New York investigation: Trump Organization set deadline on Monday to persuade New York prosecutor not to press charges
New York prosecutors on Monday gave Donald Trump and his Trump organization a deadline to present final arguments on why the company should avoid criminal prosecution, the latest major step in the criminal investigation of large-scale on the financial transactions of the former president.
Officials from the Manhattan District Attorney’s Office informed the Trump Organization earlier this week that they were considering filing criminal charges against the company for allegedly mismanaging “employee benefits,” benefits such as leases. car, apartments and tuition handed over to senior executives, reported The New York Times. The independent contacted the Trump Organization for comment.
If the prosecutor’s office, which is jointly investigating the former president’s business empire with the New York attorney general’s office, follows through on the charges, it could spell disaster for Mr. Trump’s results. It would likely trigger a financial spiral ending in bankruptcy, according to Daniel Goldman, a lawyer who worked on Trump’s two impeachments.
“It’s interesting and not surprising that they approach the Trump Organization to tell them that they are considering indicting them, as it would almost be a fatal blow to the Trump Organization,” Goldman told MSNBC.
“Every bank would call back their loans if the Trump Organization was indicted. No bank will do business with an impeached company. It is impossible for the Trump Organization to have enough capital to repay all of its loans. They would indeed be in default on all of their loans and would almost certainly have to go bankrupt as well. “
Earlier this year, Manhattan DA Cyrus Vance, Jr., summoned a grand jury in Manhattan to consider the charges in the investigation, though none have yet been filed.
The investigation, which the former president has repeatedly called a politically motivated “witch hunt”, has been going on for three years and explores a series of questions. Chief among them are whether Mr. Trump manipulated the value of his assets to obtain favorable loans and insurance terms, and whether he broke laws providing for covert payments during the presidential campaign of 2016 to women claiming to have had relations with him.
Michael Cohen, his former lawyer and fixer, has previously been convicted of secret money payments and is cooperating with the prosecutor’s office. Prosecutors also went to the Supreme Court and obtained Mr. Trump’s personal and business tax returns.
The company denied any wrongdoing.
“In my more than 50 years of practice, I had never seen an attorney’s office target a company on employee compensation or benefits,” said Ronald P Fischetti, personal counsel for Mr. Trump. Time Friday. “It is ridiculous and outrageous.”
“It started the day I got off the Trump Tower escalator, and it never stopped,” Mr. Trump said of the investigations last month in a press release.
The focus on benefits is likely an attempt to pressure Allen Weisselberg, a senior executive in the Trump organization responsible for the company’s finances, in an attempt to gain his cooperation in the investigation.