New York – New York prosecutors are investigating financial transactions related to some of former President Donald Trump’s distinctive Manhattan buildings, further expanding inquiries into the former president and his company.
According to Wall Street Journal sources, who requested anonymity, the Manhattan District Attorney’s Office is examining loans that Trump requested for his “flagship”, the Trump Tower on Fifth Avenue, as well as an Artdeco-style skyscraper in the Financial District of New York, the Trump International Hotel and Tower (located on Columbus Circle), and the Trump Plaza, an apartment building on the wealthy Upper East Side of the Big Apple.
All the loans being studied were granted by subsidiaries of Ladder Capital Corp, a New York-based real estate investment fund that since 2012 has lent more than $ 280 million to Trump for these four buildings, the New York newspaper reported.RELATED
Investigations into Trump’s Manhattan properties come as the Manhattan Prosecutor’s Office is in a legal battle over the former president’s tax returns and other financial information.
The Supreme Court of the United States ruled last July that Trump’s accounting company should deliver documents, but the New York tycoon-turned-politician has appealed that decision on two occasions, while at the moment the court has not said whether will admit the case for processing, so the request of the Manhattan Prosecutor’s Office has been left in limbo.
Meanwhile, Trump has claimed that the investigation into his financial activities, led by Manhattan prosecutor Cyrus Vance, a Democrat, is a “witch hunt,” and the former president’s lawyers have described it as a “fishing expedition.”
Vance, however, assures that they are deploying a complex investigation of alleged bank and insurance fraud of the Trump Organization and its senior officials.
Although the details of the investigation of Trump’s properties and his loans are unknown, it is believed that they could be analyzing discrepancies between the documentation and financial information presented to request these credits and that reflected in his tax returns or insurance applications.
This is because giving false information with the intention of obtaining financial gain can be considered a crime under New York law, according to legal experts.
In addition to his Manhattan real estate, prosecutors are also investigating the vast Seven Springs property in New York’s Westchester County, which Trump had bought in 1995 for $ 7.5 million in 1995, according to the Wall Street Journal, and which he claimed in 2012 was worth nearly $ 300 million when trying to turn it into a luxury residential neighborhood.
Trump’s appraisal of Seven Springs has also been the subject of a fraud investigation by New York Attorney General Letitia James’s office, which wants to establish whether the Trump Organization inflated the property’s value in its annual accounts with the objective of obtaining loans, as well as obtaining tax benefits.