Is Donald Trump’s fortune in danger after prosecutor’s fraud lawsuit?

0 22

Michael Cohen, a former attorney, financial aide and now a witness in Donald Trump’s trial, says the fraud suit filed Wednesday by New York State Attorney General Letitia James against the former president “will destroy the whole company.”

The head of the public ministry in the Big Apple state has accused Trump, as well as his three eldest sons and the group’s chief executives, Alan Wesselberg and Jeffrey McConey, of “illegally inflating their own capital,” the so-called Trump Organization, to “get unjustly rich, lie to the system and Billions of dollars to fool us all like this”

The scam would be to inflate the value of the group’s assets to attract investors and get tax and credit benefits.

The lawsuit seeks $250 million in state compensation from the Trumps. But in an interview with NBC on Wednesday, Cohen said he expects the figure to rise to about 750 million once investigators finish unraveling the entire fraud plot.

The lawsuit includes a demand for $250 million in state compensation from Trump, but Cohen believes that amount will be tripled.

In her public presentation of her civil suit to the media, attorney James indicated that her investigation began as a result of Cohen’s explosive testimony before Congress three years ago regarding the activities of the Trump Organization.

“When James mentioned my name, I was certainly very happy to see that I had received approval for what I had been demanding from the mountaintops for three and a half years, that the Trump Organization is a criminal organization. Enterprise and Dear Donald threw me under the bus.

Four years ago, Michael Cohen, who had been Trump’s personal adviser since 2006 and even the vice chairman of his business group, was sentenced to three years in prison for tax evasion and violating presidential campaign finance rules. Elections in 2016. A lawyer who was heavily involved in Trump’s controversial payments to porn actress Stormy Daniels was sentenced to a year and a half in prison.

Speculation about the extent of the threat to the former president’s future is outside the scope of Cohen’s opinion and the New York prosecutor’s fraud case. For starters, the Trump Organization faces a parallel trial of James next month in New York City on criminal tax evasion charges that could also cost him millions of dollars.

This second case will likely involve several others, including personal injury claims in the storming of the Capitol on January 6, 2021, all of which could cost the leader financially.

As John Poto, a business law professor at the University of Michigan, said in the New York Times, “Trump’s companies face a serious risk of litigation,” and as a result, he exposes himself to “heavy financial liabilities.”

Cohen doesn’t get it: “The Trump Organization is a criminal enterprise and dear Donald threw me under the bus”

On the other hand, other experts believe that Trump and his business group will weather the storm. And he gave the former president’s organization a million dollar profit from the $375 million sale of the Trump International Hotel in Washington last May.

The company also continues to generate income from some of its commercial real estate projects; Other hotels still in Trump’s hands have rebounded from losses from the pandemic, and his golf clubs are also on the rise.

Philip A. Brown, an economics professor at Northwestern University’s Kellogg School of Government, said attorney James’ lawsuit could be “painful” for the Trump family, but could be dealt with by liquidating some of their assets.

It is not politically or economically easy to eliminate former US presidents. However, the law does not seem to be on his side. The fence is tightening.

*Translated based on article content If there is any problem regarding content, copyright, please make a report below the article. We will try to process as quickly as possible to protect the author’s rights. Thank you very much!

*We want to make information more quickly and easily available with other multilingual content, rather than only available in one specific language.

*We always respect the copyright of the author’s content and always include the original link to the original article. If the author disagrees, report below the article, the article will be edited or deleted at the request of the author. Thank you very much! Best wishes!

For all the latest news click here

Denial of responsibility! EODBA is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – at The content will be deleted within 24 hours.

Leave A Reply

Your email address will not be published.