'The loan appears to have never existed': Watchdog sues Trump over mystery $50M 'hidden debt,'
Source: Law & Crime
Apr 18th, 2024, 12:35 pm
A federal watchdog group has sued former President Donald Trump, asking that the FBI and the Department of Justice investigate whether he knowingly and criminally made material false statements about a $50 million loan which may have never existed at all.
The actions taken by Mr. Trump to misrepresent his loan obligations go well-beyond actions by other government employees who have fallen afoul of 18 U.S.C. § 1001(a) in recent years. His reporting of a non-existent loan dwarfs portrayals by other government employees, who have been prosecuted for failing to disclose far lesser amounts of their debt obligations, Noah Bookbinder, president of the watchdog group, Citizens for Responsibility and Ethics in Washington, or CREW, wrote in the nascent complaint.
According to CREW, Trump may have made false statements by reporting over $50 million owed to Chicago Unit Acquisition LLC as a liability on at least nine public financial disclosure reports. Those reports were submitted to the Federal Election Commission as well as the Office of Government Ethics. This allegedly occurred from 2015 to 2023 and, as Bookbinder noted, even though the loan appears to have never existed.
It is not clear why Mr. Trump would report a non-existent loan, but the law must be vigorously enforced against office holders and candidates who flout the disclosure process through repeated false statements. Failure to do so not only renders the system meaningless, but, more importantly, undermines the work of ethics officials who must ensure that financial disclosures are accurate so that potential conflicts of interest that present national security risks can be brought to light, Bookbinder said.
Read more: https://lawandcrime.com/high-profile/the-loan-appears-to-have-never-existed-watchdog-sues-trump-over-mystery-50m-hidden-debt-asks-fbi-doj-to-get-involved/
Full headline: The loan appears to have never existed: Watchdog sues Trump over mystery $50M hidden debt, asks FBI, DOJ to get involved
Link to CREW complaint (PDF reader) - https://www.documentcloud.org/documents/24555094-complaint-trump-chicago-loan-fbi-oge
Link to CREW complaint (PDF) - https://s3.documentcloud.org/documents/24555094/complaint-trump-chicago-loan-fbi-oge.pdf
gab13by13
(21,379 posts)What will CREW say, Please Mr. Garland, please Chris Wray, could you look into this bogus loan? Maybe appoint another special counsel? Maybe ask the fucking IRS to investigate Trump?
Nothing will be done. Even the fucking monitor reported this bogus loan and nothing was done then, so what makes anyone believe that DOJ or the FBI or the IRS will listen to a private citizens group?
I wouldn't doubt that Sleepy Don claimed that 50 million as a tax deduction, but we will never know.
PatSeg
(47,560 posts)I'm sure it is really hard to keep up with them, but with someone with a history like Donald Trump, you'd think he would be toward the top of the list of white collar crimes to watch out for.
It's not like he was keeping a low profile and he has even bragged about it. The man has an "Indict Me" sign on his back for Pete's sake, but they go after people like Martha Stewart and ignore Trump.
BumRushDaShow
(129,310 posts)Because there are provisions for that?
Seems DU wants a 1984 federal government with every household (except your own) having a camera to record your every move so "the man" can be ready to come after you.
News flash: There are not enough resources (people or money) to do any of that high level of surveillance monitoring of every move and every transaction of every person and every corporation in the United States. Federal agencies usually set up "surveillance" activities of their past "bad actors" for some period of time (in many cases, tied to any consent decrees, etc.), and then they will drop those from the list, and will add others. They will set thresholds for triggering monitoring and time frames for how long to do so, based on the type and degree of past infractions.
gab13by13
(21,379 posts)It was the court appointed monitor who found the bogus loan and reported it. How much more resources are needed?
BumRushDaShow
(129,310 posts)And "court appointed monitor" is something the JUDICIAL BRANCH did, NOT the EXECUTIVE BRANCH. If it was "reported" to an Executive Branch agency, then it might already be under investigation but they sure as hell aren't going to call up CNN and give them a blow-by-blow of that so that you are satisfied.
DU seriously needs a Civics 101 group.
quakerboy
(13,920 posts)To be fair, I'm not sure that I wouldn't approve of a 1984 style monitoring system that applied only to upper level government officials. Presidents. Senators. Might weed out the malicious and unserious if they knew they were signing up for a completely transparent term of service.
BumRushDaShow
(129,310 posts)But when someone on DU doesn't personally see anything "happening", they assume "nothing is happening" and demand that there should ALWAYS be "something happening", any time and at every place.
gab13by13
(21,379 posts)The fucking Feds investigated the bogus Hunter/Joe Biden made up conspiracy for 5 1/2 years and when they found no crime they nailed Hunter for not paying his taxes which he ended up paying, a crime that is rarely prosecuted. Oh and he lied on his gun application.
James Comer is still pushing the bogus Hunter Biden conspiracy. but when a real Trump crime is revealed it is crickets.
Justice matters.
(6,939 posts)What's going on in the "civil servants" not-doing-their-job they're paid to do by taxpayers??
bucolic_frolic
(43,249 posts)The Trump State vs. The Deep State.
Doodley
(9,119 posts)Captain Zero
(6,821 posts)Sounds like it. The same way his Beautiful Mind can declassify top secret documents and create Security Clearances.
moniss
(4,274 posts)$50 million shows up in your bank account as coming from a loan it is not taxable. If it's income you pay taxes. This is a common dodge. Some work various shell companies around to make it all look like a legit loan and some people just say it was without ever having any real proof such as actual loan documents.
gab13by13
(21,379 posts)moniss
(4,274 posts)what's commonly referred to as a "better than arm's length" relationship regarding the transaction. For instance if you own two businesses and from one you only take $1 in pay and you have that business create a loan, zero interest and no repayment for 50 years, to you as owner of the other business in a large amount, say $1 million dollars, and you only claim a paycheck of $1 from that second business while you pay no taxes on the "loan" amount. Won't fly with the IRS. You are in control over both entities and all transactions.
If you had an independent board of directors for a publicly traded company could they legally approve a "loan" of some amount to a company officer? Yes under certain circumstances and there would still be the fiduciary responsibility to the stockholders to contend with. They would have to show the loan had a proper legal purpose and had no negative impact to the shareholders. That is a very general example and the details are what will always be the deciding factors as to legality/proper fiduciary conduct.
If you are a bunch of family members intertwined in various businesses etc. it gets really iffy about being able to have that "distance between interests and control" that it's all about.
GreenWave
(6,763 posts)ariadne0614
(1,733 posts)gab13by13
(21,379 posts)He investigated the investigation into Hillary's email server.
He investigated Peter Strzok and Lisa Page's investigation into the Russian interference in the 2016 election
He appears to be keen on investigating people who investigated Trump.
BumRushDaShow
(129,310 posts)not DOJ.
gab13by13
(21,379 posts)Horowitz is DOJ Inspector General. We only have an acting IRS Inspector General right now.
Ocelot II
(115,806 posts)Faux pas
(14,687 posts)with no surprise there is no scam he won't try.
MotownPgh
(84 posts)onecaliberal
(32,882 posts)Miguelito Loveless
(4,468 posts)without a lawsuit? It has been known for months.
republianmushroom
(13,653 posts)Ocelot II
(115,806 posts)GOP in particular doesn't want to fund that agency any more than it has to. The result of IRS understaffing is that it investigates only the cases it has the resources to investigate, which means that rich people with a lot of lawyers don't get investigated, or even audited. It's much quicker and easier to collect back taxes from a whole bunch of poor folks who didn't or couldn't pay their taxes on time than it is to take on a protracted battle with one rich asshole who can afford to fight back.
FakeNoose
(32,706 posts)He's claiming the write-off for the years 2015 to 2023, but he was only "president" for 4 of those years.
It started before and continued after his so-called "immunity" years.
Grins
(7,226 posts)New York and Chicago papers covered it, as well as financial pubs.
And only now the government is getting involved? Where was the DoJ, Treasury, and the IRS?
Wonder Why
(3,231 posts)BumRushDaShow
(129,310 posts)Blue Owl
(50,482 posts)bucolic_frolic
(43,249 posts)Swede
(33,271 posts)I believe this was quoted on another thread on DU today, for a different infraction Trump is accused of. Must be a day that ends with the letter Y.