DA Vance subpoenas NYC tax agency in Trump Org criminal probe

Discrepancies in property values could lead to fraud charge

New York /
Feb.February 22, 2021 10:30 AM
Donald Trump, Manhattan District Attorney Cy Vance and Trump Tower in New York (Photos via Getty, Wikipedia Commons)

Donald Trump, Manhattan District Attorney Cy Vance and Trump Tower in New York (Photos via Getty, Wikipedia Commons)

Manhattan District Attorney Cy Vance’s investigation into the Trump Organization may be ramping up.

Vance’s office subpoenaed the New York City Tax Commission, which reviews property tax assessments, as part of its criminal investigation into former President Donald Trump’s company, Reuters reported.

The subpoena would likely force the agency to provide Vance’s office with documents the Trump Organization filed with the agency in an effort to lower tax assessments for its portfolio, including Trump Tower and Trump Plaza.

The action suggests that Vance may be looking at the values assigned to the company’s commercial properties and whether there were any instances of fraud or falsification of records.

Vance, who declined to comment on the subpoena, hasn’t disclosed the focus of the investigation.

Daniel J. Horwitz, a white-collar defense lawyer, told Reuters that if Trump claimed a substantially lower value for a property in its tax filings than it did in documents it submitted to creditors, the discrepancy could help back up a fraud charge.

Vance subpoenaed at least two creditors — Deutsche Ban and Ladder Capital — that helped finance Trump’s real estate holdings.

The Manhattan DA scored another win against the former president today: The Supreme Court rejected Trump’s efforts to shield his tax returns from Vance, effectively ending the legal battle over his financial records. Vance responded to the news with three words, according to the Washington Post: “The work continues.”

New York State Attorney General Letitia James is leading a separate civil probe into whether Trump’s company falsely reported property values to secure loans and obtain economic and tax benefits. [Reuters] — Akiko Matsuda






    Related Articles

    arrow_forward_ios
    Terranova founder Stephen Bittel and Cineworld CEO Mooky Greidinger with Shadowood Square (Getty, Google Maps, Terranova, iStock)
    Terranova wins suit against Regal Cinemas over $807K in unpaid rent at Boca Raton shopping center
    Terranova wins suit against Regal Cinemas over $807K in unpaid rent at Boca Raton shopping center
    Matthias Krull (Linkedin, iStock, US District Court - Sourthern District of Florida/Illustration by Alexis Manrodt for The Real Deal)
    Swiss banker’s sentence slashed in alleged $1B Venezuelan money laundering scheme
    Swiss banker’s sentence slashed in alleged $1B Venezuelan money laundering scheme
    Rafael Serrano and 3098 Alton Road (Google Maps)
    Miami Beach takes a nearly $500K hit to settle lawsuit tied to short-term rental
    Miami Beach takes a nearly $500K hit to settle lawsuit tied to short-term rental
    Gil Dezer (Photos by Sonya Revell)
    The Closing: Gil Dezer
    The Closing: Gil Dezer
    Royal Palm Business Plaza at 9200 Belvedere Road in Royal Palm Beach (Google Maps, US District Court Southern District of Florida/Illustration by Alexis Manrodt for The Real Deal)
    Joseph Walsh hit with $26M judgment over alleged Royal Palm Beach EB-5 fraud
    Joseph Walsh hit with $26M judgment over alleged Royal Palm Beach EB-5 fraud
    Brad Parscale and 2319 Desota Drive (Getty, Google Maps)
    Brad Parscale, ex-Trump campaign manager, sells Fort Lauderdale home
    Brad Parscale, ex-Trump campaign manager, sells Fort Lauderdale home
    Simon and David Reuben with One Thousand Museum (Getty, iStock)
    Reuben Brothers seeks to foreclose on Zaha Hadid-designed One Thousand Museum
    Reuben Brothers seeks to foreclose on Zaha Hadid-designed One Thousand Museum
    BH3 co-founders Daniel Lebensohn and Greg Freedman (BH3, iStock)
    Legal battle erupts over BH3’s public-private Delray Beach project inside Opportunity Zone
    Legal battle erupts over BH3’s public-private Delray Beach project inside Opportunity Zone
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...