Former President Donald Trump faced a crisis in bank loans for his business operations. The Trump Organization was the company behind “The Apprentice” and the business leaders were clamoring to “win” a competition that would legitimize their careers. Now it’s Trump who needs help to appear trustworthy to anyone who can lend him money and he’s going to some weird places looking for capital.
According to NBC News, Trump Tower was refinanced with a $100 million loan from Axos Financial, an obscure Internet-only bank in San Diego and Las Vegas, New York City financial documents have revealed. According to the documents, the loan was granted just days after an auditor from the Trump Organization left, claiming that none of the financial statements for the past 10 years were reliable.
Trump has filed for bankruptcy six times for five different companies. Despite being a former President of the United States, the banks no longer want to lend to Trump. Axos, however, has stepped up and is no stranger to different types of loans.
Ivanka Trump is accused of providing false information to Deutsche Bank for loans prior to January 2017, the New York attorney general has claimed.
“Axos partnered with non-bank lenders for small business loans that carried extremely high double- and triple-digit effective annual interest rates,” NBC reported, citing loan documents. “The bank has also specialized in loans to foreign nationals, internal documents and the state of its website, and has offered a type of loan that allows borrowers who have paid cash for a property to turn over and to withdraw cash instantly.Such loans can pose money laundering risks, banking analysts say.
They are also embroiled in a lawsuit with two former employees who had questions about how Axos conducted its lending operations. One of them, Jennifer Brear Brinker, worked in the company’s risk management and compliance department. She alleges that Axos intentionally understaffed the compliance team “in an effort to cover up its non-compliance with federal banking regulations” and argues that she was terminated in January 2021 while completing a report highlighting Axos’ shortcomings, including “significant problems in the bank’s anti-money system”. bleaching practices. »
They also face a former auditor in court later this month. Charles Erhart alleges he was fired after he had concerns about loan practices.
New York Times Financial investigative reporter Dean Enrich told MSNBC last year that Trump was under pressure to find money to pay off massive loans coming due after his presidency.
“There are civil, criminal and congressional investigations still looking after years of trying to get Trump’s financial records from Deutsche Bank and, you know, anyone’s guess what that’s going to show,” he said. said Enrich, who wrote Dark Towers: Deutsche Bank, Donald Trump and an epic trail of destruction. “We know that at Deutsche Bank, however, there were employees who raised money laundering concerns both in the Trump and [Jared] Kushner accounts. We still don’t have the full story of what happened there.”
Read the full report on NBC News.