Anatomy of a scam. That's what anyone who's unbiased would call the New York State case against Trump for allegedly "defrauding" his lenders by understating the value of his properties used as collateral to obtain business loans. Keep in mind, not one bank loan was ever "defaulted" on. Not one loan repayment was missed. Lenders didn't lose one penny writing loans to any Trump entity.
So the honest and logical question is: Where's the "fraud"? New York State Law defines it as this:
(from People of State of New York v Donald Trump)
pp2
Executive Law Section 63(12)
"In Laws of 1965, Chapter 666, the definitions of the words “fraud” and “fraudulent” were expanded to include “any device, scheme or artifice to defraud and any deception, misrepresentation, concealment, false pretense
[sic], false promise or unconscionable contractual provisions.”
So according to the Laws of New York State, Trump is guilty of "making false promises or unconscionable contractual provisions" in his loan deals.
Again folks...
HE PAID BACK EVERY PENNY HE OWED AND NOT ONE BANK LOST A DIME LENDING TO HIM!
OK fine. So then one naturally asks...why was he convicted of fraud and ordered to pay over 300 million in damages? Good question. The answer comes down to how the plaintiff in this case (New York AG Leticia James) believes Trump didn't pay enough
in interest rates on his loans. No joke, that's her case! She claims by him undervaluing the properties he used as collateral to obtain the loans, he defrauded his lenders money they otherwise would have realized had he valued the properties at higher amounts thus allowing them to charge larger amounts for interest. 😲
Wait...it gets better, and I'll show you how in other posts. However I just wanted to set the stage for this scam, so you'll better understand how absolutely maniacal these Lawfare Leftists are trying to get Trump no matter what.
more later....
*editor's note (I spent three hours Saturday evening following the basketball drubbing v Baylor reading the entire complaint and summary judgement. I'll be quoting extensively from that in my subsequent posts making the point what a scam this whole trial was. For those interested, you can read a copy of the complaint/order here)
New York fraud ruling