Hundreds of examples of fraud by Trump and his family, corporations

#27
#27
lawgator1 said:
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But it's all made up, right Trumpsters? All fiction.
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LOL. Property appraised for one set of numbers and Trump organization valued the property at a higher set of numbers.

Welcome to the world of real estate. All my properties have an appraised value by the county, a value by the city, a value to my insurance agent, a value to my bank, a value to real estate agents, a value to my CPA, and a value to me.
What I don't understand from the article, is the claim that Trump used the higher numbers to increase his profits. Unless other people are investing in Trump's real estate holdings, I cannot see any way inflated numbers benefit him beyond his ego.
From article:
New York Attorney General Letitia James spelled out what she argued was a pattern of fraud by former President Donald Trump and his company, where they repeatedly ignored professional appraisals for their properties and instead used highly inflated, self-serving valuations to increase his own profits.
 
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#28
#28
McDad said:
LOL. Property appraised for one set of numbers and Trump organization valued the property at a higher set of numbers.

Welcome to the world of real estate. All my properties have an appraised value by the county, a value by the city, a value to my insurance agent, a value to my bank, a value to real estate agents, a value to my CPA, and a value to me.
What I don't understand from the article, is the claim that Trump used the higher numbers to benefit him financially. Unless other people are investing in Trump's real estate holdings, I cannot see any way inflated numbers benefit him beyond his ego.
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You and me both brother.

The one I’m usually interested in is the value someone looking to buy it places on it.
 
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#30
#30
hog88 said:
Did the banks not do an appraisal?
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I don't know what the banks did. They should have - but I don't think that's a check box in determining if a crime has been committed.

Frankly - If it's like most banks I see appraisals from, they have no idea what they're doing.

The key here is an "intent" to deceive, if he knowingly supplied stated values he knew not to be accurate and it resulted in "damages" - then I'm not sure it matters that they do anything but rely on his word. I'm not saying it's right or that they have no culpability - but as far as lending fraud goes, I think the only items that make up whether a crime has been committed are the intent to deceive, the lender relying on the information and damages.

IANAL just throwing my .2 in.
 
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#31
#31
NorthDallas40 said:
Lol. The duty is on the bank to determine true value of assets and the duty is on the state to determine property value for taxation purposes. This is another red herring.
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I think the duty is on the bank to protect it's investments (the loan) and to also comply with FDIC statutes that require a building be insured to the amount to the loan or its actual reconstruction cost.

I don't think the bank gets in between the owner and the IRS to ensure the correct tax is paid. But I could be wrong.
 
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#32
#32
We've all seen that Trump has no compunction against telling any lie he thinks he can get away with. My question about this is, why did it take so many years to go after him? Wasn't this bad before he became a politician?

 
#34
#34
NorthDallas40 said:
I’m glad we agree that the duty to determine true property value rests with the state for taxation purposes.
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I don't think that when applying for a loan, or representing to the government the value of property for tax purposes, you are allowed to intentionally misrepresent that and say no harm, no foul, because they didn't figure out at the time that you were lying.

im-pretty-sure-clint.gif
 
#35
#35
NorthDallas40 said:
I’m glad we agree that the duty to determine true property value rests with the state for taxation purposes.
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It should be, the question is on whether he used cooked appraisals to request lower taxes. If he did that then again, it could constitute fraud.
 
#36
#36
Septic said:
I think the duty is on the bank to protect it's investments (the loan) and to also comply with FDIC statutes that require a building be insured to the amount to the loan or its actual reconstruction cost (whichever is more).

I don't think the bank gets in between the owner and the IRS to ensure the correct tax is paid. But I could be wrong.
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Isn’t that what I said? Each party, the bank and the state, has the burden to arrive at a representative valuation for their purposes? And I’m guessing both parties are going to just not take the property owner’s word for it?
 
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#37
#37
Septic said:
It should be, the question is on whether he used cooked appraisals to request lower taxes. If he did that then again, it could constitute fraud.
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Do we have a record of the bank reporting these “cooked appraisals”? That’s the process initiator here in TX and I’d guess most places?
 
#38
#38
lawgator1 said:
I don't think that when applying for a loan, or representing to the government the value of property for tax purposes, you are allowed to intentionally misrepresent that and say no harm, no foul, because they didn't figure out at the time that you were lying.

im-pretty-sure-clint.gif
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As I just asked above do we have a record of the reporting of these fraudulent appraisals? I mean … we have a detailed record of granted loans and repayment 🤷‍♂️
 
#39
#39
NorthDallas40 said:
Isn’t that what I said? Each party, the bank and the state, has the burden to arrive at a representative valuation for their purposes? And I’m guessing both parties are going to just not take the property owner’s word for it?
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I'm not sure what you're getting at - are you suggesting that lying to, supplying cooked books or otherwise intentionally deceiving banks or the government shouldn't be a crime?

If so, I'm not willing to chase you down that rabbit hole.
 
#40
#40
lawgator1 said:
I don't think that when applying for a loan, or representing to the government the value of property for tax purposes, you are allowed to intentionally misrepresent that and say no harm, no foul, because they didn't figure out at the time that you were lying.

im-pretty-sure-clint.gif
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It is fraud to misrepresent information in a loan process. Again, it completely depends on the basis of the valuation before you can determine fraud. For example, my banker refuses to use tax appraisal as the true value for a property. Also, when the independent appraisal value came back for our home refinance 2 years ago, he specifically said to not sell the property for the appraisal value.
 
#41
#41
#43
#43
Velo Vol said:
We've all seen that Trump has no compunction against telling any lie he thinks he can get away with. My question about this is, why did it take so many years to go after him? Wasn't this bad before he became a politician?

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He was donating to the D party for two decades if you want the "why did it take so many years" . Including AG's.
 
#44
#44
Septic said:
I'm not sure what you're getting at - are you suggesting that lying to, supplying cooked books or otherwise intentionally deceiving banks or the government shouldn't be a crime?

If so, I'm not willing to chase you down that rabbit hole.
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Oh no I’m merely pointing out that before the state started to so righteously correct this miscarriage of Justice a whole bunch of people need to be in cahoots for your assertion to be correct. I look forward to the cases against the bank officers for violating their fiduciary duty to their depositors being filed.
 
#45
#45
Septic said:
I think the duty is on the bank to protect it's investments (the loan) and to also comply with FDIC statutes that require a building be insured to the amount to the loan or its actual reconstruction cost.

I don't think the bank gets in between the owner and the IRS to ensure the correct tax is paid. But I could be wrong.
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I don't understand the tax angle. How would Don's inflated value impact taxes owed to IRS or NY state, or NYC?
 
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#49
#49
Velo Vol said:
We've all seen that Trump has no compunction against telling any lie he thinks he can get away with. My question about this is, why did it take so many years to go after him? Wasn't this bad before he became a politician?

Click to expand...

Inflated values have no bearing on taxes paid. Those would also be counter to lower insurance rates. Those values would make him an attractive lending prospect but the institution should verify the valuation with independent appraisal.
 
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