CHICAGO (CBS) — The New York investigation into former President Donald Trump’s finances has stretched to the Chicago Riverfront.
The Manhattan District Attorney’s office is looking onto the investment firm that lent the Trump Organization millions of dollars for the high-rise at 401 N. Wabash Ave.READ MORE: Who Is Adam Toldeo?
Citing people familiar with the investigation CNN reported prosecutors issued a subpoena to the firm, Fortress Investment Management, late last year.
Investigators want to know if Trump’s company misled lenders or insurance brokers about the value of certain properties in order to expand.READ MORE: Stimulus Check Latest: Will There Be A Fourth Relief Payment?
CNN reported Fortress made a $130 million loan to the Trump Organization for the construction of the Chicago Trump Tower. Fortress went on to forgive more than $100 million of the loan – which amounted to about $150 million with interest and fees – by 2012, CNN reported.
The purpose of the forgiveness was to secure a partial repayment of $45 million during a real estate financial crisis, CNN reported. The office of Manhattan District Attorney Cy Vance is probing whether former President Trump or the Trump Organization put down the loan forgiveness ass income as the IRS requires and paid taxes accordingly, CNN reported.MORE NEWS: Watch The Derek Chauvin Trial Live