Thursday, October 11, 2018

Trump committed 'outright fraud'

The New York Times spent months amassing 100-thousand pages of mostly financial documents and examined them for a portrait of how Trump built his personal fortune. Most of the documents relate to Trump's father Fred, who had become one of the wealthiest real estate developers in the U.S. by the time of his death in 1999.

Before his father's death roughly twenty years later, Trump and his two siblings helped him funnel his wealth to them through a series of shell companies, thereby evading hundreds of millions of dollars in taxes.
According to The New York Times, Donald Trump received at least $413 million from his father over the decades.The story Trump told on the campaign trail, many times, was about how he received only a "small" $US1 million loan from his dad to build his business - and one Fred Trump made him pay back.

"It has not been easy for me," he said. The Times reports that the senior Trump loaned his son $60.7m at least, most of which was never repaid.