Allen Weisselberg

Squire

Active member
Donald Trump and the Trump Organization have loans coming due for repayment and the indictment of Trump Organization and CFO Allen Weisselberg will make borrowing more difficult as financial institutions normally don't deal with clients who are under indictment or have been found guilty of financial crimes.

This could cause Donald Trump to have a fire sale of his assets to repay loans that are expiring. This could finally answer what Trump is really worth. Soccer star Ronaldo is trying to sell an apartment in Trump Tower he bought for ~$19 million and which he has marked down to $7.5 million which is 40% of the purchase price. So perhaps Trump is worth 40% or less of the actual acquisition value of his assets, not the inflated opinion Trump has of the value of his assets. Trump's golf courses in Scotland and elewhere are money losers to the tune of $ 315 million in 20 years and there is some controversy over how they were financed, whether by money laundering.

The current investigation of the Trump Organization could open a bag of troubles for Donald Trump far beyond the expiring loans and the avoidance of taxes on employee benefits and hooker payments.

Weisselberg can expect no mercy as the prosecutors lay every charge possible against him and his son to break him.

https://www.cnbc.com/2021/06/30/tru...cted-by-manhattan-grand-jury-report-says.html

POLITICS ... Trump Organization and its CFO indicted by Manhattan grand jury
PUBLISHED WED, JUN 30 20217:58 PM EDTUPDATED WED, JUN 30 20219:40 PM EDT
Annika Kim Constantino
@ANNIKAKIMC
Dan Mangan

KEY POINTS
The offices of the Manhattan District Attorney and New York Attorney General have obtained indictments against the Trump Organization and its longtime finance chief Allen Weisselberg, two people familiar with the matter told NBC News.
The indictments against the organization and Weisselberg, handed up by a New York grand jury, are expected to be unsealed in court Thursday afternoon in Manhattan, a Trump representative told NBC.
NBC previously reported the charges center around allegations of Weisselberg and other Trump Organization executives receiving benefits without reporting them properly on their tax returns.

Grand jury indictments coming tomorrow against Trump Organization and company’s CFO
The offices of the Manhattan District Attorney and New York Attorney General have obtained indictments against the Trump Organization and its longtime finance chief Allen Weisselberg, two people familiar with the matter told NBC News.

The indictments against the organization and Weisselberg, handed up by a New York grand jury, are expected to be unsealed in court Thursday afternoon in Manhattan, a Trump representative told NBC.

Weisselberg is expected to surrender Thursday morning, The Washington Post reported earlier, citing sources. The Post said he is expected to be arraigned in front of a state judge later that day. The Trump Organization is also expected to be arraigned.

NBC previously reported the charges center around allegations of Weisselberg and other Trump Organization executives receiving benefits without reporting them properly on their tax returns.

Former President Donald Trump is not expected to be charged this week, the Post’s sources said, but the indictments could bring possible fines and legal problems to his company. However, prosecutors hope Weisselberg will exchange testimony against Trump for reducing his own risk, another source told the Post.

A representative for Manhattan District Attorney Cyrus Vance Jr. declined CNBC’s request for comment. Trump Organization lawyer Ronald Fischetti had no immediate comment. Weisselberg’s lawyer, Mary Mulligan, declined to comment.

The investigation of the Trump Organization originally was focused on how the New York company accounted for a hush-money payment Trump’s former personal lawyer Michael Cohen paid to porn star Stormy Daniels shortly before the 2016 presidential election.

But since then, the probe has expanded into allegations by Cohen that the Trump Organization misstated the value of various real estate assets to benefit from lower tax obligations or to receive more favorable terms on loans and insurance related to those properties.

In recent months, the Manhattan DA’s office has also looked at how various fringe benefits received by Trump Organization executives were accounted for by the company and whether executives paid taxes on those benefits.

Fischetti in an email to CNBC last week said, “In my more than 50 years of practice, never before have I seen the District Attorney’s Office target a company over employee compensation or fringe benefits.”

“The IRS would not, and has not, brought a case like this,” Fischetti said.

“Even the financial institutions responsible for causing the 2008 financial crises, the worst financial crisis since the great depression, were not prosecuted.”

Cohen, who pleaded guilty in 2018 to multiple federal crimes, has repeatedly met with investigators from the Manhattan DA’s office to assist them with their probe of the Trump Organization. ...
 
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Squire

Active member
Trump's world is disintegrating as the exposure of tax fraud by untaxed payments to Weisselberg from various Trump corporate entities is publicly exposed.

Trump Organization also kept spreadsheets of all tax-evasion transactions.

Yes, in a turn of events perhaps unsurprising given Donald Trump‘s frequent pronouncements that he‘s “like, really smart,” it appears that not only did the Trump Organization and Allen Weisselberg engage in so many scams that they were hit with a whopping 15 criminal charges—including conspiracy, grand larceny, and multiple counts of tax fraud and falsifying records—but they were really, really stupid about it. Despite the fact that Weisselberg and the company were very effective at (allegedly) hiding all sorts of income from the Internal Revenue Service—largely through fringe benefits like apartments, cars, and private school tuition the Trump Org paid for that were never declared as income—they apparently never envisioned a scenario in which they would be investigated, hence the decision to keep meticulous records of all the taxes they were allegedly dodging. (In total, Weisselberg was accused of dodging taxes on $1.7 million worth of perks.) As one delightful section of the indictment reads: Weisselberg caused the Trump Corporation to issue corporate checks made payable to a Trump Organization employee who cashed the checks and received cash. The cash was given to Weisselberg for his personal use. The Trump Corporation booked this cash as “Holiday Entertainment,” but maintained internal spreadsheets showing the cash to be part of Weisselberg’s employee compensation. Oops! Great work, dummies! Here’s another fun example: For certain years, the Trump Organization maintained internal spreadsheets that tracked the amounts it paid for Weisselberg’s rent, utility, and garage expenses. Simultaneously, the Trump Organization reduced the amount of direct compensation that Weisselberg received in the form of checks or direct deposits to account for the indirect compensation that he received in the form of payments of rent, utility bills, and garage expenses. The indirect compensation was not included on Weisselberg’s W-2 forms or otherwise reported to federal, state, or local tax authorities, and no income taxes were withheld by the corporate defendants in connection with the indirect compensation.

There is also the puzzle of why Trump needs to have 500+ (the exact number is known) corporate entities to conduct his businesses when far richer people like Jeff Bezos need only one company. The evident reason for such a network of corporations is to create a web of transactions that is difficult to analyze and unravel for tax and fraud investigators.

Trump's Scottish golf courses are speculated to be money laundering operations for Russian and-or Saudi and UAE entities.

It would be really the end of Trump if his company was exposed and prosecuted for money laundering.
 
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