70 Percent Of Buyers At Trump Buildings Were Shell Companies Over Last 12 Months
Bombshell New Report Exposes How Trump Is Raking In Massive Money From Shell Corporations.
According to a new report by USA Today, Donald Trump is raking in massive amounts of money from secret shell corporations that are buying properties from him.
The report notes that since Trump won the Republican nomination there has been a dramatic increase in the proportion of secretive shell corporations that are purchasing properties in Trump buildings.
“Over the last 12 months, about 70% of buyers of Trump properties were limited liability companies – corporate entities that allow people to purchase property without revealing all of the owners’ names. That compares with about 4% of buyers in the two years before,” The USA Today reported.
As The USA Today points out, the reasons buyers use shell companies would be to “illegally hide assets, shield profits from taxation and launder drug money or funds embezzled from a foreign company or government. Even when LLCs are used legally, they can hide the identities of the buyers.”
The profits from the sales of Trump owned properties is passed through the trust that Trump’s sons manage.
The USA Today goes on saying, “The increasing share of opaque buyers comes at a time when federal investigators, members of Congress and ethics watchdogs are asking questions about Trump’s sales and customers in the U.S. and around the world.”
The news that Donald Trump is profiting from murky real estate sales to shell corporations that obscure the identity of the purchasers comes as the Attorneys General of Maryland and Washington DC announced Monday that they are filing an Emoluments lawsuit against Donald Trump.
The article also makes clear that the dramatic increase in LLCs and shell companies buying Trump properties is completely unique to properties owned by Trump. In other Trump branded buildings where Donald Trump does not own the property, there has not been an increase in shell corporations purchasing properties.
“Condos owned by others in the same buildings, and sold during the same time period, were bought by LLCs in no more than 20% of the transactions. In some areas, the share was far less,” the report notes.
You can read the full USA Today report here.
