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Monday, June 24, 2024

Trumps little piggies are coming home to roost

Judge Arthur Engoron ordered some of Trump’s companies removed from his control and dissolved. James alleges Trump boosted his net worth by as much as $3.6 billion.

Judge Arthur Engoron to preside over a non-jury trial starting this Monday in Manhattan in New York Attorney General Letitia James’ civil lawsuit. Judge Engoron, recent ruling in a phase of the case known as summary judgment, found that Trump and his company, the Trump Organization, defrauded banks, insurers and others with annual financial statements that massively overvalued his assets and exaggerated his wealth.

Engoron ordered some of Trump’s companies removed from his control and dissolved. James alleges Trump boosted his net worth by as much as $3.6 billion. Engoron’s fraud ruling resolved the key claim in James’ lawsuit, but six others remain. They include allegations of conspiracy, falsifying business records and insurance fraud.

The judge will also decide on James’ request for $250 million in penalties. Engoron ordered some of Trump’s companies removed from his control and dissolved. James alleges Trump boosted his net worth by as much as $3.6 billion.

Trump is listed among dozens of possible witnesses, setting up a potential courtroom showdown with the judge.

The fraud ruling Tuesday threatens to upend his real estate empire and force him to give up prized New York properties such as Trump Tower, a Wall Street office building, golf courses and a suburban estate.

In Donald J. Trump’s version of how he got rich, he was the master dealmaker who parlayed an initial $1 million loan from his father into a $10 billion empire.

It was his guts and gumption that overcame setbacks, and his father, Fred C. Trump, was simply a cheerleader.

But an investigation by The New York Times shows that by age 3, Donald Trump was earning $200,000 a year in today’s dollars from his father’s empire.
He was a millionaire by age 8.

By the time he was 17, his father had given him part ownership of a 52-unit apartment building.

Soon after he graduated from college, he was receiving the equivalent of $1 million a year from his father.

The money increased with the years, to more than $5 million annually in his 40s and 50s.

In all, financial records reveal, Mr. Trump received the equivalent today of at least $413 million from his father’s real estate empire.

Here are four ways that Fred Trump made his children rich.

Fred Trump made his son not just his salaried employee but also his property manager, landlord, consultant and banker.

Trump's little? piggies

4 Ways Fred Trump
Made Donald Trump
and His Siblings Rich

Fred Trump provided money for Donald Trump’s car, money for his employees, money to buy stocks, money for his first Manhattan offices and money to renovate those offices.

He gave him shares in multiple partnerships.

He gave him $10,000 Christmas checks.

He gave him laundry revenue from his buildings.

He also gave him trust funds that were used to transfer a majority of Fred Trump’s empire to Donald Trump and his living siblings.

The biggest payday Donald Trump ever got from his father came long after Fred Trump’s death.

It happened quietly, without the usual Trumpian news conference, on May 4, 2004, when Donald Trump and his siblings sold off the empire their father had spent 70 years assembling with the dream that it would never leave his family.

Donald Trump’s cut: $177.3 million, or $236.2 million in today’s dollars.

Last week Judge Arthur Engoron ordered some of Trump’s companies removed from his control and dissolved. James alleges Trump boosted his net worth by as much as $3.6 billion.

The judge will also decide on James’ request for $250 million in penalties. Engoron ordered some of Trump’s companies removed from his control and dissolved. James alleges Trump boosted his net worth by as much as $3.6 billion.

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