As Donald Trump tries to squeeze out from a $450m fine for overestimating the value of U.S. properties to secure loans, he's getting nailed for the same fraud on the other side of the pond. Trump overvalued properties in Scotland by up to £200m, the Herald reports out of Glasgow, "as part of a scheme to dupe banks and others and borrow more at lower rates."
According to a judge's civil fraud case findings of fact at one point the Trump organisation had valued the 2500-home development at £83,164 when an appraisal it received placed it at less than half that. That put the value of the undeveloped Aberdeen land at £207.9m. …
The Aberdeen case formed part of wider legal action which claims the company lied "by billions" through submitting false financial statements to banks and insurance companies to obtain better rates on loans and insurance coverage.
The New York real estate tycoon escaped having some of his companies dissolved, which could have meant bankruptcy at the end of a civil investigation by the office of the New York Attorney General.
I'm beginning to think this Trump guy might not be on the level.
Previously: Trump files appeal of fraud judgment but fails to post bond
