Finance

Money Laundering Scheme: Sater, Bayrock

President Donald J Trump was involved in a lawsuit dealing with racketeering. Racketeering means to obtain money illegally by offering a dishonest service. It was through President Donald Trumps very own real estate firm. A previous employee, executive Jody Kriss claimed the real estate firm took money from him that he was owed. The principle of one it’s firm Sater, also had a criminal past that was not revealed right away which include previous money laundering schemes. The lawsuit was settled out of court and a consensus was made. This lawsuit took place in 2010 and was filed by Jody Kriss. The developer of the Trump SoHo building in Manhattan agreed to an amount to be settled on in court. Kriss said in many interviews that the reason he left the business was because he believed the company has been making dirty money, the process of making money appear legal. He also has claims of the company not paying there taxes and stealing millions of dollars from him. Kriss would soon backtrack, dropping several of those claims for the the lawsuit. The case would go onto to cover the illegal act of racketeering

It took Kriss a long time in fact several months to settle this lawsuit. However the amount was settled in court on Thursday in New York at federal level. The settlement amount isn’t available for the public to know. Kriss attorney and the other attorneys did not comment after settling in court. Bayrock and it’s two principles Tevfik Arif and Sater are the companies being sued states Kriss was not an ideal employee and in fact at times seemed resentful. Sater rebuts that real estate firm never mention the racketeering allegations from way back in 1998. He was charged with laundering over 40 million dollars in profit. This case also involved families within the Mafia. In fact they were require to pay millions of dollars back to prevent a huge tax liability.

Bayrock has worked with different members of the Trump family for several years. They worked with Trump, Donald Jr and Ivanka. This company was formerly owned by the Mafia. And had been accused of many crimes in the past like mail, wire and bank fraud, tax evasion, bribery and embezzlement as well as the obvious money laundering. They were involved in multiple agreements between the years of 2002 and 2011. Kriss also claimed Sater and Tevfik Arif took advantage of the Trump Organization by not releasing the information on former racketeering charges. The business that has been affected the most from these charges are the Trump SoHo condominium and hotel. Trump claims if his company would of known about the past criminal history with Sater, they would of never agreed to hire them on for the different project. Donald Trump decided it would be best to end his agreement with the real estate firm the owner Trump SoHo Condominiums and Hotel. His hope was to avoid backlash with the median if he cut his ties with this firm.

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