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Trump Under Investigation for Bank and Insurance Fraud

Summary:
The Manhattan district attorney’s office suggested on Monday that it had been investigating President Trump and his company for possible bank and insurance fraud, a significantly broader inquiry than the prosecutors have acknowledged in the past. In the new filing, the prosecutors did not explicitly identify the matters under scrutiny in the grand jury inquiry, which by law is conducted in secret. But they said that “undisputed” assertions in earlier court papers and several news reports about Mr. Trump’s business practices showed that the office had a wide legal basis for the subpoena. The prosecutors cited newspaper reports, including one that concluded the president may have illegally inflated his net worth and the value of his properties to lenders and insurers. They also included an

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The Manhattan district attorney’s office suggested on Monday that it had been investigating President Trump and his company for possible bank and insurance fraud, a significantly broader inquiry than the prosecutors have acknowledged in the past.

In the new filing, the prosecutors did not explicitly identify the matters under scrutiny in the grand jury inquiry, which by law is conducted in secret. But they said that “undisputed” assertions in earlier court papers and several news reports about Mr. Trump’s business practices showed that the office had a wide legal basis for the subpoena.

The prosecutors cited newspaper reports, including one that concluded the president may have illegally inflated his net worth and the value of his properties to lenders and insurers. They also included an article on the congressional testimony of his former lawyer and fixer, Michael D. Cohen, who told lawmakers last year that the president had committed insurance fraud. Lawyers for the president have denied wrongdoing.

Rebecca Roiphe, a former assistant district attorney in Manhattan who now teaches at New York Law School, said Mr. Vance’s decision to cite public accusations of wrongdoing allowed his office to defend its subpoena without revealing the actual focus of its investigation.

If Mr. Vance succeeds in eventually obtaining Mr. Trump’s records, they are unlikely to become public anytime soon because they will be shielded by grand jury secrecy rules. The records might only emerge later if criminal charges are brought and the records are introduced in a trial.

That last paragraph is key. We will not know much until after the election. 

Meanwhile, Trump will likely start Tweeting "Witch Hunt" every other day for weeks instead of "Law and Order".

Mike Shedlock
Mike Shedlock (Mish) is a registered investment advisor representative for SitkaPacific Capital Management (http://www.sitkapacific.com/). Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

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