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Miles Archer

(18,837 posts)
Wed Oct 16, 2019, 11:02 AM Oct 2019

Big DEAL! He fluffed up property values for lenders, & downplayed them for the IRS. Is that WRONG?

Why, YES...it IS.



Trump’s tax inconsistencies look like ‘bank fraud’: Ex-prosecutor



https://www.rawstory.com/2019/10/trumps-tax-inconsistencies-look-like-bank-fraud-ex-prosecutor/

Joyce Alene
@JoyceWhiteVance

No surprise that Trump’s NY state tax filings are inconsistent with bank loan applications. Perhaps there’s an explanation but it looks like either bank fraud or tax fraud & at a minimum, merits further investigation.


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Big DEAL! He fluffed up property values for lenders, & downplayed them for the IRS. Is that WRONG? (Original Post) Miles Archer Oct 2019 OP
Just as Michael Cohen said he did. The Velveteen Ocelot Oct 2019 #1
a minor issue at best as its alwayst up to any lender to conduct their own appraisals beachbumbob Oct 2019 #2
I'm thinking the 'lying to the IRS' side of the equation is the far more criminal (nt) mr_lebowski Oct 2019 #5
lying to IRS or filing a false tax statement is criminal offense. Saying, boasting, inflating beachbumbob Oct 2019 #7
I think he lied about the revenues exboyfil Oct 2019 #6
tax appraisals for income producing property is a seperate function and have different rules. beachbumbob Oct 2019 #8
It was not appraisal. tRump pumped leasing percentages for lender, cut them for IRS. In 2017. Bernardo de La Paz Oct 2019 #9
no lender is going to take "the word of" any body, they would need to see the books beachbumbob Oct 2019 #17
Oh yes they will, if they are part of a crooked laundering scheme like Deutsche Bank. Didn't some Bernardo de La Paz Oct 2019 #20
I mean, I've got to plead ignorance here Dread Pirate Roberts Oct 2019 #3
In His Defense RobinA Oct 2019 #13
Heh: tblue37 Oct 2019 #4
Any lender taking Trump's asset assertions at his word are either grossly incompetent or Yavin4 Oct 2019 #10
Wrong only if a Biden, Clinton, or Obama did it Blue Owl Oct 2019 #11
Let's codify what Trump did into law Baked Potato Oct 2019 #12
using his dad's old tactics. nt Javaman Oct 2019 #14
Sooo.... can I do this when we buy a new house? n/t TygrBright Oct 2019 #15
If you can get away with it then it's fine. leftyladyfrommo Oct 2019 #16
"Fluffed up property values for lenders" Otherwise known as bank fraud. yellowcanine Oct 2019 #18
Sounds like multiple counts of fraud EleanorR Oct 2019 #19
 

beachbumbob

(9,263 posts)
2. a minor issue at best as its alwayst up to any lender to conduct their own appraisals
Wed Oct 16, 2019, 11:08 AM
Oct 2019

Most property owners in this country would take same route

 

beachbumbob

(9,263 posts)
7. lying to IRS or filing a false tax statement is criminal offense. Saying, boasting, inflating
Wed Oct 16, 2019, 11:20 AM
Oct 2019

income is not.

Filing false asset information to any lender is fraud
Filing false income information to any lender is fraud


exboyfil

(17,857 posts)
6. I think he lied about the revenues
Wed Oct 16, 2019, 11:17 AM
Oct 2019

that is different than assessing property value. Actually you probably couldn't get a fair assessment if you lied about the revenues (which I guess is the point). I would think you can't do that. That seems to be at the heart of bank fraud.

 

beachbumbob

(9,263 posts)
8. tax appraisals for income producing property is a seperate function and have different rules.
Wed Oct 16, 2019, 11:23 AM
Oct 2019

I know I never had to reveal anything income related or IRS/State income tax related to the local tax assessor when they established the property assessment for my rental properties.

too many want to jump on the band wagon with trivial matters whe nwe have real crimes committed by trump & company

Bernardo de La Paz

(48,789 posts)
9. It was not appraisal. tRump pumped leasing percentages for lender, cut them for IRS. In 2017.
Wed Oct 16, 2019, 12:14 PM
Oct 2019

For instance, Trump told the lender that he took in twice as much rent from one building as he reported to tax authorities during the same year, 2017. He also gave conflicting occupancy figures for one of his signature skyscrapers, located at 40 Wall Street.

...

A dozen real estate professionals told ProPublica they saw no clear explanation for multiple inconsistencies in the documents. The discrepancies are [b “versions of fraud,” said Nancy Wallace, a professor of finance and real estate at the Haas School of Business at the University of California-Berkeley. “This kind of stuff is not OK.”


https://www.democraticunderground.com/10142382006

 

beachbumbob

(9,263 posts)
17. no lender is going to take "the word of" any body, they would need to see the books
Wed Oct 16, 2019, 02:44 PM
Oct 2019

if the books are fake, then all sorts of crimes have been committed. I know no lender that takes the "word" over official trail of documents

Bernardo de La Paz

(48,789 posts)
20. Oh yes they will, if they are part of a crooked laundering scheme like Deutsche Bank. Didn't some
Wed Oct 16, 2019, 03:48 PM
Oct 2019

Didn't some scion of a prominent Republicon get fingered at DB as closely involved in lending to/through tRump? Kavanaugh? ret Justice Kennedy?

Plus, Cohen may have arranged / paid off an accountant or three.

RobinA

(9,878 posts)
13. In His Defense
Wed Oct 16, 2019, 01:26 PM
Oct 2019

his confusion could be come by honestly. His Daddy made plenty inflating property values and the like and never did get caught. It's a two generations old tradition for these swindlers.

Yavin4

(35,357 posts)
10. Any lender taking Trump's asset assertions at his word are either grossly incompetent or
Wed Oct 16, 2019, 12:19 PM
Oct 2019

is working some other angle. Trump's record of bankruptcies show that he cannot be trusted in the least.

yellowcanine

(35,692 posts)
18. "Fluffed up property values for lenders" Otherwise known as bank fraud.
Wed Oct 16, 2019, 02:50 PM
Oct 2019

Property assessments are supposed to be done by a neutral third party. At least that is the way it works for us little people when applying for a mortgage on a house.

EleanorR

(2,374 posts)
19. Sounds like multiple counts of fraud
Wed Oct 16, 2019, 03:03 PM
Oct 2019

But instead of talking about these crimes, we're untangling yet another heaping pile of trump lies, dotted here and there with russian talking points. Oy.

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