NEW YORK: The Manhattan District Attorney’s Office has subpoenaed a New York City property tax agency as part of a criminal investigation into Donald Trump’s company, the agency confirmed on Friday, suggesting prosecutors are examining the former president’s efforts to reduce his commercial real-estate taxes for possible evidence of fraud.
The subpoena issued to the New York City Tax Commission is the latest indication that Manhattan District Attorney Cy Vance Jr. is looking at the values Trump assigned to some commercial properties in tax filings and loan documents.
Along with information already subpoenaed from creditors, the tax agency documents would help investigators determine whether Trump’s business inflated the value of his properties to secure favorable terms on loans while deflating those values to lower tax bills for those same properties.
New York City Tax Commission President Frances Henn confirmed the subpoena in response to an inquiry from Reuters.
The subpoena likely would compel the agency to provide detailed income and expense statements the Trump Organization would have filed as part of an effort to lower tax assessments on some of its commercial properties, according to people familiar with the commission’s operations. Trump’s holdings include Trump Tower and Trump Plaza.
Those filings typically would include valuations submitted by the company to challenge the market values assigned to Trump’s property by the city’s tax assessors, they added.
Subpoenas also have been issued to at least two creditors that helped finance Trump’s real-estate holdings, Deutsche Bank AG and Ladder Capital Finance LLC, Reuters has previously reported.
Vance’s office declined to comment on the tax commission subpoena. Deutsche Bank also declined to comment. Ladder Capital did not respond to a request for comment. A representative for Trump and a lawyer for the Trump Organization also did not respond to requests for comment.
Vance has not commented specifically on the focus of his investigation but noted in court filings that his office is exploring “possibly extensive and protracted criminal conduct” at the Trump Organization, including possible falsification of records as well as insurance and tax fraud.
Vance’s investigation is the only known criminal probe of Trump’s real-estate business. New York State Attorney General Letitia James is leading a separate civil probe into whether Trump’s company falsely reported property values to secure loans and obtain economic and tax benefits.
The tax commission is New York City’s forum for adjudicating appeals of tax assessments set by the city’s Department of Finance, which manages property tax bills and collections. A spokeswoman for the New York City mayor’s office said the department had not been subpoenaed.
The tax assessments are based on a property’s market value, as determined by the department, so challenges require detailed documentation to show that the assigned value is not accurate, including revenue and occupancy data.
If Trump’s business claimed a substantially lower value for a property in its tax filings than it did in documents it submitted to creditors, the discrepancy could help back up a fraud charge, according to Daniel J. Horwitz, a white-collar defense lawyer who previously prosecuted tax and complex fraud cases during more than eight years in the Manhattan district attorney’s office.
If there’s a “material difference” between the property values claimed in tax filings and the values claimed in loan documents, he added, “that’s fairly compelling.”
New York City tax agency subpoenaed in Trump criminal probe
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New York City tax agency subpoenaed in Trump criminal probe
- Tax agency documents would help investigators determine whether inflated the value of his properties to secure favorable terms on loans
From round fruits to lucky charms: How Filipinos invite prosperous New Year
- Lights are lit, doors and windows open to allow good spirits in
- Sticky rice dishes are served to keep family sticking together
MANILA: With the dining table set with symbolic foods, a bit of noise and rituals to invite good luck, Filipinos are ready to welcome the New Year, carefully observing every tradition and superstition to bring prosperity.
Media noche or the midnight dinner on New Year’s Eve is central to the celebration. Besides traditional meats, there will be sticky rice dishes to keep the family sticking together, and pancit or long rice noodles to represent long life.
There should also be 13 round fruits prepared specifically for the occasion, with 12 representing each month of the year, and the 13th adding extra luck. Because they are round like coins, they are believed to invite abundance, wealth and prosperity.
“We cook bilo-bilo (sticky rice balls) with coconut milk and palitaw (sweet rice cakes). It’s something we simply grew up with,” said Cel Reyes from Mabini in Batangas province, south of Manila.
“It’s sticky, so it symbolizes togetherness, and it is also round. Anything that’s round is prepared also as a symbol of prosperity.”
In Malabon, a coastal city in the northern part of Metro Manila, Priam Nepomuceno’s 86-year-old mother-in-law sets unhulled rice on the table.
“Because of the gold color, it’s believed to bring luck and abundance,” he said. “Grapes are also hung on the door. They’re not meant to be eaten and are kept hanging for the whole year as a symbol of prosperity.”
Some people also jump when the clock strikes 12, believing it will help them grow taller.
In many households, all lights are lit before midnight, with doors and windows open to allow good spirits to enter, while noise from firecrackers and party horns keeps the bad ones at bay.
“By nature, Filipinos are superstitious. We believe in good luck, deities. We give in to faith and luck, and it’s tied to deep spirituality,” said Juanita Galang-Trinidad, an 80-year-old editor from Bulacan province north of Manila.
“We also put 12 coins in varying amounts in our pockets and wear polka dot clothing. Rice, cereal, and salt containers should be full.”
New Year’s celebrations, like Christmas, bring families together, but with extra traditions for good luck. Beyond the midnight feast and keeping round objects on the table and at hand, Filipinos try to pay off debts to avoid financial trouble in the coming year.
On New Year’s Eve, they also avoid serving chicken, as chickens are believed to scratch backward when they eat, symbolically scratching away good fortune.
“We hold on to our traditions despite these growing changes, modernity, in our environment,” Trinidad said.
“We still hold on to our traditions and customs because they identify us as a people, as Filipinos.”
