Former federal judge Barbara Jones, the court-appointed monitor in Trump’s fraud case in New York, notified Manhattan Supreme Court Justice Arthur Engoron about Trump’s incomplete” or “inconsistent” disclosures containing “errors,” The Daily Beast and The Messanger reported.
Jones’s letter to the Judge
In the 12-page letter, Jones described Trump’s company as “cooperative,” but what raised eyebrows was buried in a sixth footnote. According to The Daily Beast, experts alleged that “Trump lied knowingly and repeatedly on his federal financial disclosures about a major loan that never existed—and may have evaded taxes on $48 million in income.”
$48 million
Jones writes about Trump’s LLC, “When I inquired about this loan, I was informed that there are no loan agreements that memorialize the loan, but that it was a loan that was believed to be between Donald J. Trump, individually, and Chicago Unit Acquisition for $48 million. However, in recent discussions with the Trump Organization, it indicated that it has determined that this loan never existed.”
Finding errors
“I have identified certain deficiencies in the financial information that I have reviewed, including disclosures that are either incomplete, present results inconsistently, and/or contain errors.” Jones writes, adding, “information required to be submitted to me pursuant to the terms of the monitorship order and review protocol has, at times, been lacking in completeness and timeliness.”
Missing steps?
“Absent steps to address the items above, my observations suggest misstatements and errors may continue to occur, which could result in incorrect or inaccurate reporting of financial information to third parties,” Jones wrote, concluding, “I am not in a position to conclude whether the fraudulent activity occurred.”
Trump’s counsel denies inconsistencies
The Trump Organization’s chief legal counsel, Alan Garten told The Daily Beast, “That’s one of many inaccuracies contained in the monitor’s letter, which we will address with the court.” Garten said the loan existed, but it was “an internal loan” where Trump leaned “money to the entity that he owns.”
Breaking the law?
Jordan Libowitz, director at Citizens for Responsibility and Ethics, talked to the Daily Beast and stated, “While the reasons behind claiming this fake loan are still unknown, at the very least, he misled the government for years about his finances.” He added, “It appears that Trump knowingly and intentionally broke the law. The only question is how many laws.”
Rumors from 2019
The Daily Beast reminded of the 2019 analysis by Mother Jones’ Russ Choma, which said that “Trump may have committed tax fraud by fabricating the loan, making it look like his LLC still owned a debt that had in reality been fully forgiven. That would have allowed Trump to duck taxes on $48 million of canceled debt, a rate which could run up to 39 percent.”
Tax lawyer weighs in
Martin Lobel, a Washington, D.C. tax lawyer who also spoke to Mother Jones’s Choma for the 2019 report, now revealed to The Daily Beast, “It would appear, assuming Judge Jones’ letter is accurate, that this amounts to tax evasion.” He added, “This explains why the Republicans have been so intent on cutting the IRS’s budget.”
Former IRS agent speaks up
Martin Sheil, a former IRS special criminal investigative agent, called the latest reporting “shady” and “funky,” adding, “The fact that Jones, as a court-appointed monitor, officially references the transaction as a $48 million loan that never existed, should raise eyebrows.”
Sheil blasted GOP
Sheil also blasted GOP’s efforts to “defund the IRS,” adding, “When it comes to financial fraud, the Trumpster always points his fingers at someone else with regard to responsibility.”
Blaming game
The ex-IRS agent added Trump will “blame his accountants or his lawyers or anyone but himself with regard to financial irregularities.”
What’s next?
Sheil told the outlet, “Documents don’t lie, but people do.” The fact that Mother Jones reported, in 2019, the same number as a court appointee, is highly unusual. Judge Engoron’s ruling is expected any day now. In the meantime, read the full report on Daily Beast.
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