The scope of the investigation into former President Donald Trump has apparently expanded, according to a new report The Wall Street Journal is promoting as an exclusive.
"New York prosecutors are investigating financial dealings around some of Donald Trump's signature Manhattan properties, extending the known range of the criminal probe of the former president and his company, according to people familiar with the matter. The people said Manhattan prosecutors are examining loans Mr. Trump took out on his flagship Fifth Avenue building, Trump Tower; 40 Wall St., an art deco skyscraper in New York City's Financial District; Trump International Hotel and Tower, a hotel and condominium building at Columbus Circle; and Trump Plaza, an apartment building on Manhattan's East Side," the newspaper reported.
"All of the loans under scrutiny were made to Mr. Trump by subsidiaries of Ladder Capital Corp., a New York City-based real-estate investment trust, the people said. Since 2012, Ladder Capital has lent Mr. Trump more than $280 million for the four Manhattan buildings, according to property records," The Journal reported.
This investigation is being led by Manhattan District Attorney Cyrus Vance, Jr. The former president is also under investigation by New York Attorney General Letitia James.
"While the focus of prosecutors' interest in Mr. Trump's properties and loans isn't known, they could be looking for discrepancies between loan documents and financial information submitted elsewhere by Mr. Trump, such as that on tax returns or submitted to an insurance company, legal experts said. Writing false information on a loan application with the intention of getting financial benefits one isn't entitled to can be a crime under New York law, according to legal experts," the newspaper reported. "In 2014, according to property records, Mr. Trump took out a $15 million loan from Ladder for Trump Plaza, a building with co-op apartments and retail space."
The loan on Trump Tower comes due in 2022.
Read the full report. Subscription required.