. 324 at rows 882-883. This assertion was repeated in the
    supporting data for Mr. Trump’s 2016 financial statement. Ex. 325 at row 913.

    Without mention in the financial statement, the supporting data for Mr.
    Trump’s 2017 financial statement presented yet another change in the
    valuation, stating the value of Mr. Trump’s triplex apartment as $116.8
    million. Ex. 326. But for the first time in 2017, the supporting data states
    that the triplex apartment had only 10,996.39 square feet. Ex. 326.
    Because these valuations were performed by multiplying the number of square
    feet times a price per square foot, the reduction in the apartment’s square
    footage in the valuation from 30,000 to 10,996 indicates that the valuations
    of Mr. Trump’s triplex in the 2015 and 2016 were overstated almost by a
    factor of three, as Mr. Weisselberg conceded in his testimony. Mr.
    Weisselberg admitted that this amounted to an overstatement of “give or take”
    $200 million. Ex. 351 at 507:05-22 (“Q: In fact, overstated by a factor of 3,
    is that correct? A: I didn’t do the math, but it should be one third, yes, I
    would agree with that. Q: So, it’s on the order of a $200 million
    overstatement, give or take? A: Give or take.”).

    A Trump Organization employee who assisted in these valuations testified that
    he had prepared the spreadsheets. He accepted that there was “a fairly large
    discrepancy in the square footage listed for this asset in the two
    spreadsheets [he] prepared.” He stated that he had “probably” discussed the
    discrepancy with “either Jeff McConney or Allen Weisselberg.” Ex. 352 at
    267:17-271:12

    Publicly available information indicates that Mr. Trump himself has stated
    his triplex apartment in Trump Tower was approximately 30,000 square feet in
    size or larger. For example, a 2017 article in Forbes magazine states:
    “During the presidential race, Donald Trump left the campaign trail to give
    Forbes a guided tour of his three-story Trump Tower penthouse—part of his
    decades-long crusade for a higher spot on our billionaire rankings. . . .
    [Mr. Trump] bragged that people have called his Manhattan aerie the ‘best
    apartment ever built’ and emphasized its immense size (33,000 square feet)
    and value (at least $200 million). ‘I own the top three floors—the whole
    floor, times three!’” Ex. 353. The article evaluated whether the apartment
    was actually 30,000 square feet or more in size, and referred to a review of
    records, “[t]he end result [of which was] 10,996 square feet of prime
    Manhattan real estate—a massive residence, no doubt, but much smaller than
    what Trump claims to own.” Ex. 353.


It just goes on and on and on...and on and on and on.  Read the part about 
Trump's wildly exaggerated valuation of his "Trump Aberdeen" golf course.  Trump 
bought it for $12.6 million in 2006, and by 2014, Trump was valuing it at 
$435.56 million, based on entirely speculative estimates of the development 
value of some undeveloped land.  No development was underway.

Fraud fraud fraud fraud fraud fraud fraud fraud fraud fraud fraud.

Put the entire family in orange jumpsuits and frog-march them to Rikers Island.

Back to alt.fan.rush-limbaugh | Previous | Next — Previous in thread | Next in thread | Find similar | Unroll thread

Thread

"Significant Evidence of Fraud..." davej <galt_57@hotmail.com> - 2022-01-19 08:13 -0800
  Re: "Significant Evidence of Fraud..." Lefty Lundquist <lefty_lundquist@ggmail.com> - 2022-01-19 12:24 -0500
    Re: "Significant Evidence of Fraud..." pothead <pothead@snakebite.com> - 2022-01-19 20:05 +0000
      Re: "Significant Evidence of Fraud..." Gronk <invalide@invalid.invalid> - 2022-01-25 22:53 -0700
  Re: "Significant Evidence of Fraud..." Rudy Canoza <notgenx33@gmail.com> - 2022-01-19 10:22 -0800
    Re: "Significant Evidence of Fraud..." super70s <super70s@super70s.invalid> - 2022-01-19 13:52 -0600
      Re: "Significant Evidence of Fraud..." Rudy Canoza <notgenx33@gmail.com> - 2022-01-19 11:58 -0800
        Re: "Significant Evidence of Fraud..." Fred OInka <FredOinka@invalid.com> - 2022-01-19 14:01 -0700
          Re: "Significant Evidence of Fraud..." All Trumpers Are Traitors <deathfortreason@gmail.com> - 2022-01-19 21:25 +0000
          Re: "Significant Evidence of Fraud..." super70s <super70s@super70s.invalid> - 2022-01-19 18:46 -0600
          Re: "Significant Evidence of Fraud..." All Trumpers Are Traitors <deathfortreason@gmail.com> - 2022-02-02 14:15 +0000
      Re: "Significant Evidence of Fraud..." Fred OInka <FredOinka@invalid.com> - 2022-01-19 14:02 -0700
        Re: "Significant Evidence of Fraud..." Kurt Nicklas <kurtnicklas@gmail.com> - 2022-01-19 23:08 +0200
        Re: "Significant Evidence of Fraud..." "? Kurt Nicklas" <namblamembers88@gop.org> - 2022-01-19 21:27 +0000
        Re: "Significant Evidence of Fraud..." "? Kurt Nicklas" <namblamembers88@gop.org> - 2022-02-02 13:10 +0000
        Re: "Significant Evidence of Fraud..." "? Kurt Nicklas" <namblamembers88@gop.org> - 2022-02-03 01:13 +0000
    Re: "Significant Evidence of Fraud..." Fred OInka <FredOinka@invalid.com> - 2022-01-19 14:00 -0700

csiph-web