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Buyers tied to Russia, former Soviet republics paid $109 million cash for Trump properties
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Candidate
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| Contributor | RP |
| Last Edited | RP Jun 19, 2018 09:09am |
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| Category | Investigation |
| Author | Anita Kumar |
| News Date | Tuesday, June 19, 2018 10:00:00 AM UTC0:0 |
| Description | Buyers connected to Russia or former Soviet republics made 86 all-cash sales — totaling nearly $109 million — at 10 Trump-branded properties in South Florida and New York City, according to a new analysis shared with McClatchy. Many of them made purchases using shell companies designed to obscure their identities.
“The size and scope of these cash purchases are deeply troubling as they can often signal money laundering activity," said Rep. Adam Schiff of California, the top Democrat on the House Intelligence Committee and a former federal prosecutor. "There have long been credible allegations of money laundering by the Trump Organization which, if true, would pose a real threat to the United States in the event that Russia were able to leverage evidence of illicit financial transactions against the president."
There's nothing illegal about accepting cash for real estate. But transactions that do not involve mortgages — which account for one in four residential purchases in the country — raise red flags for law enforcement officials as it could be a way to commit fraud or launder money. |
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