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Before becoming his first daughter, Ivanka Trump, among other family members within the Trump Organization, cheated investors and buyers of real estate and often took advantage of the transactions made, according to a new report d & # 39; investigation.
At press conferences and interviews, Ivanka Trump overestimated the sales figures of the Trump Organization properties in Panama, in the SoHo neighborhood in Toronto and New York, and suggested that she was developing a project in Baja, Mexico, according to a survey report released Wednesday by ProPublica and WNYC. .
"These statements are not just Trump's legendary hype; they misled potential buyers about the viability of developments, "the report says.
In Panama, the Trumps participated in the construction of the Trump Ocean Club tower and hotel complex, and Donald Trump entrusted his daughter, then aged 20, with a leading role in facilitate it.
In an interview granted in November 2008, Ivanka Trump is touted to have sold 40 units to Panama the previous month. "It's a building of 1,000 units. We sold more than 90%, "she said, adding that the units had a bonus of 500% compared to everything the luxury market had experienced prior to our entry.
Three months later, Moody's reported that only 79% of the units had been sold. Data filed with the Panamanian Securities Authority showed that the units accounted for about 130% premium, rather than 500%, on comparable luxury buildings.
Ivanka Trump also concealed the fact that ratings for Trump Ocean Club bonds fell in February 2009, according to the report.
"Given the global recession, the fact that sales remain robust reflects the product, the brand and Panama," she told the Latin Business Chronicle. "Our main problem is the lack of inventory. We have more than a small percentage of the building.
Trump Ocean Club opened in July 2011, almost a year late due to construction delays and cost overruns. Ivanka Trump is said to have chosen the design finishes and is looking for the "sky lobby".
In 2008, she claimed to be involved in "all aspects" of the new construction projects of the Trump Organization.
"[A] A big part of what I do is to participate in the acquisition process, from looking for potential opportunities to the initial due diligence process. sales and marketing and ultimately through operations, "she said.
Trump Ocean Club went bankrupt and Trump's name was ousted from the property.
With Trumps' SoHo Tower, Ivanka Trump told reporters in June 2008 that 60% of the units had been sold, while the figure was really 15%, according to an affidavit filed by a partner. The Manhattan District Attorney's Office investigated any possible charges of crime-related fraud, but ultimately decided not to prosecute them after the visit of Donald Trump's personal attorney, Marc Kasowitz, told AFP. indicated the report. Kasowitz was a donor of Manhattan District lawyer Cyrus Vance, who denied being influenced by this fact.
According to the report, Ivanka Trump would also have misled the parties involved in a Toronto property, claiming that it was "practically exhausted", while only 24.8% of the units had been sold, declared a bankruptcy filing. 2016 dating from 2016.
Like the Trump Ocean Club, the SoHo and Toronto projects were built, declared bankrupt and got rid of the Trump name.
In the Baja project, Ivanka Trump, at a sales event held in 2007, said the Trump organization was a developer and reportedly tried to take advantage of a unit that she had bought to attract other buyers.
"Personally, I'm very excited about it. I actually chose to buy a unit in the first round, "she said in a promotional video. But, according to the report, she paid less than half of the 30% deposit that other investors paid.
The Trump organization did not immediately respond to a request for comments from Newsweek Wednesday.
As the first daughter and senior counselor at the White House, Ivanka Trump continued to face problems related to her past activities. The financial disclosure forms published in June showed that she and her husband, Jared Kushner, over the last year, have gotten rich but also have more debt.
In July, Ivanka Trump closed the fashionable brand, apparently frustrated by the restrictions she had to impose on the company to avoid any apparent conflict of interest with her position in the government.
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