NY - $250m fraud against Former President Donald Trump, Trump Org., Eric, Donald Jr., Sept 2022, Trial 2 Oct 2023

[Katrinepa]

New York v. Trump on Day Five: Company Exec Testifies About Mar-a-Lago and Eric Trump's Golf Club Directive to 'Leave Value as Is'

The former controller of the Trump Organization resumed his testimony Friday, revealing over-valuations of key real estate properties including the so-called 'winter White House.'

themessenger.com

This chart from New York Attorney General Letitia James shows Trump's estimate of Mar-a-Lago set against the Palm Beach County Appraiser's valuations.

Now Palm Beach wants taxes paid on Trump's claimed valuation of his properties, as they consider them unpaid/overdue. Time to pay the Piper.

 

[Inthedetails]

Now Palm Beach wants taxes paid on Trump's claimed valuation of his properties, as they consider them unpaid/overdue. Time to pay the Piper.

Federal taxes should be looked at too.

jmo

 

[JerseyGirl]

Trump trial throws mysterious Palm Beach broker into spotlight

Donald Trump is calling on Palm Beach broker Lawrence Moens to defend his valuation of Mar-a-Lago in the New York civil fraud case.

therealdeal.com

When Donald Trump needed an expert to value Mar-a-Lago, he turned to a familiar face: Lawrence Moens, whom he paid $950 an hour for his efforts.

Mar-a-Lago is the former estate of socialite and businesswoman Majorie Merriweather Post is worth $1.5 billion, Trump said in April. He based the valuation on “broker talk,” according to his deposition. Meanwhile, in financial statements, Trump valued the property as much as $612 million.

The attorney general’s expert estimated Mar-a-Lago’s maximum value was $111 million in 2021. The expert, Larry Hirsh, cited a 2002 deed restriction signed by Trump, which stated that Mar-a-Lago intended to “forever extinguish their right to develop or use the property for any purpose other than club use.” Engoron ruled that the Trump Organization could not ignore that in its valuations.

To refute that valuation, Trump tapped Moens, who valued Mar-a-Lago somewhere between $750 million and $1 billion, according to his deposition.

“There’s nothing quite like it, though there are a handful of places in the world. I guess the Taj Mahal in India,” said Moens. “It’s magnificent. One of the greatest structures there is on the planet Earth.”

“As a personal residence, it’s not impractical to think that they can afford to buy it, use it for their own family use,” Moens said of his multi-billionaire clients. “They could do that because I deal with such great wealth, it’s on a magnitude that’s still unbelievable to me, guys with tens of billions or hundreds of billions of dollars.”

The attorney general made a motion to strike Moens’ testimony, arguing that he is not an appraiser. “Mr. Moens’ estimates are based on almost no disclosed data and no verifiable methodology whatsoever,” her motion said. Instead, they are based on “speculation and “fantasy.”

“My numbers are right. My numbers are depictive of what the value of that property is worth much more so than theirs,” said Moens, referring to Trump’s. “They’re off by a mile. They’re not even close. They’re too low. That is my opinion.”

 

[Inthedetails]

Trump trial throws mysterious Palm Beach broker into spotlight

Donald Trump is calling on Palm Beach broker Lawrence Moens to defend his valuation of Mar-a-Lago in the New York civil fraud case.

therealdeal.com

When Donald Trump needed an expert to value Mar-a-Lago, he turned to a familiar face: Lawrence Moens, whom he paid $950 an hour for his efforts.

Mar-a-Lago is the former estate of socialite and businesswoman Majorie Merriweather Post is worth $1.5 billion, Trump said in April. He based the valuation on “broker talk,” according to his deposition. Meanwhile, in financial statements, Trump valued the property as much as $612 million.

The attorney general’s expert estimated Mar-a-Lago’s maximum value was $111 million in 2021. The expert, Larry Hirsh, cited a 2002 deed restriction signed by Trump, which stated that Mar-a-Lago intended to “forever extinguish their right to develop or use the property for any purpose other than club use.” Engoron ruled that the Trump Organization could not ignore that in its valuations.

To refute that valuation, Trump tapped Moens, who valued Mar-a-Lago somewhere between $750 million and $1 billion, according to his deposition.

“There’s nothing quite like it, though there are a handful of places in the world. I guess the Taj Mahal in India,” said Moens. “It’s magnificent. One of the greatest structures there is on the planet Earth.”

“As a personal residence, it’s not impractical to think that they can afford to buy it, use it for their own family use,” Moens said of his multi-billionaire clients. “They could do that because I deal with such great wealth, it’s on a magnitude that’s still unbelievable to me, guys with tens of billions or hundreds of billions of dollars.”

The attorney general made a motion to strike Moens’ testimony, arguing that he is not an appraiser. “Mr. Moens’ estimates are based on almost no disclosed data and no verifiable methodology whatsoever,” her motion said. Instead, they are based on “speculation and “fantasy.”

“My numbers are right. My numbers are depictive of what the value of that property is worth much more so than theirs,” said Moens, referring to Trump’s. “They’re off by a mile. They’re not even close. They’re too low. That is my opinion.”

It's becoming apparent how real estate (like art, fwiw) can be used for money laundering, imo.

jmo

 

[JerseyGirl]

Now Palm Beach wants taxes paid on Trump's claimed valuation of his properties, as they consider them unpaid/overdue. Time to pay the Piper.

A Florida Democratic House member has sent a letter to Palm Beach County's property appraiser, asking that former President Donald Trump's Mar-a-Lago Club in Palm Beach be taxed at the rate that he claims it's worth amid his ongoing civil fraud trial in New York.

Rep. Jared Moskowitz asks Palm Beach County appraiser to tax Mar-a-Lago at rate Donald Trump claims it's worth

A Florida Democratic House member has sent a letter to Palm Beach County's property appraiser, asking that Donald Trump's Mar-a-Lago Club in Palm Beach be taxed at the rate that he claims it's worth.

www.wptv.com

Moskowitz also shared a tweet from Trump's son Eric, who echoed the former president's comments.

https://x.com/EricTrump/status/1706795629505114508?s=20

“In an attempt to destroy my father and kick him out of New York, a Judge just ruled that Mar-a-Lago, in Palm Beach Florida, is only worth approximate “$18 Million dollars”… Mar-a-Lago is speculated to be worth we’ll over a billion dollars making it arguably the most valuable residential property in the country. It is all so corrupt and coordinated.”

Moskowitz calls to increase Mar-a-Lago property taxes after Trump claims it's worth $1.8B

The Democratic congressman's letter comes after the former president said his Florida estate was greatly undervalued.

www.cbsnews.com

"If the property value of Mar-a-Lago is so much higher than it was appraised, will you be amending the property value in line with the Trump family's belief that their property is worth well over a billion dollars?" the congressman asked in his letter.

 

[JerseyGirl]

Cohen on Trump fraud trial: ‘There’s no way for him to escape this’

Former Trump attorney Michael Cohen said that the ongoing New York business fraud trial is likely to spell the end of former president Trump’s business empire, as Cohen prepares to testify against …

thehill.com

“I can assure you that, as I had stated once again before the House Oversight Committee, everything that happened at the Trump Organization happened with the direct knowledge and at the direction of, and ultimately signed off by, Donald J. Trump,” Cohen said in a CNN interview Friday. “There’s no way for him to escape this.”

Cohen, who served time in prison after he testified against Trump in a separate criminal case, said he has evidence against the former president and plans to testify in court.

“So you have more examples?” CNN’s Erin Burnett asked him. “You’ve got the receipts?”

“Yes,” Cohen replied. “And, actually, the receipts are in the hands of the attorney general.”

“The damages, in my estimation, with interest and penalty, will exceed $600 million,” Cohen said. “Will that put him into bankruptcy? He does not have the liquid cash in order to pay that off.”

“If you want to get to Donald, the way to do it is through his bank book,” he continued. “It’s not by saying he’s a narcissistic sociopath or that he’s definitely not 6’3” and he’s not 215 pounds. You go after the wallet. … Once you start hitting that bank book, that’s what really gets to him.”

Trump also dropped a civil suit against Cohen on Friday. Trump was scheduled to sit for a deposition next week.

In the Friday interview, Cohen theorized that the move was because Trump didn’t want to be asked questions under oath.

“He certainly was concerned that some of the information he may have to testify to, because it was an expansive testimony, that it could ultimately implicate him in crimes and that he earlier needed [attorney] Chris Kise to prevent him from implicating himself from being able to assert the Fifth Amendment,” Cohen said. “This is the craziest scenario.”

 

[Inthedetails]

A Florida Democratic House member has sent a letter to Palm Beach County's property appraiser, asking that former President Donald Trump's Mar-a-Lago Club in Palm Beach be taxed at the rate that he claims it's worth amid his ongoing civil fraud trial in New York.

Rep. Jared Moskowitz asks Palm Beach County appraiser to tax Mar-a-Lago at rate Donald Trump claims it's worth

A Florida Democratic House member has sent a letter to Palm Beach County's property appraiser, asking that Donald Trump's Mar-a-Lago Club in Palm Beach be taxed at the rate that he claims it's worth.

www.wptv.com

Moskowitz also shared a tweet from Trump's son Eric, who echoed the former president's comments.

https://x.com/EricTrump/status/1706795629505114508?s=20

“In an attempt to destroy my father and kick him out of New York, a Judge just ruled that Mar-a-Lago, in Palm Beach Florida, is only worth approximate “$18 Million dollars”… Mar-a-Lago is speculated to be worth we’ll over a billion dollars making it arguably the most valuable residential property in the country. It is all so corrupt and coordinated.”

"If the property value of Mar-a-Lago is so much higher than it was appraised, will you be amending the property value in line with the Trump family's belief that their property is worth well over a billion dollars?" the congressman asked in his letter.

Moskowitz calls to increase Mar-a-Lago property taxes after Trump claims it's worth $1.8B

The Democratic congressman's letter comes after the former president said his Florida estate was greatly undervalued.

www.cbsnews.com

The Trump Org didn't follow GAAP but instead they FAFO. imo

jmo

 

[SkyBoomer]

pretty soon he will be naked as a jay bird- but he sees himself in royal robes--

Ewwwwww

 

[Niner]

Tuesday, Oct. 10th:
*Bench Trial continues (Day 6) (@ 10am ET) – NY - New York vs. Donald J. Trump, Donald Trump, Jr. & Eric Trump & the Trump Organization, Inc. (Allen Weisselberg & Jeffrey McConney) is being sued by Letitia James, the New York Attorney General, who is leading a civil investigation (which cannot result in criminal charges filed on 9/21/22) & has spent years looking at whether the company committed various acts of fraud over several decades. In the civil case, Ms. James has filed a lawsuit against Trump & two of his children accusing them of "astounding" fraud & deception.
New York is seeking $250 million in financial penalties & asked the court to ban Trump, Donald Trump Jr. & Eric Trump from serving as an officer or director in any corporation registered or licensed in New York. James also requested the court ban the former president & his business from acquiring real estate in New York or from applying for loans from any New York financial institution for five years. James's civil case accuses Trump of lying from 2011 to 2021 about asset values at the Trump Organization, as well as his own net worth, in order to obtain better terms from lenders & insurers.
Lawsuit against: Donald John Trump, Donald Trump, Jr, Eric Trump, Allen Weisselberg, Jeffrey McConney, The Donald J. Trump Revocable Trust, The Trump Organization, Inc., Trump Organization LLC, DJT Holdings LLC, DJT Holinds Managing Memer, Trump Endeavor 12 LLC, 401 North Wabash Venture LLC, Trump Old Post of Fice LLC, 40 Wall Street LLC & Seven Springs LLC.
All charges against Ivanka Trump were dismissed.
Bench Trial began on 10/2/23. (could last until 12/22/23 per Judge).
The lawsuit’s remaining 6 counts allege similar acts of fraud (that Trump inflated his assets on statements of financial condition that he submitted to banks & insurers for personal gain).
Judge Arthur F. Engoron presiding / NY State Attorney General Leticia James / Defense attorney Christopher Kise & Jesus Suarez & Alina Habba for Trump, Weisselberg & the rest of the defendants for Trump Org. / Clifford Robert of Robert & Robert PLLC for Donald, Jr. & Eric.
Case & court info from 9/21/22 thru 9/28/23 & Bench Trial Day 1-4 (10/2-10/5/23) reference post #520 here:
https://www.websleuths.com/forums/t...mp-org-and-executives-oct-2023.673964/page-26
10/6/23 Friday, Bench Trial Day 5: State witness: Jeff McConnery, former Trump Organization senior vice president back on stand.
For more info see posts #522, 529 & 533 here:
https://www.websleuths.com/forums/t...mp-org-and-executives-oct-2023.673964/page-27
For more info see posts #541, 542, 552, 553 & 555 here:
https://www.websleuths.com/forums/t...mp-org-and-executives-oct-2023.673964/page-28
For more info see posts #563, 564, 565 here:
https://www.websleuths.com/forums/t...mp-org-and-executives-oct-2023.673964/page-29
Bench trial continues on Tuesday, 10/10/23. No court on Monday because it's a federal holiday.
Additional information:
In an order that was posted on the fourth day of Trump’s bank fraud trial, Justice Arthur F. Engoron commanded that the Trumps identify any corporations they have—and come clean about any plans to move around money in an attempt to hide or keep their wealth. Trump, sons Don Jr. & Eric, and two other top executives were ordered to tell the court about “any other entity [that] is controlled or beneficially owned” by them, “any creation of a new entity to hold or acquire the assets,” and “any anticipated transfer of assets.” The judge also empowered a court-appointed monitor currently babysitting the Trump Organization, a former federal judge named Barbara Jones, to manage this phase until someone can be appointed to disintegrate Trump’s companies.
Trump’s lawyers said they plan to take action today against Engoron's summary judgment last week. They said they plan to file a stay pending appeal before the First Dept. of the Appellate Division. In court yesterday, they refused to reveal the scope of the requested stay. Engoron's ruling found that Trump & his companies had committed repeated fraud, and canceled business certificates for LLCs “controlled or beneficially owned” by Trump, his sons Don Jr. & Eric, and two Trump Organization executives.
10/6/23 Update: Trump seeks emergency delay of AG trial as part of his appeal of the Judge's Order finding Trump liable for fraud filed (post #534 page 27). The Judge stayed the cancellation of the business certificates, but not the trial.
A New York appeals court judge on Friday rejected Trump’s attempt to stop the ongoing $250 million civil fraud trial, but temporarily halted the process of breaking up the former president’s businesses. Associate Justice Peter Moulton issued the ruling after a brief hearing Friday. afternoon. (#554, page 28).

 

[legalmomma]

Trump Organization CFO testifies in fraud trial: Live

Allen Weisselberg is testifying today at the New York trial, hours after Donald Trump appeared at a New Hampshire rally

www.the-independent.com

Former Trump Organization CFO Allen Weisselberg is expected to testify today in the New York civil fraud trial against Donald Trump.

The former president’s longtime finance chief was jailed for around three months earlier this year for tax evasion at the organisation.

He is now named alongside Mr Trump, his adult sons and other executives in the $250m civil case which could result wipe out the former president’s business empire in the New York.

 

[JerseyGirl]

Trump fraud trial live updates: Allen Weisselberg testifies

The latest news and live updates on Donald Trump’s civil fraud trial. The former president is being sued for $250 million.

www.nbcnews.com

Solomon showed Weisselberg the “rep letter” he signed in 2017 attesting to the accuracy of the 2016 statements of financial condition, which valued Trump's triplex based on the size being 30,000 square feet. Solomon is asking whether he signed it four days after Trump Org. employee Amanda Miller wrote in an email that per “Allen W.,” they were leaving the Trump Tower triplex square footage alone; Weisselberg gave a meandering, nonresponsive answer — and Judge Engoron, acting on his own volition, asked Weisselberg to actually answer the questions.

Engoron appeared to be annoyed: “Don’t make speeches. Just answer the question.”

Weisselberg admitted that he never checked the spreadsheet before signing the rep letter, despite an express statement in the letter asserting no events subsequent to June 30, 2016, that “would require adjustments to, or disclosure in, the personal financial statements.”

And he also conceded he was comfortable signing the rep letter despite Forbes putting the Trump Org. on notice in September that the square footage of the triplex was actually 10,996.

 

[Herat]

This group of crooks all smell like a sewer. Every one of them.

 

[tlcya]

Just before breaking for lunch, the AG's office asked questions relating to the valuation of Trump's Mar-a-Lago club in Florida.

The AG maintains the club was massively overvalued on Trump's financial statements, while Trump has angrily declared that he believes it to be a $1.5 billion property.

Weisselberg was shown a clipping from the New York Post with a handwritten note on top; underneath, a 2019 email from Weisselberg providing more information to Patrick Birney, a Trump employee, on the sale of another property in Palm Beach. Weisselberg said he was just trying to be helpful because Birney did not know people down in Florida.

The exhibit also included an article on the offering of a Palm Beach estate for $135 million and several handwritten notes, all of which Weisselberg has denied are his own handwriting.

He has then shown a Wall Street Journal clipping with a Post-it in his handwriting that he sent to Birney. The note reads, “Patrick, hold for next year’s f/s. Let’s see what it ends up selling for.”

Weisselberg testified that was because it is the selling price, not the asking price that matters, a damning admission given how Trump’s triplex was valued (e.g., by using the asking prices of inappropriate comps plus a wildly inaccurate square footage amount).
Trump fraud trial live updates: Allen Weisselberg testifies

 

[Lilibet]

This group of crooks all smell like a sewer. Every one of them.

Sewer rats, all of them! (Altho I hate to insult rats!)

 

[tlcya]

After initially evading the state's question, ex-Trump CFO Allen Weisselberg denied that he ever met with Trump to discuss his financial statements.

"Did you ever meet with Donald Trump or Michael Cohen where there was discussion of the statement of financial condition before it was finalized?" state attorney Louis Solomon asked.

Weisselberg initially responded that he did not recall such a meeting happening, before answering more definitively.

"No. I don't believe it happened," Weisselberg said.

Judge Engoron, appearing skeptical of the answer, asked Weisselberg to confirm.

"Could it have happened, and you just don't remember?" Engoron asked.

"I am saying it did not happen," Weisselberg responded.

The attorney general's opening statement for the case included a portion of the deposition of former Trump attorney Michael Cohen, who claimed that Trump met with him and Weisselberg to direct them to increase his net worth, in order "to be higher on the Forbes list" of billionaires.

"Allen and I were tasked with taking the assets, increasing each of those asset classes in order to accommodate that eight-billion-dollar number [Trump requested]," Cohen said in the deposition.
Trump fraud trial live updates: Weisselberg acknowledges firm's fundamental failures of responsibility

 

[Herat]

After initially evading the state's question, ex-Trump CFO Allen Weisselberg denied that he ever met with Trump to discuss his financial statements.

"Did you ever meet with Donald Trump or Michael Cohen where there was discussion of the statement of financial condition before it was finalized?" state attorney Louis Solomon asked.

Weisselberg initially responded that he did not recall such a meeting happening, before answering more definitively.

"No. I don't believe it happened," Weisselberg said.

Judge Engoron, appearing skeptical of the answer, asked Weisselberg to confirm.

"Could it have happened, and you just don't remember?" Engoron asked.

"I am saying it did not happen," Weisselberg responded.

The attorney general's opening statement for the case included a portion of the deposition of former Trump attorney Michael Cohen, who claimed that Trump met with him and Weisselberg to direct them to increase his net worth, in order "to be higher on the Forbes list" of billionaires.

"Allen and I were tasked with taking the assets, increasing each of those asset classes in order to accommodate that eight-billion-dollar number [Trump requested]," Cohen said in the deposition.
Trump fraud trial live updates: Weisselberg acknowledges firm's fundamental failures of responsibility

Trump is such a cheesy pompous little man.

 

[legalmomma]

Back on the witness stand after the lunch break, Weisselberg just acknowledged that from 2011 until Trump became president, he would give Trump the statements of financial condition before they were finalized.

Trump had an opportunity to review the statements and Weisselberg said he “periodically” received comments on them.

After Trump was elected, Weisselberg said, he would give the statements to Donald Trump Jr. or Eric Trump.

He testified earlier in the day that he didn't remember discussing the statements with Trump.

Trump fraud trial live updates: Allen Weisselberg testifies

The latest news and live updates on Donald Trump’s civil fraud trial. The former president is being sued for $250 million.

www.nbcnews.com

 

[tlcya]

Weisselberg, who's a named defendant in the civil fraud case, testified that he was not involved with development decisions at a NTrump property called Seven Springs.

The answer appeared to astonish his questioner, Louis Solomon of the AG's office. “Are you as certain of that as you are of the rest of your testimony?” Solomon asked.

He then displayed a 2014 email from Morgan Lewis lawyer Sherri Dillon to Weisselberg and Eric Trump about a potential charitable contribution analysis involving Seven Springs' land.
Trump fraud trial live updates: Allen Weisselberg testifies

 

[tlcya]

Weisselberg repeatedly said he couldn’t remember whether he discussed the financial statements with Trump while they were being finalized. The former chief financial officer said he reviewed drafts “from a 30,000-foot level” (9,100-meter level) but paid special attention to something “very important” to Trump: the descriptions of his properties.

“It was a little bit of a marketing piece for banks to read about our properties, how well they’re taken care of, that they’re first-class properties,” said Weisselberg, who added that Trump scrutinized the language used in such descriptions.

“He might say, ‘Don’t use the word “beautiful” — use the word “magnificent,”’ or something like that,” Weisselberg testified.
Fraud trial: Trump acknowledged penthouse size at 11,000 square feet, not 30,000 he later claimed

I wonder if the tRump also insisted the term spacious not be used and expected them to sub that word for one of his faves - HUGE

 

[Inthedetails]

Weisselberg repeatedly said he couldn’t remember whether he discussed the financial statements with Trump while they were being finalized. The former chief financial officer said he reviewed drafts “from a 30,000-foot level” (9,100-meter level) but paid special attention to something “very important” to Trump: the descriptions of his properties

“It was a little bit of a marketing piece for banks to read about our properties, how well they’re taken care of, that they’re first-class properties,” said Weisselberg, who added that Trump scrutinized the language used in such descriptions.

“He might say, ‘Don’t use the word “beautiful” — use the word “magnificent,”’ or something like that,” Weisselberg testified.
Fraud trial: Trump acknowledged penthouse size at 11,000 square feet, not 30,000 he later claimed

I wonder if the tRump also insisted the term spacious not be used and expected them to sub that word for one of his faves - HUGE

It's stupid, imo, to care about descriptions other than factual ones in financial statements. Every financial person I've ever worked with looks at the numbers. Trump might have liked the word "magnificent," but the finance people were looking at the data on the spreadsheet. Too bad they looked the other way when reading the numbers, however, as I do think bankers, etc. knew the statements were b.s.

jmo