CNS News–In a recent development, former President Donald Trump has launched a defense against claims that surfaced after a special monitor’s report hinted at possible tax evasion practices involving a contentious $48 million loan. The report, authored by former federal judge Barbara Jones who is overseeing the Trump Organization fraud case, raised questions about the existence of the loan, suggesting it might have been a scheme to dodge income taxes.
Jones, in her correspondence to Manhattan Supreme Court Justice Arthur Engoron, revealed inconsistencies regarding the loan purportedly between Donald J. Trump and Chicago Unit Acquisition. Initially described as a genuine financial transaction, the Trump Organization later contended that the loan was nonexistent.
This revelation, first reported by The Daily Beast, implies potential tax evasion, a serious allegation that tax lawyer Martin Lobel believes could have substantial legal implications. In response, Trump’s legal team contested Jones’ findings, dismissing them as baseless and questioning her competence.
Clifford S. Robert, one of Trump’s attorneys, criticized the monitor’s approach, suggesting that Jones was exploiting her position for financial gain, having amassed $2.6 million in fees. Another Trump counsel, Christopher Kise, labeled the report as unfounded, arguing that it failed to identify any actual fraud or financial misconduct.
The Trump Organization, maintaining its stance, asserted the loan’s validity, providing documentation to indicate that no outstanding liabilities remained under the loan. Despite the legal team’s efforts to clarify the situation, the debate over the loan’s existence and its implications for Trump’s tax obligations continues to unfold.