Lawyers representing former President Donald Trump have filed an appeal seeking to either reduce or dismiss the $454 million judgment levied earlier this year in the New York City-based civil fraud case related to the valuations of his real estate assets.
The New York Times reported the Trump team’s appeal to the First Department of the State Supreme Court’s Appellate Division against the judgment passed down by Judge Arthur Engoron argued that many of the transactions cited in the case occurred years before the statute of limitations for violations had expired. The appeal also stated Engoron’s fine was excessive and miscalculated the transaction profits cited in the case.
“There were no victims and no losses,” the appeal stated, noting that Trump’s business partners “raved internally about their business with him and were eager for more.”
A statement issued by the office of New York Attorney General Letitia James was dismissive of the appeal.
“We won this case based on the facts and the law, and we are confident we will prevail on appeal,” the statement said.
Photo: Gage Skidmore / Flickr Creative Commons
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And he wants to run for President?
So what’s wrong with it?
The judge in this case needs to go to jail. He is despicable and had a covert agenda against Trump.
Anyone who has been involved in real property knows very well that lenders/banks will push the estimated value of any property they are anticipating doing financing on as low as possible to minimize the risk of the loan. That has been their practice for the last 40 plus years that I have been involved in the real property markets. The intresting thing about this situation is that the lenders are not willing to cry foul at all, they made money on the transactions as well as the borrower did. What the hell does that have to do with Donald Trump running for president anyway? I am much more concerned about the activities of the Biden family and their relavence to the law.
This stresses the importance of an Appraisal by a qualified professional appraiser- besides most lenders do not make loans or purchase properties that are in excess of its appraised value
I a real estate agent and we get fined if we are off on measurements
As a real estate agent, I know that measurements are exact. You should know better. Appraisals are An opinion. You can have three appraisers that will come up with three different values for the same property. And as you should know, the lenders have their own appraisers to value the property. I’m surprised you didn’t know that.
ever heard of the word “approximate”..if not hire pro photographer to do a floor plan or Matterport
As a real estate developer, Donald Trump should know that when you fill out a loan applications and sign the document, you are certifying that you are filling out the application with the correct information. There is a clause, just like on tax returns, that makes you subject to perjury under the law for filing false statements. As real estate professionals, we see warnings to buyers on loan applications about mortgage fraud for false information on loan forms.
Also as a real estate developer, Donald Trump should know the approximate size and value of his primary residence which is a condominium. His condo is approximately 10,000 square feet and even in a New York market may be worth around $50 million. On his loan applications where he was showing the condo as one of his assets to back his loans, he is showing the property as 30,000 square feet with an approximate value of $450 million. That is not a small rounding error by someone in the real estate business.
That is intentional misrepresentation of all the facts on this property, and he did the same thing with many of his other properties used as collateral.
People will say that the banks should have had appraisals done on the properties that he used as collateral. However, the banks are not under any obligation to do an appraisal, they can rely on the applicants word because the applicant is certifying under the law that the information is correct. If you or I, or any of our clients used this totally exaggerated method of valuation on a loan application we would certainly be subject to mortgage fraud laws if we were given a loan and the bank came back later and confirmed that the asset valuations were bogus.
Mr. Trumps assertion is that he paid back these loans, no harm no foul. If you you or I did it, and paid the money back, you can bet we would still have big trouble. If a bank robber holds up a bank, and then goes back some time later to return the money, did he actually commit a crime? The state of New York is saying Mr. Trump lied on his loan applications and committed mortgage fraud. It doesn’t have to do with his politics it has to do with bad business. Mr. Trump continues to assert that all of these legal proceeds are politically motivated so that he can use RNC donor money to pay all his legal bills. It will be interesting to see if the IRS will agree with that position if his accountant claims these as political expenses on his next tax return.
You sir, do not know what you are talking about
So true. Others just those choose to look the other way to fit their narrative.
Amen Ted, you are spot on. The rest of the average folks are held to the rules but Crooked Donnie seems to think he’s above the law.
Well what does the “Zestimate” say the value is?!?!