2000s Bankruptcies Force Trump to Seek Financing from Shady Sources

Due to the string of bankruptcies in the 1990s, Trump has a difficult time obtaining loans for his business ventures.  During the 2000s, Trump partners with Bayrock Group LLC, a New York property development company founded in 2001 by Tevfik Arif, a Kazakhstan-born former Soviet official, who made a “small fortune” running hotels in Turkey.  Bayrock hires Felix Sater, a man with an extensive criminal history, who becomes Arif’s right-hand man.  Starting in 2005, Bayrock and the Trump Organization explore building a Trump tower in Moscow.  By 2007, Bayrock has helped find financing for more than 2 billion dollars of Trump real estate deals around the world.  Much of this money came from Russian oligarchs close to Putin.  Most of these deals failed and several lawsuits were brought.  A 2016 lawsuit alleges Bayrock and Trump helped Kazakh and Russian officials launder money.  Bayrock, whose offices are in Trump tower, has opaque ties to organized crime and money laundering, according to the Financial Times.

By | 2017-05-04T21:11:00+00:00 May 4th, 2017|

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