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The current time is Fri Apr 26 02:37:04 2019
Utopia Talk / Politics / Trump family = criminals...part whatever
| Wed Oct 17 13:23:42|
another long ass article about the con-men known as the Trumps
a standard practice of lying to investors about all sorts of things
walking away from failures as if they had no involvement
what you'd expect from this vermin
| Wed Oct 17 13:37:41|
"walking away from failures as if they had no involvement"
how American of them
| Wed Oct 17 13:41:26|
The cycle is exemplified in Panama City, where the Trumps were involved in a project to build a massive tower and complex known as the Trump Ocean Club. The project’s unfortunate turns included bankruptcy, then, years later, the forcible ejection of the Trump Organization from managing the hotel.
There, as elsewhere, the Trump Organization disclaimed responsibility. It emphasized that it had merely licensed the Trump name to developers who handled everything from construction to marketing. “The Trump Organization was not the owner, developer or seller of the Trump Ocean Club Panama project,” it said in a statement last year. “Because of its limited role, the company was not responsible for the financing of the project and had no involvement in the sale of units.”
That was false. For starters, Trump arranged financing — his promised commission: $2.2 million or more — by bringing in investment bank Bear Stearns, which issued the bonds that paid for the Panama project’s construction.
Trump touted himself as a “partner” of the developer. His daughter Ivanka briefly boasted that she had personally sold 40 units. (A broker on the project said he couldn’t remember her selling even one.) Meanwhile, Ivanka told a journalist at the time that “over 90 percent” of the Panama units had sold — and at prices five times as high as comparable buildings. Both statements were untrue.
Not only were the Panama sales figures inflated, but many “purchases” turned out to be an illusion. That was no coincidence. The building’s financing depended on obtaining advance commitments from buyers, often before concrete had started pouring. But in between the sale of the bonds in 2007 and 2013, the year the building went bankrupt, buyers of 458 units in the 1,000-unit building abandoned their purchase contracts. Those buyers forfeited more than $50 million in deposits, and they never took possession of finished units. Given that the “buyers” were often shadowy shell companies or other paper entities, it was nearly impossible to discern who the actual purchasers were, let alone why they backed out.
Trump licensed his name for an initial fee of $1 million. But that was just the beginning of the revenue streams, a lengthy and varied assortment that granted him a piece of everything from sales of apartment units to a cut of minibar sales, and was notable for the myriad ways in which both success and failure triggered payments to him.
Consider the final accounting: In the wake of the project’s bankruptcy, a 50 percent default rate and his company’s expulsion from managing the hotel, Donald Trump walked away with between $30 million and $55 million.
so all sorts of shit going on... phantom buyers to get financing, Ivanka lying her ass off to investors, then walking away w/ millions from a bankrupt project & lying about their involvement
Ivanka's twitter feed isn't like the trash of her brother & father, but apparently all of the Trumps now confirmed lying dirtbags
| Wed Oct 17 13:43:24|
sorry... meant to note that was 'one example' above, that's not nearly the whole article
supposedly this article was an 8-month investigation, the investigation on the Trump family life of tax fraud was over a year... hopefully authorities are getting involved
| Wed Oct 17 13:44:40|
White Collar crimes don't make Repubicans angry. Most of them don't have the brain cells to read a stop sign much less a lengthy article.
| Wed Oct 17 13:56:38|
i don't want to read the lengthy articles either :p... i'm fully aware that he's a dishonest amoral 'man' of no character
just hoping Johnny Law will step in now that reporters did much of the work
| Wed Oct 17 15:32:47|
*Crimes committed by whites don't make Republicans angry.
As evidenced by the violent attacks committed by gang affiliated skinheads in NYC last week who were invited to the state Republican party headquarters.
| Wed Oct 17 15:47:27|
By skinheads, you mean the Proud Boys? But they have one of the greatest theme songs in history!
| Mon Oct 29 11:52:01|
new lawsuit (unrelated to above, other than also being Trump scams):
A new lawsuit accuses President Trump, his company and three of his children of using the Trump name to entice vulnerable people to invest in sham business opportunities.
The 160-page complaint alleges that Mr. Trump and his family received secret payments from three business entities in exchange for promoting them as legitimate opportunities, when in reality they were get-rich-quick schemes that harmed investors, many of whom were unsophisticated and struggling financially.
Those business entities were ACN, a telecommunications marketing company that paid Mr. Trump millions of dollars to endorse its products; the Trump Network, a vitamin marketing enterprise; and the Trump Institute, which the suit said offered “extravagantly priced multiday training seminars” on Mr. Trump’s real estate “secrets.”
The four plaintiffs, who were identified only with pseudonyms like Jane Doe, depict the Trump Organization as a racketeering enterprise that defrauded thousands of people for years as the president turned from construction to licensing his name for profit. The suit also names Donald Trump Jr., Ivanka Trump and Eric Trump as defendants.
“This case connects the dots at the Trump Organization and involves systematic fraud that spanned more than a decade, involved multiple Trump businesses and caused tremendous harm to thousands of hardworking Americans,” the statement said.
The four plaintiffs each invested in ACN after watching promotional videos featuring Mr. Trump.
According to the lawsuit, ACN required investors to pay $499 to sign up to sell its products, like a videophone and other services, with the promise of additional profits if they recruited others to join.
Mr. Trump described the phone in an ACN news release as “amazing” but failed to disclose he was being “paid lavishly for his endorsement,” the suit says.
One plaintiff, a hospice worker from California identified as “Jane Doe,” decided to join ACN in 2014 after attending a recruitment meeting at a Los Angeles hotel where she listened to speakers and watched Mr. Trump on video extol the investment opportunity.
For her, the video was the “turning point,” the lawsuit said.
“Doe believed that Trump had her best interests at heart,” the suit said.
Jane Doe then signed up for a larger ACN meeting in Palm Springs, Calif., which cost almost $1,500, and she later spent thousands more traveling to conventions in Cleveland and Detroit, according to the suit.
In the end, she earned $38 — the only income she would ever receive from the company, the suit said.
TLDN: there was no scam the supposed billionaire wasn't interested in being part of... seems like 2 or 3 other Trump University type scenarios
(article doesn't describe the Trump Network vitamin thing, or Trump Institute - which is probably similar/same as Trump University)
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