Trump Under Investigation for Bank and Insurance Fraud

Mish

The Manhattan district attorney made the disclosure in a new court filing involving Trump's tax returns.

Cyrus R. Vance Jr., Manhattan D.A. is Investigating Trump and His Company Over Fraud

The Manhattan district attorney’s office suggested on Monday that it had been investigating President Trump and his company for possible bank and insurance fraud, a significantly broader inquiry than the prosecutors have acknowledged in the past.

In the new filing, the prosecutors did not explicitly identify the matters under scrutiny in the grand jury inquiry, which by law is conducted in secret. But they said that “undisputed” assertions in earlier court papers and several news reports about Mr. Trump’s business practices showed that the office had a wide legal basis for the subpoena.

The prosecutors cited newspaper reports, including one that concluded the president may have illegally inflated his net worth and the value of his properties to lenders and insurers. They also included an article on the congressional testimony of his former lawyer and fixer, Michael D. Cohen, who told lawmakers last year that the president had committed insurance fraud. Lawyers for the president have denied wrongdoing.

Rebecca Roiphe, a former assistant district attorney in Manhattan who now teaches at New York Law School, said Mr. Vance’s decision to cite public accusations of wrongdoing allowed his office to defend its subpoena without revealing the actual focus of its investigation.

If Mr. Vance succeeds in eventually obtaining Mr. Trump’s records, they are unlikely to become public anytime soon because they will be shielded by grand jury secrecy rules. The records might only emerge later if criminal charges are brought and the records are introduced in a trial.

That last paragraph is key. We will not know much until after the election. 

But the rumors will easily swirl until then. 

Meanwhile, Trump will likely start Tweeting "Witch Hunt" every other day for weeks instead of "Law and Order".

Mish

Comments (102)
No. 1-22
Tony Bennett
Tony Bennett

I want a twofer.

They need to look into Kushner's hanky panky.

Zardoz
Zardoz

He’ll stroke out before they convict him. The way he’s staggering around, he’ll be dead in a year.

Anna 7
Anna 7

The Orange Grifter.

From the moment he didn’t put his wealth into a blind trust like he once proposed, we should’ve been expecting massive corruption.

People, stop voting for Demopublicans. Or just stop voting. Have you learned by now that you have been “throwing away your vote”?

ToInfinityandBeyond
ToInfinityandBeyond

He is a flat out embarrassment to the US. Lock him up...lock him up....lock him up. Wonder where I heard that before.

Tony Bennett
Tony Bennett

"The prosecutors cited newspaper reports, including one that concluded the president may have illegally inflated his net worth and the value of his properties to lenders and insurers."

...

I read the WP article. No real meat there.

As someone who regularly has to fill out a financial statement for banks, there is ample latitude in self assessment. Having said that I typically do NOT sign the statement until I run caveats by lending officer. Anyways, can not imagine someone loaning me money solely on statement. Just part of the puzzle. If a bank snookered by DJT two things come to mind - piss poor due diligence and vision of big fees dancing in their heads.

Bungalow Bill
Bungalow Bill

Still your president... LMAO

How much more corruption will [fake] CONSERVATIVES put up with?

I remember when I was active in the GOP, we handed out "Character Matters" bumper stickers proud of our Republican candidates. You couldn't hand those out today without being laughed out of the room.

I admire my fellow conservatives who didn't sacrifice their principles to support this man!

mkestrel
mkestrel

Doing the same thing over and expecting a different result is the definition of insanity. This is the extension to the failed impeachment. The democrats had years to find some thing to impeach him on. It failed miserably. Soon they will be reviewing his grade school records for violations.

Carl_R
Carl_R

And this is why it is so important for Trump to remain President. When his time is up in the White House, he may find himself in the big house.

Quatloo
Quatloo

“If Mr. Vance succeeds in eventually obtaining Mr. Trump’s records, they are unlikely to become public anytime soon because they will be shielded by grand jury secrecy rules.”

Highly likely they are leaked to friends in Congress or elsewhere who will then leak them to the press.

Roto1711
Roto1711

This site has been infected with TDS all about orange man bad. And Obama gets a free pass on all of his misdeeds.

numike
numike

“A man who has never gone to school may steal a freight car; but if he has a university education, he may steal the whole railroad.”
― Theodore Roosevelt

truthseeker
truthseeker

Maybe I missed it but with all this talk of Trump or Biden, it amazes me that no one has mentioned that a vote for Biden is really a vote for Kamala Harris or Karen Bass as likely 1 of these women will be the person running the country as Biden zones out. Correct me if I’m wrong here Mish or anybody, as both of these women from California are way beyond socialism and naturally support the BLM movement which is a Marxist plan to destroy the family unit and private property. So check it out!

Roto1711
Roto1711

Well said Truthseeker, Biden as a placeholder, his VP pick could potentially be a disaster for our country. Chose wisely in November.

magoomba
magoomba

When they finally get ahold of his records they will be surprised to find out he is utterly broke and has been for years.

TimeToTest
TimeToTest

In politics you either play offense or defense. Defense wins games but it’s always tough to watch.

AshH
AshH

Serious question:. If Trump loses the election, will he flee the country to avoid prosecution?

Think there's a non-zero chance that Trump will be watching Biden's inaguration from Russia.

nlightn
nlightn

I'm amazed Trump has gotten away with what he has for years. Politically he's a used car salesman and frontman for Putin. Maybe that pee-pee tape is real,..he's running from something big. Just today the Miami Herald discovered Epstein was a member of Mar-a-Lago despite Trump's denials.
What's wrong with this man only a trained psychiatrist knows (Mary Trump does),...that he has to constantly lie.
It's fairly easy to discern Trump has never done any self actualization work,..he probably can't even spell it.

Captain Ahab
Captain Ahab

It is a sad day for jurisprudence when the NY state prosecutor presents newspaper stories as evidence of crime: the Trump "may have inflated" his net worth. This not only doesn't pass the smell test, it's the same tripe as the NYT's hit job concerning Trump's inheritance--nothing approaching evidence, just vague unfounded assertions.

ColoradoAccountant
ColoradoAccountant

I never vote for anyone who wants the job.

Doug Meyers
Doug Meyers

I agree with Pres. Trump. It [IS] a Witch Hunt. Democrat NYC D.A. Cyrus Vance & Pres. Trump have tangled before Trump became President. Pres. Trump has stomped Vance on several occasions thus the animosity coupled with doing FUHRER Nancy Pelosi's bidding. Nevermind the facts known about Hunter Biden, "Quid-Pro-Quo-Joe" Biden's Ukraine's BURISMA & China's Bohai Harvest RST Cover-Up which the Democrats want to disappear. Nice try Mr. Shedlock, BUT you know the Truth and don't want to tell it.

Montana33
Montana33

It will take a while but I think Trump is going to prison for tax fraud. Cohen paid Stormy through a fake shell company and then Trump personally signed a check from his business account to reimburse Michael for the Stormy payment. Who thinks Trump didn’t take a tax deduction for this? Seriously to be clear - payoffs to your mistress are not tax deductible. Cohen will be the star witness again. There is no statute of limitations on tax fraud so they can audit Trumps tax returns going back 50 years. They just have to document one instance of fraud and then the door swings open to all history forever. Trump Sr. used a shell company to mark up purchases and pay his children, bypassing estate laws and that can also be investigated and prosecuted. They could owe millions in back taxes and penalties. No statute of limitations is a killer. This is not political theater like impeachment. Tax fraud shifts the burden of proof to the individual, not the State. These are the strongest and most punishing laws on our books. That’s why people like Helmsley and Capone get destroyed by tax laws. Anyone dumb enough to violate tax law will always lose. Trump can scream all he wants about witch hunts and the tax courts won’t give a damn. If you break tax laws - you are going down no matter who you are.


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