Thanks in part to the political naivette of James Trump gets more and more popular every second.
It’s supposedly because Trump claimed the value of some of his properties was too high in Letitia James estimate or her opinion. No one was harmed by trumps evaluation so there was no victim so there was no crime.
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According to the conduct of Donald Trump alleged by James, the financial statements compiled by Trump – which were offered to banks and other entities Trump was doing business with – include values of assets that were blatantly contradicted by internal records or otherwise falsified.
BUT THEY WERE ESTIMATES, NOT CONTRACTUAL ELEMENTS!!!
“All told, Mr. Trump, the Trump Organization, and the other Defendants, as part of a repeated pattern and common scheme, derived more than 200 false and misleading valuations of assets included in the 11 Statements covering 2011 through 2021,” the lawsuit said. The lawsuit failed to provide the specific property or properties and the actual value of any damage caused. No crime victim has surfaced. To repeat James has been unable to identify any crime victim. No victim: No crime!
James characterized one of the episodes as a “two sets of books” scenario: “one internal set of records reached one conclusion regarding market value, but the figure presented on Mr. Trump’s Statement was considerably higher.”
James claims that Trump reaped a “substantial” financial benefit by putting forward faulty information in his financial statements, including $150 million in the form of favorable interest rates he obtained from the banks that James said his team misled. No financial benefit that came from a victim was identified by the rabid prosecutor.
The alleged schemes allegedly touch a variety of Trump properties, including golf courses, hotels and Mar-a-Lago.
James said the misrepresentations on Trump’s financial statements affected “most if not all of” his and his company’s “real estate holdings in any given year, including several of Trump’s highest profile business ventures.
Trump valued his Mar-a-Lago club in Florida as high as $739 million when the property was likely worth about a tenth of that, James alleged, while accusing Trump of further boosting the resort’s value by tacking on a “brand premium.” The trouble with James characterizations is she is not an expert nor has any victim been found nor has any victim appeared… No Victim/No Crime!… Maliscious Prosecution by a rabid prosecutor with an agenda but no victim.
US accounting principles prohibit such premiums and the Trump financial statements “expressly claim to exclude brand value,” James said.
Included in the 2011 valuation of Trump’s Westchester golf course in New York was the notion that new members would pay $200,000 in initiation fees, even though Trump instructed the club to reduce or waive those fees in a bid to increase club membership numbers, according to the lawsuit.
The defendants are accused of skewing the worth of the Trump Park Avenue property, by putting a value on several units that was roughly six times more than what an outside firm calculated in an 2010 appraisal. James pointed to testimony from Donald Trump Jr., one of the defendants, that indicated the company was aware that the units were rent stabilized, which is the reason the appraiser had put them at the much lower value.
Other Trump ventures – including his Doral golf resort in Florida, the Old Post Office property he leased for a hotel in Washington, and Trump International Hotel and Tower in Chicago – are implicated in the lawsuit, with James saying that loans were extended for those properties because of inaccurate representations the Trump team made to banks but no bank was found that thought they were decieved or cheated. James is out of control and must be replaced. In fact, james has opened herself up to maliscious posecution charges.
James also claimed that the Trump financial statements describes profits from real estate properties as being part of Trump’s liquid assets when they were in fact cash held by a real estate trust, Vornado Partnerships, in which Trump had a minority stake. Doing so contradicted both US accounting principles (known as generally accepted accounting principles or GAAP), according to the complaint. But accounting practices are not part of the criminal code and accounting practices as practiced by Trump and other practicioners are standard in the industry.
“In some years these restricted funds accounted for almost one-third of all the cash reported by Mr. Trump,” the lawsuit said.
Trump’s statements falsely claimed he had outside help for valuing assets, lawsuit says
The lawsuit said that “no outside professionals were retained to prepare any of the asset valuations” that were presented in his annual financial statements, despite representations on those statements that the evaluations were done with “outside professionals.”
“To the extent Mr. Trump and the Trump Organization received any advice from outside professionals that had any bearing on how to approach valuing the assets, they routinely ignored or contradicted such advice,” the complaint said.
Jeffrey McConney – a Trump Organization executive and a defendant in the lawsuit – was asked by the attorney general’s office in a 2020 interview about the references to outside professionals on the Trump financial statements, according to the lawsuit.
“After that interview, the Trump Organization changed the wording for the 2020 Statement, omitting any representation that any particular valuation was reached in consultation with ‘outside professionals’ and instead listing outside professionals as merely one factor that may have been ‘applicable’ in some unspecified manner,” James’ complaint said. In no case was there a victim who was victimized nor any victim who complained about trumps practices. No Victim/No Crime! Not only did Trump not cheat anyone, he paid everyone. James needs to go! G’wan now go.. Trumps attorney, “It is abundantly clear that the Attorney General’s Office has exceeded its statutory authority by prying into transactions where absolutely no wrongdoing has taken place,” Trump Attorney Alina Habba said. “We are confident that our judicial system will not stand for this unchecked abuse of authority, and we look forward to defending our client against each and every one of the Attorney General’s meritless claims.”
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