A CNN Special Report by Erin Burnett exposed some stunning deceptive practices employed by the Trump family in their real estate dealings. Some of the deceptive statements the Trumps used to lure in real estate investors are borderline criminal fraud. According to the CNN Special Report, the Trump family essentially embarked on real estate projects worldwide and then made false media pronouncements that their properties were sold out in an effort to lure in investors. Non-suspecting investors then pumped money into what they believed were very profitable Trump properties only to be hit by bankruptcy notices resulting in severe losses. The full CNN Special Report titled “The Trump Family Business” is available here but the relevant clip is below
In 2009 Ivanka Trump for example told CBS regarding the Trump Tower Toronto project, “We have projects all over the world that are incredibly successful and that are virtually sold out…from Hawaii to Toronto to Istanbul.” However according to Erin Burnett, bankruptcy papers filed for the Toronto project years later totally contradicted Ivanka’s statement to CBS. Turns out a whopping 75% of the “sold out” Toronto building remained unoccupied.
Similar shocking deceptive practices were also employed at Trump’s SOHO project where Ivanka told reporters in 2008 that 60% of the units had been sold. It later turned out upon further inspection that contrary to Ivanka’s assertion, only 15% of the units had been sold. Even more troubling about the SOHO project is the fact that there were email exchanges between Ivanka and Trump’s eldest son Don Jr showing that the two were willfully lying to investors about the occupancy rates at Trump SOHO. This apparently led to a lawsuit which the Trump family settled with the terms remaining secret.
Bottom line as Erin Burnett’s Special Report points out, a lot of these real estate investors who were lured into investing based on gross misrepresentations by the Trumps, ended up losing large sums of money. These were not just harmless sales gimmicks employed by the Trumps. Even though it is unlikely that any criminal prosecution could be initiated against Trump’s adult children(statute of limitations), the only decent cause of action for them given their current status in society(Presidential children) would be to make a public apology to the investors who got crushed by their deceptive trade practices.
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