Indictment Details $18 Million Spending Spree By Paul Manafort
Indictment Details $18 Million Spending Spree By Paul Manafort
This is the NYC property Paul Manafort listed on Airbnb
31 October, 2017, 18:17
WASHINGTON ― Monday's indictment of former Trump campaign manager Paul Manafort in the investigation of possible collusion with Russian Federation in last year's election revealed an alleged money-laundering scheme with former business associate Rick Gates that transferred more than $75 million. "Anywhere else in the world, $6 million in home improvements would be awfully suspicious".
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But the indictment did say that when Manafort applied for a mortgage on the condo, he falsely reported to the bank that it was a secondary home used by his daughter and son-in-law rather than a rental property, since the bank would grant a greater loan amount for an owner-occupied unit.
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Then, Manafort relied on those hidden offshore to purchase properties, and borrowed on the the properties 'to enjoy a lavish lifestyle in the United States, without paying taxes on that income'.
Prosecutors state that if Manafort is convicted, he will have to forfeit property in Brooklyn, Arlington Virginia, and two other NY properties, as well as his life insurance policy.
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For his Howard Street condo, Manafort used the property as an income-generating rental from at least January 2015 though January 2016, renting it out through Airbnb, among other places, for thousands of dollars a week.
He obtained a loan of $5 million in 2015, after promising that roughly $1.4 million would be used exclusively for the home's construction.
In Brooklyn, Mr. Manafort obtained a $5 million construction loan in order to convert the multi-family townhouse into a single-home dwelling.
The most luxurious home subject to forfeiture is a 2.4-acre estate in Water Mill, New York. It would also require the New York Department of State to create and maintain a publicly accessible database of registered LLCs and their owners. Both pleaded not guilty at initial appearances Monday in Washington. However, according to the indictment, he did not use the funds from that loan for repairs to the brownstone; instead, he used them to pay off debts on other properties, a violation of the terms of the loan. He bought the property with a glass-covered pool and one-bedroom guest house, for $1.5 million in 2007, property records show.
Manafort is accused of spending $1.3 million on the lighting and home entertainment systems at another home in Palm Springs; $1.3 million on antique rugs in northern Virginia, and another $1.3 million on men's clothing in Manhattan and Beverly Hills.
An unspecified Florida contractor received about $432,000 in wire transfers from Manafort-linked companies from 2011 to 2013, and a Florida art gallery was paid about $31,900 in two transfers made in the same time period. If convicted on certain charges, Manafort would forfeit his Soho condo, among other properties, to the federal government.
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