Nick Penzenstadler, Steve Reilly, and John Kelly, reporting for USA Today:
Since President Trump won the Republican nomination, the majority
of his companies’ real estate sales are to secretive shell
companies that obscure the buyers’ identities, a USA TODAY
investigation has found.
Over the last 12 months, about 70% of buyers of Trump properties
were limited liability companies — corporate entities that
allow people to purchase property without revealing all of the
owners’ names. That compares with about 4% of buyers in the two
From 4 percent to 70 percent.
The clear post-nomination shift since last year to more
shell-company purchases is unique to sales by Trump’s companies,
even in his own towers and neighborhoods. Condos owned by others
in the same buildings, and sold during the same time period, were
bought by LLCs in no more than 20% of the transactions. In some
areas, the share was far less.
David Frum, on Twitter:
Nobody’s calling it money laundering! But if you — purely
hypothetically — were money laundering via US real estate, this
is how you’d do it.
★ Tuesday, 13 June 2017