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Trump Dutchess County golf club included in AG's lawsuit

Sep 26, 2022 12:06 pm

Phillip Pantuso reports for the Times Union about how the fraud allegations against former President Donald Trump in a lawsuit filed by New York Attorney General Letitia James include the Trump National Golf Club Hudson Valley in the Dutchess County hamlet of Hopewell Junction. Four of the alleged schemes outlined in the lawsuit involve the Dutchess County location and are described as the "fixed-assets scheme," the "unsold-memberships scheme," the "membership-deposit scheme" and the "brand-premium scheme." The lawsuit alleges that Trump and his associates did not disclose the leasehold interest on the propety, "misleadingly suggest(ing)" that the organization owned the property outright and failing to account for ground lease expenses when determining the value of the property between 2011 and 2021. And while the listed initiation fee for 2011 and 2012 at Trump National Hudson Valley, was $10,000, the Trump Organization claimed it was valued as much as 300 percent more. The lawsuit also alleges that Trump inflated the purchase price of the club by claiming that the liability for $1.2 million in refundable membership deposits was zero. And, finally, the lawsuit claims Trump artificially inflated the value of Trump National Hudson Valley because of his name, despite the fact that including internally developed intangible brand premiums is not allowed by generally accepted accounting principles. Read the full story in the Times Union.

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