Two of the president’s sons, Donald Trump Jr. and Eric Trump, are making miliions by investing in a tiny bank hidden on a high floor of the Trump Tower, according to a Bloomberg report.
The bank, Dominari Holdings Inc., is headquartered on the 22nd floor of the New York City building. Three years ago, it was developing cancer therapies — today, however, they have pivoted to finance and are “stockpiling Bitcoin.”
According to Bloomberg, Dominari has “shifted priorities and tribulations” for years, but it went unnoticed until Donald Trump Jr. and Eric Trump joined their board of advisors.
Following the announcement of their involvement, Dominari shares went up more than 80%.
Their investment is part of a “lucrative pattern.” The outlet alleges the two join “a small, sometimes unprofitable company, announcing an advisory role, and watching the value of their shares pop.”
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The outlet believes this investment stands out because “one of the company’s most senior executives has a history of customer claims against him.”
In a now-settled complaint, a Dominari senior executive was accused of committing “‘Boiler Room’ style business practices with an earlier employer. It's unknown how that claim was settled.
According to the outlet, Dominari currently underwrites penny stocks, many of which are based out of Hong Kong or China.
Nearly three-quarters of these penny stocks “ lost almost all of their value in less than a year of hitting public markets.”
One of the few companies Dominari underwrote which didn't crash is the drone company Unusual Machines. Don Jr. is invested in Unusual Machines. “In response to scrutiny of his corporate roles, Trump Jr. has said that he has spent his entire adult life as a businessman,” Bloomberg wrote.
SomeBrett Maas, a spokesman for Dominari, told Bloomberg none of the company’s advisers have sold any shares, and that the firm remained committed to “its long-term growth strategy.”
Three other Trump Organization executives also hold Dominari shares.
The Trump Organization did not respond to a request for comment.