Trump Hyped His Wealth to Get Bankers and Investors to Lend Him Money—And He Might've Committed Fraud: Report

Photo: Tasos Katopodis (Getty Images)

The Grand Wizard of the White House is much like the Wizard of Oz; just a little orange colored man behind a financial curtain of falsities.

According to The Washington Post, Trump created a document of lies he titled “Statements of Financial Condition” that he used to borrow money. The problem with this series of documents, which sometimes ran up to 20 pages, was it was full of falsehoods to exaggerate his wealth.

Much like an IG model that Drake talked about on “Emotionless,” Trump would pull the financial equivalent of saving photos on his phones to post later when he was home so that he looked like he was also on the go.

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From the Post:

For instance, Trump’s financial statement for 2011 said he had 55 home lots to sell at his golf course in Southern California. Those lots would sell for $3 million or more, the statement said.

But Trump had only 31 lots zoned and ready for sale at the course, according to city records. He claimed credit for 24 lots — and at least $72 million in future revenue — he didn’t have.

He also claimed his Virginia vineyard had 2,000 acres, when it really has about 1,200. He said Trump Tower has 68 stories. It has 58.

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But this Trumpian form of bragging (which is just another way of saying lying) is being looked at by investigators on Capitol Hill as well as New York to see if his “Mythical book of fictional finances” has crossed over into fraud.

Also from The Post:

The statements are at the center of at least two of the inquiries that continue to follow Trump, unaffected by the end of special counsel Robert S. Mueller III’s investigation. On Wednesday, the House Committee on Oversight and Reform said it had requested 10 years of these statements from Trump’s accounting firm, Mazars USA.

And earlier this month, the New York state Department of Financial Services subpoenaed records from Trump’s longtime insurer, Aon. A person familiar with that subpoena, who spoke on the condition of anonymity to describe an ongoing investigation, said “a key component” was questions about whether Trump had given Aon these documents in an effort to lower his insurance premiums.

Both inquiries stemmed from testimony last month by Trump’s former lawyer Michael Cohen, who told Congress that Trump had used these statements to inflate his wealth — and then sent them to his lenders and his insurers.

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“Mr. Trump is a cheat,” Cohen told Congress, adding that Trump used these statements in an attempt to secure a loan from the banks of the Russian oligarchs, Deutsche Bank, when he was attempting to buy the NFL’s Buffalo Bills.

Deutsche Bank and another Trump lender have received subpoenas from the New York State attorney general, the Post reports.

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The White House and the Trump Organization, which is run by Trump’s sons Worthless Jr. and “Fuck is this kid’s name?”, declined the Post’s request for comment.

Trump didn’t just inflate his assets by adding floors to his buildings or multiplying rents until he got a number he liked, he also left off liabilities to make himself appear more attractive to lenders.

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In 2012, Trump used the accounting firm Mazars to compile his “Statements of Financial Condition,” which included a warning that they’d not reviewed or audited any of the bullshit that was listed in the pages to follow. This included the omission of two of Trump’s major hotels, in Chicago and Las Vegas, both which were carrying mortgages.

Legal experts who spoke with the Post believe that the loose language added by the accounting firm serves as a disclaimer that might make it harder for Trump to be charged with fraud even if the pursuing documents were false.

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Trump has always been the kid propped up by his father’s money who wants everyone to believe he’s earned it himself, including the banks. The reality is Trump is a low-level con man who has always lived his life behind a curtain of lies.

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About the author

Stephen A. Crockett Jr.

Senior Editor @ The Root, boxes outside my weight class, when they go low, you go lower.