On Wednesday, former federal prosecutor Joyce Vance argued that the inconsistencies in Trump’s tax information resemble outright “bank fraud,” and must be subject to further investigation:
No surprise that Trump’s NY state tax filings are inconsistent with bank loan applications. Perhaps there’s an explanation but it looks like either bank fraud or tax fraud & at a minimum, merits further investigation. https://t.co/czxdpNjrvA
— Joyce Alene (@JoyceWhiteVance) October 16, 2019
Vance’s comments came in response to a new investigation by ProPublica which revealed Trump’s businesses effectively gave two different sets of profit numbers to banks and to tax officials — the former set showing high profits to secure good interest rates, the latter showing lower profits to reduce tax liability. Experts have suggested this is a major red flag for financial misconduct.