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Regarding Tax fraud by the Trump Corporations. Its real alright
The Trump Organization was fined $1.6 million – the maximum possible penalty – by a New York judge Friday for running a decade-long tax fraud scheme, a symbolic moment because it is the only judgment for a criminal conviction that has come close to former President Donald Trump.
Two Trump entities, The Trump Corp. and Trump Payroll Corp., were convicted last month of 17 felonies, including tax fraud and falsifying business records.
Mick, the BBC fact checked Donald Trump in September when he came up with the litany of lies and misdirection you put on repeat.
"No bank was affected. No bank was hurt," he said moments before the start of the trial, noting that all his loans were paid back on time.
Under this New York statute, however, the attorney general did not have to show that there were victims, only that Mr Trump committed ongoing fraud.
Mr Trump has cast this trial, as well as other lawsuits and indictments, as an attempt to hurt his bid to return to the White House next year.
But the investigation into these fraud claims began four and a half years ago, when Trump was still president, after his former fixer Michael Cohen went public with the Trump Organization's accounting practices.
Judge Engoron reminded Mr Trump's lawyer on Monday that the judge has already dismissed claims the lawsuit was politically motivated.
On Monday in court, the judge made a point to say that "nobody asked" for a jury trial.
Bench trials are not unheard of, and it means the judge alone will decide liability and penalties in the remaining six claims.
Media caption,
Watch: Trump's New York fraud case explained... in 60 seconds
"It's all run by DOJ, which is corrupt, in Washington - everything goes through them," he alleged.
He has shown no evidence of coordination. Also, this is a civil fraud case based on New York state laws, not a federal one. The Justice Department has no jurisdiction here.
Mr Trump says that putting a "full disclaimer" in financial statements, "immediately takes you out of any fraud situation and any litigation".
But the judge was clear in his ruling last week that these are non-party disclaimers from his former accounting firm Mazars, and that they do not insulate him from liability.
Those disclaimers also plainly state that "Donald J. Trump is responsible for the preparation and fair presentation of the financial statement…"
"What he did - undervaluing these properties - is a disgrace to our nation," Mr Trump said on Monday.
However, it was not Judge Engoron who came up with the valuations. The ones he cited in his ruling were from official assessors.
Take Mar-a-Lago, for example, the former president's Florida resort. It was the Palm Beach County assessor - not the judge - that appraised the market value of Trump's primary residence at between $18m-$27.6m (£14.5m-£22.5m).
Mr Trump continues to claim it is probably worth 50 to 100 times more.
In his comments before the trial, however, Mr Trump insisted it had not been factored into the valuations of various properties that are at the heart of this fraud case.
"My brand is extremely valuable. I didn't even use it in my financials."
The judge has refuted this, saying there is evidence that from 2013-2020 Trump's financial statements included a 15% or 30% premium based on the Trump brand for seven golf clubs.
On top of that, the judge ruled that the statements "double dip", by also suggesting that "the goodwill attached to the Trump name has significant value that has not been reflected in the preparation of this financial statement".
www.bbc.com
Trump Org. fined $1.6 million after conviction for 17 felonies, including tax fraud
'The Trump Organization was fined $1.6 million – the maximum possible penalty – by a New York judge Friday for running a decade-long tax fraud scheme, a symbolic moment because it is the only judgment for a criminal conviction that has come close to former President Donald Trump.
Two Trump entities, The Trump Corp. and Trump Payroll Corp., were convicted last month of 17 felonies, including tax fraud and falsifying business records.
Mick, the BBC fact checked Donald Trump in September when he came up with the litany of lies and misdirection you put on repeat.
1. There were no victims
This is very important to Mr Trump. He believes there should be no case because "there was no crime"."No bank was affected. No bank was hurt," he said moments before the start of the trial, noting that all his loans were paid back on time.
Under this New York statute, however, the attorney general did not have to show that there were victims, only that Mr Trump committed ongoing fraud.
2. The case was timed to damage Trump's 2024 campaign
"This trial was railroaded and fast-tracked," the frontrunner for the Republican presidential nomination said. "This trial could have been brought years ago, but they waited until I was right in the middle of my campaign."Mr Trump has cast this trial, as well as other lawsuits and indictments, as an attempt to hurt his bid to return to the White House next year.
But the investigation into these fraud claims began four and a half years ago, when Trump was still president, after his former fixer Michael Cohen went public with the Trump Organization's accounting practices.
Judge Engoron reminded Mr Trump's lawyer on Monday that the judge has already dismissed claims the lawsuit was politically motivated.
3. Trump was denied a jury
After the judge's ruling last week, Mr Trump made this claim in a social media post, suggesting to supporters that he had been denied a trial and a jury, and therefore robbed of justice.On Monday in court, the judge made a point to say that "nobody asked" for a jury trial.
Bench trials are not unheard of, and it means the judge alone will decide liability and penalties in the remaining six claims.
Media caption,
Watch: Trump's New York fraud case explained... in 60 seconds
4. The 'corrupt' justice department is behind this
To fit the case into his wider "witch hunt" rhetoric, Mr Trump claimed that Ms James was corrupt, and that she was coordinating with and taking orders from the US Department of Justice."It's all run by DOJ, which is corrupt, in Washington - everything goes through them," he alleged.
He has shown no evidence of coordination. Also, this is a civil fraud case based on New York state laws, not a federal one. The Justice Department has no jurisdiction here.
- Five things to know about Trump's New York fraud trial
- The glitzy New York buildings that Trump could lose
5. The 'buyer beware clause' renders contracts useless
Mr Trump pushed this rather unorthodox argument while speaking to reporters on Monday. His businesses' financial statements have a clause that Mr Trump calls a "buyer beware" warning, a disclaimer he said means "do not believe anything".Mr Trump says that putting a "full disclaimer" in financial statements, "immediately takes you out of any fraud situation and any litigation".
But the judge was clear in his ruling last week that these are non-party disclaimers from his former accounting firm Mazars, and that they do not insulate him from liability.
Those disclaimers also plainly state that "Donald J. Trump is responsible for the preparation and fair presentation of the financial statement…"
6. The judge undervalued Trump properties
In an unusual step, the judge has already ruled that Trump properties were worth less than the former president and his company stated. That was part of a summary judgement delivered last week."What he did - undervaluing these properties - is a disgrace to our nation," Mr Trump said on Monday.
However, it was not Judge Engoron who came up with the valuations. The ones he cited in his ruling were from official assessors.
Take Mar-a-Lago, for example, the former president's Florida resort. It was the Palm Beach County assessor - not the judge - that appraised the market value of Trump's primary residence at between $18m-$27.6m (£14.5m-£22.5m).
Mr Trump continues to claim it is probably worth 50 to 100 times more.
7. Trump did not include his brand in his valuations
Mr Trump is not usually shy about telling the world how much his brand is worth.In his comments before the trial, however, Mr Trump insisted it had not been factored into the valuations of various properties that are at the heart of this fraud case.
"My brand is extremely valuable. I didn't even use it in my financials."
The judge has refuted this, saying there is evidence that from 2013-2020 Trump's financial statements included a 15% or 30% premium based on the Trump brand for seven golf clubs.
On top of that, the judge ruled that the statements "double dip", by also suggesting that "the goodwill attached to the Trump name has significant value that has not been reflected in the preparation of this financial statement".
Fact-checking Trump's claims about New York fraud trial
Outside court, Mr Trump raged against the prosecutor and judge. We took a closer look at what he said.
www.bbc.com
