Trump and the Trump Organization are accused of 'knowingly and intentionally' filing more than 200 false and misleading valuations of assets.
Donald Trump's Triplex Apartment at Trump Tower, New York, NY
Trump is alleged to have provided multiple false and misleading representations of the retail space he owns next to Trump Tower between 2011 and 2019, including basing valuation on independent evaluations which were never actually carried out. Trump's valuation is also said not to have taken into account the certainty of substantially increased rental expenses.
For example, the valuation anticipated income of the Trump National Golf Club Westchester, in Briarcliff Manor, New York in 2011 was based on the assumption that new members would pay an initiation fee of nearly $200,000 for each of the 67 unsold memberships. However, many new members in that year paid no initiation fee at all and no new member in the previous year paid an initiation fee of more than $50,000.
In 2021, the Trump Organization changed how it valued the club resulting in a new valuation of $27.5 million.
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