All real estate transactions of the ex-US president come together in the Trump Organization. The company structure has been investigated for a long time, now it could get serious.
The New York judiciary is likely to bring charges against the Trump Organization, the real estate empire of former US President Donald Trump, on Thursday for alleged financial offenses. The family holding is suspected of tax fraud. The investigators are also targeting their CFO Allen Weisselberg.
At Weisselberg, according to media reports, there is a suspicion that the 73-year-old received additional benefits from the Trump Organization, such as the use of apartments and cars, that were not taxed. The investigators had apparently tried in vain to get Weisselberg to make a statement against Trump. It is completely open whether legal action could be taken against Trump personally at a later date.
Luxury hotels, golf clubs, residential buildings
The real estate business of the ex-president is bundled in the Trump Organization, which consists of hundreds of individual companies. She owns luxury hotels, golf clubs, residential buildings, and commercial real estate in the United States and abroad. Probably the most famous property is the Trump Tower in New York, where Trump lived for a long time. The 75-year-old also used to own a number of casinos.
Trump took over the family business from his father Fred Trump in the 1970s. After winning the 2016 presidential election and taking office in January 2017, he handed over management of the business to his sons Donald Junior and Eric.
Investigations began with Stormy Daniels
Manhattan District Attorney Cyrus Vance has been investigating Trump and the Trump Organization since 2019. Initially it was about hush money payments to the porn actress Stormy Daniels and the former “Playboy” model Karen McDougal, who say they had affairs with Trump years ago.
The investigation was then expanded to include possible tax, banking and insurance fraud. Trump’s longtime private attorney Michael Cohen testified at a congressional hearing in February 2019 that Trump had given the value of his real estate too high or too low depending on the interests.
Prosecutor now has Trump’s tax records
Since last February, public prosecutor Vance has had Trump’s tax returns from 2011 after a long legal battle. Trump had resisted the release of the documents and had gone to the Supreme Court of the country, but defeated there.
Last May it was announced that Vance had called up a so-called grand jury. The lay judges decide whether or not to bring charges based on the evidence.
New York State Attorney General Letitia James is also investigating the Trump Organization. Vance and James are now cooperating in their investigation. Trump has repeatedly spoken of a politically motivated “witch hunt” against him. Vance and James are members of President Joe Biden’s Democrats.