Trump’s Taj Mahal Casino Fined $10 Million For Money Laundering – Details Here
For years, Donald Trump has claimed to be a successful businessman. In fact, the claims about his success, coupled with gloating about his supposedly massive wealth, helped win Trump the presidency, as many Americans thought that a successful business owner would have the knowledge and experience necessary to lead the country.
Would those people who voted for Trump because of his business acumen feel the same way, though, if they knew one of his resorts had been caught up in a money laundering scandal?
In March of 2015, President Trump’s Taj Mahal Casino Resort was fined $10 million by the Financial Crimes Enforcement Network for “willful and repeated violations of the Bank Secrecy Act (BSA).”
A statement issued by the Treasury Department explained that the Trump Taj Mahal Resort had “admitted to several willful BSA violations.” The following were included in these violations:
‘Violations of AML program requirements, reporting obligations, and recordkeeping requirements.’
The statement also points out that the resort had “a long history of prior, repeated BSA violations cited by examiners dating back to 2003.” FinCen also fined the resort $477,700 in 1998 for “currency transaction reporting violations.”
FinCen Director Jennifer Shasky Calvery said about the situation:
‘Trump Taj Mahal received many warnings about its deficiencies. Like all casinos in this country, Trump Taj Mahal has a duty to help protect our financial system from being exploited by criminals, terrorists, and other bad actors. Far from meeting these expectations, poor compliance practices, over many years, left the casino and our financial system unacceptably exposed.’
In addition to the $10 million penalty, the Trump Taj Mahal Casino Resort was also required to conduct periodic audits to ensure it was complying with its anti-money laundering program and provide those reports to FinCEN and its Board of Directors.
The Trump Taj Mahal Casino Resort was already in trouble prior to the money laundering accusations, as Trump had filed for bankruptcy in September 2014.
The resort was eventually bought by billionaire and current adviser to the President Carl Icahn in February 2016, and it was only then that Trump relinquished ownership of it, just a few months before he officially announced that he was running for president.
Things didn’t get better for the Trump Taj Mahal after Icahn’s purchase, though. Icahn was unable to make a deal with union workers over health insurance and pension benefits, and the resort was forced to shut its doors for good.
Trump was voted into office by the many people who saw him as the man who would “make American great again.” If some of those people had been aware of his failed business ventures, though, things might be different.
A video about the Trump Taj Mahal’s failure can be seen below, via YouTube.
Featured image via Bobby Bank/Getty Images.
http://bipartisanreport.com/2017/04/16/trumps-taj-mahal-casino-fined-10-million-for-money-laundering-details-here/
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