Posted on 02/22/2024 8:16:36 AM PST by SeekAndFind
Last week, a New York court issued judgments against Donald J. Trump and his sons, asserting violation of state anti-fraud law in connection with several real estate mortgage loans. The judgments, which aggregate $355 million and may escalate to $454 Million or more, shocked Republicans and Democrats alike and stunned the national real estate community. It was immediately apparent that something was wildly wrong, since the Trump transactions were nothing unusual or remarkable for the real estate industry.
Essential Requirements for Claims of Fraud
The case primarily involves applications for mortgage loans submitted by Trump entities to major federal banks. The state of New York claims that Trump, in connection with such loans, committed repeated fraudulent and illegal acts. The judge acknowledges that common law fraud (also known as “misrepresentation”) requires a finding of five elements: (1) A material statement of fact (not opinion), (2) falsity, (3) knowledge of the falsity, (4) justifiable reliance by the alleged victim, and (5) damages. Although the judge apparently concludes that all of the elements have been proven, it is quite obvious that none, let alone all, of the required elements of fraud and misrepresentation was proven.
(Excerpt) Read more at americanthinker.com ...
But wait! There’s more.
If you list ypu home as an asset for $500K and the market tanks so that when you sell it only sells for $450K, you can be prosecuted for fraud.
Mira Lago is worth $100M an acre as a residential lot. Because Trump designated it as a club for tax purposes, the land use valuation for tax purposes dropped to $18M in total. If he redesignated that land back to residential use through the tax office to sell individual acres, the land use valuation for tax purposes would shoot back up to $100M.
The land’s value didn’t change, only the land use designation.
James and the Judge knew this. This was a twisted railroad job directed solely at Trump and could catch a lot of developers in the net.
If I was a developer, I would move the hell out of NY.
That’s a good observation and things are more complicated than they seem on the surface.
Mind you, if **I** were The Donald, I would close all NYC offices immediately (stripping all equipment), re-home the corporations to Delaware or Florida, and relocate all the jobs to Florida.
Then sell every asset remaining in New York. Let Hizzoner and Madam Governor deal with the tax drops. . .
“The other real estate developers have nothing to worry about. This prosecution is directed at one person only, Trump”
I don’t believe that will be true. There are many radical law students that are seeing this and will use this new weapon and variations of it, in the not to distant future, to destroy any person or company that stands in the way of their agenda.
That is an excellent analysis
I heard it could take up to a year and maybe more before the appellate court to hear this cas. By that time NYC will look like Waterworld.
I’m glad the stalinists have chosen lawfafe against President Trump.
They’ve made a mockery of America showing liberty , rights and freedom have been hijacked for the regime’s agenda.... Getting rid of the opposition.
They’ve also effected thoughts that no one and their property is safe, not a y individual involved in mortgages being both lenders and borrowers.
This is a stalinist attack on capitalism and political opponents.
The flag of the hammer and sickle is going to replace the torch on the statue of liberty.
Good going, you Obamanites, you fools of NYC!
Question: When municipal, state or federal courts go astray and become political animals, doesn’t SCOTUS have the power and responsibility to take corrective action. Does the Constitution give them that authority??
These criteria are material and likely the grounds of appeal, but the novelty of the state case against one person exclusively, and Gov Hochul saying so, is at the heart of it.
Trump could come back at the state with demand for recovery of funds far more than Judge Nudie’s ruling.
MAJOR REAL ESTATE INVESTORS are already ailing out of NY.
Cardone Capitol is selling MUNI bonds before maturity-—and bailing out.
Wow. The guy that wrote that is definitely a lawyer. Those are some complicated sentence structures.
Yea. Until the quit donating to the Dem Party.
Wait until the same rules start to apply to Thorobred sales & costly dogs/cats.
If Trump lied to banks about the values of his property and the truth is his properties aren't worth a crap, and you also support NY AG Letita James' proposal to confiscate Trump's property to pay off the half a billion in fines the courts have recently put onto Trump ... you might be a Democrat.
Yes.
FedEx
“the entire nature of loan transactions will need wholesale realignment, at great expense to both borrower and lender.”
Absolutely. And it harms the lenders more than the borrowers. They would much rather loan out and collect INTEREST on 10 million dollars than on 2 million dollars no matter what the true value is. This is a big threat to the gross revenues financial institutions are used to working with as cash flow. In an economy where they cannot afford this hit. The financial institutions should be deep in this event screaming bloody murder.
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