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Trump and his aggregation accept about countered by adage they were abandoned licensing his name on these absolute acreage projects in barter for a fee. They weren’t the developers or in any way responsible.

But an eight-month analysis by ProPublica and WNYC reveals that the post-millennium Trump business archetypal is altered from what has been ahead reported. The Trumps were about way added than bald licensors or bystanders in their often-troubled deals. They were acutely circuitous in these projects. They helped mislead investors and buyers — and they profited amply from it.

Patterns of ambiguous practices occurred in a dozen deals above the globe, as the business broadcast into all-embracing projects, and the Trumps about participated. One accustomed pattern, arresting in added than bisected of those transactions, was a addiction to blush key sales numbers.

In interviews and columnist conferences, Ivanka Trump gave apocryphal sales abstracts for projects in Mexico’s Baja California; Panama City, Panama; Toronto and New York’s SoHo neighborhood. These statements weren’t aloof the allegorical Trump hype; they addled abeyant buyers about the activity of the developments.

Another pattern: Donald Trump afresh addled buyers about the bulk (or existence) of his buying in projects in Tampa, Florida; Panama; Baja and elsewhere. For a belfry planned in Tampa, for example, Trump told a bounded cardboard in 2005 that his buying would be beneath than 50 percent: “But it’s a abundant stake. I afresh said I’d like to admission my anemic but aback they’re diplomacy that able-bodied they don’t let you do that.” In reality, Trump had no buying anemic in the project.

The Trumps about fabricated money alike aback projects failed. And aback they tanked, the Trumps artlessly abandoned their above-mentioned claims of aing involvement, denied any albatross and absolved away.

The aeon is exemplified in Panama City, breadth the Trumps were circuitous in a activity to body a massive belfry and circuitous accustomed as the Trump Ocean Club. The project’s adverse turns included bankruptcy, then, years later, the active casting of the Trump Alignment from managing the hotel.

There, as elsewhere, the Trump Alignment disclaimed responsibility. It emphasized that it had abandoned accountant the Trump name to developers who handled aggregate from architecture to marketing. “The Trump Alignment was not the owner, developer or abettor of the Trump Ocean Club Panama project,” it said in a anniversary aftermost year. “Because of its bound role, the aggregation was not amenable for the costs of the activity and had no captivation in the auction of units.”

That was false. For starters, Trump abiding costs — his promised commission: $2.2 actor or added — by bringing in beforehand coffer Bear Stearns, which issued the bonds that paid for the Panama project’s construction.

Trump accustomed himself as a “partner” of the developer. His babe Ivanka briefly boasted that she had abandoned awash 40 units. (A abettor on the activity said he couldn’t bethink her diplomacy alike one.) Meanwhile, Ivanka told a announcer at the time that “over 90 percent” of the Panama units had awash — and at prices bristles times as aerial as commensurable buildings. Both statements were untrue.

Not abandoned were the Panama sales abstracts inflated, but abounding “purchases” angry out to be an illusion. That was no coincidence. The building’s costs depended on accepting beforehand commitments from buyers, about afore authentic had started pouring. But in amid the auction of the bonds in 2007 and 2013, the year the architecture went bankrupt, buyers of 458 units in the 1,000-unit architecture abandoned their acquirement contracts. Those buyers absent added than $50 actor in deposits, and they never took ascendancy of accomplished units. Accustomed that the “buyers” were about atramentous carapace companies or added cardboard entities, it was about absurd to anticipate who the absolute purchasers were, let abandoned why they backed out.

Trump accountant his name for an antecedent fee of $1 million. But that was aloof the alpha of the acquirement streams, a diffuse and assorted array that accustomed him a allotment of aggregate from sales of accommodation units to a cut of minibar sales, and was notable for the countless means in which both success and abortion triggered payments to him.

Consider the final accounting: In the deathwatch of the project’s bankruptcy, a 50 percent absence bulk and his company’s banishment from managing the hotel, Donald Trump absolved abroad with amid $30 actor and $55 million.

The Trump Alignment did not acknowledge to a connected anniversary of questions about its transactions. The White House didn’t accept a comment.

Trump’s licensing activity originated with his early-2000s comeback, as “The Apprentice” propelled him to all-embracing TV distinction and adequate afterglow to a acceptability blah by assorted bankruptcies. As Trump put it in one promotional video during that period, “When the aboriginal division of ‘The Apprentice’ assuredly accomplished shooting, I was able to get aback to my bulk business, absolute estate, and I’ve fabricated some absolutely absurd deals.” That activity is still arena out today. The Trump Organization, which apprenticed not to barrage new projects during the Trump presidency, is aggressively advancing absolute ones, including in the Dominican Republic, Indonesia and India.

Some long-assumed behavior about Trump are actuality re-investigated, with hasty results. This month, The New York Times arise a 13,000-word assay of how Donald’s father, the backward Fred Trump, and his estate, funneled millions of dollars to his children, in accessible abuse of tax rules and bent laws. With copious affirmation assuming that Fred directed $413 actor in today’s dollars to Donald — not the distinct accommodation for $1 million, with interest, that Donald has consistently claimed — it exploded Trump’s long-propagated affirmation that he is a self-made man.

This commodity examines addition Trump claim: that his post-millennium improvement and all-around amplification adequate on the ablaze abstention of a licensing activity that paid him millions artlessly for the use of his name. That, it turns out, is no truer than the angle that Donald Trump is self-made.

‘Development Wasn’t Our Big Forte’

A Lebanese importer-exporter with adeptness in the accoutrement industry seemed an absurd best as a accomplice for one of Donald Trump’s aboriginal all-embracing forays. Yet that’s absolutely who Trump would aggregation with to commence on a berserk aggressive architecture activity in a abroad Central American location.

Roger Khafif disconnected his time amid Panama, breadth he had become a citizen, and South Florida. He was a glossy chiffonier who fabricated big promises and exuded an acuteness that could be beheld either as assurance or stubbornness, according to bodies who did business with him. He had formed in the Panama Canal free-trade breadth as an importer-exporter of accouterment and had afresh amorphous dabbling in absolute estate, abstracts show, via buying interests in two Panamanian coffer resorts. “Development wasn’t our big forte,” Khafif accustomed in an anniversary with ProPublica.

If Khafif seemed an doubtful partner, Panama seemed an odd breadth for a activity that would become a arrangement of sorts for Trump’s all-embracing licensing deals. The country was bigger accustomed as a cog in the Latin American biologic barter than as a day-tripper destination. It was a abode to about-face actionable profits into adapted cash. Money bed-making helped ammunition the admeasurement of high-rises that gave Panama City its sleek, a skyline.

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The accord came calm fast, according to Khafif. To get to Trump, he said, an accessory put him in blow with a business accomplice of Marvin Traub, the Trump acquaintance and aloft Bloomingdale’s CEO who had additionally brokered Trump Vodka. Traub’s consultancy got Khafif on Trump’s schedule. (Traub’s aing afterwards approved about $1.3 actor for matchmaking, cloister abstracts show.)

“We had a quick meeting,” Khafif recalled of his aboriginal appointment with Trump in New York in 2005. “Then I left. I went bottomward to Miami, got a alarm the aing day from Donald Trump adage they were absorbed in the project.” Khafif was so afraid he didn’t at aboriginal accept he was talking to Trump.

Trump active on to Khafif’s plan and absitively to accord the arch role in the project, at atomic as far as the Trump Alignment went, on his babe Ivanka, Khafif told Reuters. Aloof entering her mid-20s, she was arch a aloft accord for the aboriginal time. Ivanka catholic to Panama anon after, and the acceding coalesced quickly.

Khafif’s dream was adventurous and grandiose. The planned complex, Ivanka claimed in a promotional video, would aggregate the better aboveboard footage of any architecture in all of the Americas. Absolutely Trumpian in its affluence and excess, the plan would alarm for a 69-story sail-shaped architecture with 1,000 condos and hotel-condo units, offices, a casino, spa, clandestine beach, basin accouter and yacht club. (When beheld from Panama Bay, the consistent architecture would attending beneath like a captain and added like a behemothic auto block perched on a aboveboard base.)

One Monday in April 2006 in the marble atrium at Trump Belfry in Manhattan, Khafif stood in a well-cut aphotic clothing and anemic blush tie beside Trump, Ivanka and Donald Jr. to advertise diplomacy for the Trump Ocean Club’s birth. “I absolutely anticipate the time for Panama has come,” Trump proclaimed.

Trump larboard assorted assemblage with the consequence that he had an disinterestedness anemic in the deal. “He said the Trump alignment does accept a cyberbanking absorption in the activity but he would not acknowledge the amount,” arise a newsletter broadcast to audience and associates, alerting them to anniversary and beforehand opportunities, by the Panamanian law aing Mossack Fonseca, which would afterwards become about accustomed for accommodation abundance in adopted accounts.

Marketing abstracts for the Panama activity additionally adumbrated that Trump was activity as a developer. “I am accustomed to beforehand this amazing aerial acceleration with my accomplice Roger Khafif of the K Group,” Trump was quoted as adage in one promotional statement. Buyers believed the Trumps and their aggregation were activity as the project’s developers, in affiliation with Khafif, according to a accusation afterwards filed by dozens of buyers.

But Trump did not accept a penny of disinterestedness in the development, according to annal of the band auction and bankruptcy. Nor was he the absolute developer, as the Trump Organization’s own anniversary confirmed.

In Panama and elsewhere, Trump’s projects depended on outsiders’ alertness to invest. Trump claimed at the time that banks were “fighting to put up money” for the building. But there’s no affirmation that was the case. His bristles coffer and auberge bankruptcies meant cyberbanking institutions tended to shy away, and Khafif’s abridgement of architecture acquaintance fabricated him a chancy costs prospect. (Khafif ultimately brought on the principals of a Colombian architecture and architecture aing to bear the all-important know-how.)

Still, Trump had a agenda to comedy afterwards which the belfry would acceptable never accept been built: his two-decade accord with Bear Stearns. The beforehand coffer agreed to accede a $220 actor band issue. Bear Stearns and Trump had formed calm on a array of endeavors. For example, two years beforehand he and a Bear Stearns executive, Trump’s beforehand cyberbanking adviser, had launched Trump University, a non-accredited business apprenticeship diplomacy that declared to advise his absolute acreage strategies. (It afterwards burst amid accusations of fraud. Trump paid $25 actor to achieve a clothing but denied wrongdoing.) And as far aback as 1988, Trump paid a $750,000 civilian acumen to the U.S. Department of Justice for accepting Bear Stearns accomplish purchases of coffer stocks in the bank’s name rather than in his. (Trump was adorable to buy casinos at the time, and the Justice Department asserted that the buried purchases abandoned antitrust laws.)

As the band advocate in the Panama project, Bear Stearns played a bifold role: It aloft money for architecture and additionally vouched for the acumen of the bonds it would sell. The coffer was declared to be blockage that advice arise to investors was authentic and provided a complete anniversary of the investment’s strengths and weaknesses.

In reality, however, “the coffer had cogent lapses in appliance due activity over their band offerings” during that period, according to Gary Aguirre, an advocate and aloft SEC chief admonition who advocated for added accountability of Bear Stearns and added Bank Street banks circuitous in the cyberbanking crisis and said he researched Bear Stearns as allotment of that process. The bank, including a affiliate of its Latin America accumulation (which was circuitous in the Panama deal), faced assorted investigations by regulators into whether its advisers in Miami and New York had break admired cyberbanking instruments, admitting they did not beforehand to charges, SEC annal and media letters show.

The band auction about squeaked through in November 2007. Tremors of what would become a all-around cyberbanking convulsion were already destabilizing markets. At the aftermost minute, Bear Stearns adjourned the alms abandoned to about-face beforehand a few canicule later. “I bethink walking up Fifth Avenue and I put my arm about Roger [Khafif],” said Jack Studnicky, a beforehand absolute acreage abettor for the project, “and I said, ‘You are the luckiest SOB I anytime met.’” This project, branded with the name of a longtime Bear Stearns client, was the abandoned band affair amid eight at Bear Stearns at that moment that confused forward.

Many investors angry up their noses at the bonds, alike admitting Bear Stearns assembly had catholic to New York City, Miami and London to allocution up the deal. Allotment of what accumulating some baddest accumulated investors abroad was obvious: The bonds for the Panama activity were rated “speculative” — “junk” in Bank Street chat — absorption what appraisement agencies beheld as an animated adventitious of default. Added risk-tolerant, and added anonymous, barrier funds and money managers proliferated amid the band buyers, authoritative up 80 percent of antecedent investors.

Within months of the offering, it became bright that the Trump Ocean Club would abide its cyberbanking backer. Bear Stearns channelled aback in March 2008 as creditors pounced on the heavily accountable institution. Beneath than six months afterwards it delivered the money to assemble the tower, Bear Stearns aished into the abdomen of J.P. Morgan Chase.

‘We Bare Those Added Sales’

Trump’s admission landed costs for the Panama project, but they could booty the accord abandoned so far. The $220 actor in band gain wouldn’t accept started abounding if Khafif’s aggregation hadn’t annoyed a key prerequisite: Racking up “presales,” the appellation for acquirement diplomacy active while the architecture was beneath architecture (and in abounding cases, afore architecture had alike begun).

Buyers promised to accomplish a bottomward acquittal of 30 percent, beforehand over four installments, and to eventually pay in full. These bounden pledges served as accessory for the bond, a acute antecedent of bulk that bondholders could appropriate if the developers bootless to pay aback what they owed.

Khafif and a core of brokers set out to move units, with what appeared to be affecting success at first. The year Trump aing the project, 2006, the developers arise signing a whopping 585 presales diplomacy with -to-be buyers (nearly 60 percent of the units in the building). The Moody’s credit-rating anniversary cited the project’s accelerated sales as a “positive acclaim characteristic.”

But the activity accolade to attach abundant diplomacy to accomplish the bank’s requirements, according to Studnicky, who formed for the project’s adept brokers, All-embracing Sales Accumulation (ISG). Over a meal in a Spanish restaurant in New York City, Khafif told Studnicky he bare “another 100 sales to accomplish it valid” — scribbling numbers on the cardboard tablecloth, according to Studnicky. “It wasn’t absolutely collateralized, and we bare those added sales,” he said.

ISG leaned on its agents. “We knew there was a presale affirmation in adjustment to activate the band issue,” said Jeff Barton, addition abettor who formed at ISG at the time. “So there was absolutely pressure.”

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In ambidextrous with abeyant buyers, the ISG brokers appear coercion of a abundant altered sort: They acted as if the architecture were active out of units. The prices were in connected flux, befitting abeyant buyers off-balance. “You could never absolutely get a beeline acknowledgment in acceding of what was absolutely available, what had absolutely awash and what the absolute bulk was,” said Kent Davis, who began adorable to advertise Ocean Club anniversary anon afterwards aperture his own absolute acreage aggregation in Panama City in 2007. (One client echoed Davis’ comments. “When I invested it was ‘Oh wow, it’s about awash out!’” said Al Monstavicius, a retired doctor who bought into the Panama tower. “I was told the units were diplomacy absolute well. Well, they weren’t diplomacy absolute well.”) ISG did not acknowledgment letters gluttonous comment.

Davis said he awash a few units, agreeable the agency with ISG. “I anticipate some of their projections were exaggerated. I anticipate the way they declared how the activity would ultimately be congenital did not arise to fruition,” he said. “I anticipate they were overpromising and, to be honest, at times I was complacent.”

Just as Trump took millions upfront, cyberbanking incentives in the activity were ample to accolade brokers for quick presales — rather than apathetic and abiding diplomacy conceivably added acceptable to aing already architecture finished.

Commissions were front-loaded to an abnormal degree, Davis said. Agents authoritative the ancient sales would accept 90 percent of their accustomed commissions by the time architecture started, according to Barton. Abandoned the final 10 percent was captivated aback until closing, aback the client had paid in abounding and the assemblage was accessible to be occupied. (Davis said that brokers about get commissions in increments in band with the allotment their audience accept put in.)

Even as brokers were demography banknote out quickly, buyers were accustomed time to put their money in. They anted up aloof 10 percent aloft signing a acquirement contract, according to the band prospectus. They paid the absolute 20 percent in increments over the year afterwards that.

Khafif complained of aerial architecture costs and aloft prices alike as brokers hustled for contracts, Studnicky said. “I kept adage I accept the problem, but if you accumulate blame the prices up, bodies are never activity to be able to aing on these things,” he said.

The college prices climbed, the added the Trumps stood to pocket. Their licensing acceding gave them a abject fee of 4 percent of gross sales aback units closed. (This was on top of the $1 actor Trump was accustomed in beforehand for the use of his name.) They additionally accustomed an “incentive fee”: the college the bulk rose aloft benchmarks, the greater a admeasurement the Trumps earned, annal show. A hotel-condominium assemblage that awash for $385,000, for example, would aftermath a acquittal of $20,650 — aloof over 5 percent — to Trump’s company.

That was aloof the beginning. Along with the cut of sales, Trump’s 2006 licensing acceding provided the ancestors added banknote streams from the Panama project. The Trumps could booty a 20 percent agency on architecture costs if money was adored through Trump dealmaking, for instance. Already the auberge opened, they would abridged 17.5 percent of what auberge guests paid for their rooms, including what they spent on minibar items, internet anniversary and alike bathrobes; 4 percent for parking assemblage sales; and 12 percent of bartering amplitude rentals. The Trump Alignment would additionally accept 4 percent of the hotel’s gross acquirement for managing it, additional an allurement fee according to a fifth of the hotel’s net operating income.

If aggregate went smoothly, according to the band prospectus, Trump’s booty would be $74 actor by 2010. That sum was agnate to about a third of the absolute costs for the project.

Of course, things would go beneath than perfectly. But Trump was adequate if that happened, too. His arrangement created a assurance net for him if prices rose so aerial that buyers bootless to close. One accouterment appropriate that two years afterwards the aboriginal closing, developers would pay the Trumps fees for unsold units — basing the bulk on the boilerplate sales prices of the units that had closed. In theory, alienated such payments provided an allurement to advertise added units; in reality, it meant that Trump would get paid whether or not units absolutely sold.

The arrangement appropriate that anniversary sales and business letters be provided to the Trumps. It was a acceding the Trump Alignment appeared to value: In an email accompanying to addition project, Trump’s son Eric chastised business ally in the Dominican Republic for delays in authoritative such reports. “I am accepting anniversary emails from my aggregation who requests this advice on all projects for basal ecology purposes,” Eric wrote.

His sister, meanwhile, asserted her assurance with the company’s endeavors. “I’m circuitous in every aspect of our new architecture projects,” Ivanka said in a 2008 interview. “[A] lot of what I do is get circuitous in the accretion process, from sourcing the abeyant opportunities and afresh the antecedent due-diligence process, but then, of course, I chase the deals through to predevelopment planning, design, autogenous design, architectural design, sales and marketing, and, ultimately, through operations.”

‘Our Better Botheration Is Not Accepting Abundant Inventory’

Construction on the Trump Ocean Club had amorphous in May 2007, with chump deposits, agent money and a arch accommodation tiding the developers over until the auction of bonds in November 2007. To apprehend the Trumps acquaint it, the activity was a angry and absolute success, alike in the face of a celebrated all-around cyberbanking and absolute acreage crisis that erupted in 2008 and connected into 2009 and beyond.

At times, the hypere beyond over into misrepresentation. In a November 2008 interview, Ivanka Trump bragged that she had “sold 40 units in Panama aftermost month.” She added that “it’s a 1,000-unit building, we’ve awash over 90 percent of it.” The units, she said, had been activity at a “500 percent exceptional to annihilation the affluence bazaar has anytime accomplished above-mentioned to our entry.”

All of that was abstract or absolute false. Aback apprenticed by her accuser about what she meant by “I awash 40 units,” Ivanka backed off, saying, “We did, our project,” a archetype of the anniversary shows. Studnicky, who was acutely circuitous with Ocean Club sales at the time and about accustomed the Trumps, said Ivanka didn’t advertise any units that he knew of.

Three months afterwards Ivanka’s comments were published, Moody’s arise that 79 percent of the building’s units were beneath acquirement contracts. The Trump name did backpack a premium, according to abstracts filed with Panamanian balance officials. But alike at its aerial point, it amounted to about 130 percent of what agnate affluence backdrop fetched, not the 500 percent Ivanka claimed.

Meanwhile, the Trumps acclimated some of their allure to animate sales. Donald Trump himself hosted a bright for the Panama activity at Mar-a-Lago breadth celebrity Regis Philbin abandoned in.

But difficulties were ascent and banknote was tight. By 2009, some buyers were offered ample discounts if they agreed to pay the abounding acquirement bulk up front. (Monstavicius says he accustomed such an offer, atom $100,000 off his about half-million-dollar accommodation suite.)

Ratings for the Ocean Club’s bonds were bargain in February 2009, but you wouldn’t accept accustomed that by alert to the Trumps. A few weeks afterwards the downgrade, Ivanka gushed about Panama in an anniversary with a advertisement declared the Latin Business Chronicle. “Given the all-around downturn, the actuality that sales abide so able-bodied is a attestation to the product, the cast and Panama,” she said. “Our better botheration is not accepting abundant inventory. We abandoned accept a baby percent of the architecture left.”

The afterward year brought added trouble. There was addition band downgrade. One of the casework that bargain its rating, Fitch, bidding apropos about the bazaar and buyers’ “willingness and adeptness to aing on units aloft delivery.”

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The developers faced a $27 actor architecture arrears and delays by subcontractors assuming casework such as millwork. Khafif and his aggregation akin aback some of their plans, which abandoned annoyed buyers who had already committed their money. For example, buyers said aboveboard footage for some units was reduced. The breadth for a planned coffer club was confused to a added abroad atom with beneath cachet. And diplomacy to accept Trump administer the coffer were abandoned.

The arising of the bonds hadn’t adequate burden on the Ocean Club to move units. The developers bare to accumulate sales commitments and banknote aerial or they risked abaft on the bonds. By 2010, 25 diplomacy appeared in accident as buyers absent payments adjoin their deposits.

Facing burden from assorted sides, the developers approved bondholders’ permission to accomplish key changes to their agreement. They proposed adequate the requirements for accessory and abbreviation the bulk of banknote they had to accumulate in a drop account. In a aggregation anniversary quoted in the columnist at the time, Newland All-embracing Backdrop (the commodity formed by Khafif and the alfresco developers he partnered with) was edgeless about its need: “The aggregation believes that the proposed amendments are all-important to acquiesce the aggregation to abide construction.”

‘Nobody Anytime Asked Breadth These Sales Were Advancing From’

From the beginning, the plan at the Trump Ocean Club was to draw a luxury-seeking all-embracing audience with disposable income. With some 1,000 units to sell, brokers broke networks of aristocratic buyers above the globe. In accomplishing so, they netted purchasers with ambiguous pasts, including some with ties to organized abomination and money bed-making operations.

ISG assembly and absolute brokers fanned out to Russia, Spain, Switzerland, Dubai, China and South Africa, as able-bodied as added Latin American countries. As of mid-2007, almost 60 percent of buyers came from alfresco the United States, band abstracts show. (Much has been fabricated of Trump’s buyers of Russian allegiance or extraction, but the Panama sales were not tracked by nationality. Still, some were begin in Moscow and, Khafif said, in developments in Sunny Isles Beach, Florida — an breadth accustomed as “Little Moscow.”)

Several aspects of the Panama sales aloft red flags, according to experts. For example, some buyers bought blocks of units. Purchases were about fabricated anonymously through carapace corporations registered in Panama. That accustomed some buyers to change the buying of the assemblage in secret, artlessly by alteration the buying of the company. They about acclimated declared agent shares, acceptance a anemic in a aggregation to be transferred artlessly by casual a allotment of paper.

“Nobody anytime asked breadth these sales were advancing from, breadth the money was advancing from,” said Studnicky, abacus that this wasn’t abnormal for such a architecture at the time.

The acquirement of assorted units and the use of agent shares or carapace companies are not actionable in themselves. But they can be hallmarks of money laundering, according to experts. “We accept no abstraction of the bodies abaft those companies,” said Eryn Schornick, a activity adviser for All-around Witness, an all-embracing anti-corruption organization. The Panama deal, she said, bore signs of “classic money laundering.”

Meanwhile, assorted buyers claimed they were promised quick profits through flips abiding by the developers, promises they say were not fulfilled. Some of those allegations began arising in activity alike afore the Trump Ocean Club opened.

In backward 2010, a accumulation of buyers accused Trump, the Trump Organization, Khafif and Newland, Khafif’s development operation, of ambiguous them, according to a ahead unreported accusation filed in U.S. Commune Cloister in Florida. There were 37 plaintiffs, led by an absolute broker, Greg Landau. The accumulation — including South Florida residents, a ancestors in Brooklyn, a Massachusetts psychiatrist, a New York appearance mogul and several Russians — had bought 42 Ocean Club condominiums amid 2006 and 2009.

The accumulation declared that Khafif had offered them a candied enticement: If they put 30 percent down, either the developer or the Trump Alignment would accounts the rest. Khafif, plaintiffs claimed, said Newland or the Trump Alignment would administer the beforehand — award new buyers so they could cast it for a big accumulation afore architecture was accomplished and they had to aing on the property.

The accord soured afterwards some of the Ocean Club diplomacy were akin (including, as noted, abbreviation the admeasurement of units). Buyers apparent there was no developer financing, and no buyers lined up to cast to. They went to court.

Trump had “stood by silently as Khafif fabricated the misrepresentations” in a affair at Mar-a-Lago in 2007 aimed at alluring investors and auspicious accepted investors to admission their deposits, the accusation claimed. It additionally cited the business abstracts in which Trump declared Khafif his “partner.” “The Trump Alignment knew these representations were actuality fabricated by Khafif to Landau and of the actuality that Landau was accustomed to echo them to added abeyant investors,” it alleged. “Defendants Khafif, Donald Trump, and the Trump Alignment were amiss participants in the counterfeit scheme.”

In an anniversary with ProPublica, one of those buyers declared what he had accustomed to happen. “There was an acceding that aback the auberge is built, aback the architecture is ready, we’ll advertise our apartments, our shares, and abdicate the project,” said Victor Masaltsev, an internet administrator who lives in Moscow and invested in the Ocean Club through a Panamanian carapace aggregation that became a plaintiff in the Landau clothing adjoin Trump. Masaltsev said he was arrive to appointment Mar-a-Lago for an accident with Trump adulatory the project, but he couldn’t accomplish the trip.

“I’ve been accomplishing business for a connected time and, you know, there’s never a 100 percent guarantee,” he said through a translator. “But I was assured to accomplish no beneath than 50 percent accumulation on my money.” Instead, he said, he absent his deposit.

In their acknowledged papers, the Trump Alignment and Newland asserted that the complaint was “completely bare of facts acceptable to appearance that Donald Trump and The Trump Alignment were administering the diplomacy of a ‘fraudulent scheme.’”

Khafif declared the accusation a case of “buyers’ remorse, of course.” There were “a million” such lawsuits aback the cyberbanking crisis came, he added. “They approved to ad-lib annihilation in adjustment to get their money back. It wasn’t our fault.”

A U.S. adjudicator ordered the case be confused to Panamanian courts, but the parties accomplished a arcane adjustment afore that happened. Added plaintiffs, accomplished by ProPublica, accept a hasty booty on the altercation today. Three of them echoed Khafif and said the activity was artlessly a bad investment. “It’s annihilation to do with Trump,” said David Feldman, speaking alfresco his Brooklyn duplex. He said he did not accept any money in the adjustment and added that he anticipation Trump was aching by the deal, too, afore crumbling to allocution further. Landau did not acknowledge to requests for comment, nor did Roderick Coleman, the advocate declared on the accusation pleadings.

Landau’s accumulation wasn’t the abandoned one to affirmation it was awash on an annoyed affiance of accessible flipping. One client from Dubai fabricated agnate claims, according to emails in the Panama Papers, a accumulating of abstracts leaked from Mossack Fonseca and aggregate by the All-embracing Consortium of Investigative Journalists. “The abstraction was pay the drop and they would get it resold afore completion,” a adumbrative for the client wrote to a advocate in Panama. “[T]he accommodation was activity to be resold for them by the agents that came from Panama to Dubai for Business the project.” Khafif declared it addition case of buyer’s remorse.

‘Our Activity Was the Cleanest One of Them All’

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Unfulfilled promises weren’t the abandoned ambiguous behavior declared at the Trump Ocean Club. For example, one high-selling broker, Alexandre Ventura Nogueira, was affiliated to money bed-making by All-around Witness and a collective Reuters-NBC investigation. Nogueira accustomed in that commodity that some of his ally and investors on the Trump Panama activity had admission to the Russian mafia. (He asserted that he had apparent those admission abandoned afterwards the fact.) Amid the buyers Nogueira landed was a Colombian agent who was afterwards bedevilled in the United States of conspiring to acquit biologic money.

Khafif told ProPublica that he assassin Nogueira because he was one of the highest-profile brokers in Panama City at the time. “That guy was absolute famous,” Khafif said. “We concluded up suing him because he swindled the clients.” Nogueira, who was additionally accused of diplomacy the aforementioned units to added than one client at the aforementioned time, fled Panama and declared himself in the Reuters commodity as a “fugitive.” (He denied in that story, but could not be accomplished for animadversion for this article.)

The Trump Alignment denied the ancestors knew Nogueira. But photos were arise of Ivanka and her ancestor animated with an arm about Nogueira at contest at Trump Belfry and Mar-a-Lago.

Project developers additionally assume to accept fabricated arguable presales themselves — and assisting ones at that — according to emails amid bondholders and Newland acquired by ProPublica.

Newland shareholders purchased some of the building’s units at below-market prices with bottomward payments of aloof 5 percent. “I accept never apparent 8-10 percent of a 996 assemblage activity aloof by the developers at prices as abundant as 70 percent beneath than anniversary bulk (with aloof a 5% deposit),” asserted one email from Gary Lundgren, who now owns a ample allotment of the building, to others in the project. The purchases were “not arise in the Bear Stearns’s band alms circular, not arise in the anniversary cyberbanking disclosure, not arise in the anniversary audited cyberbanking statements,” he complained.

Newland acquired some of the units by demography over ones that were in crisis of default, Lundgren declared in the email, with the developers blame in the 5 percent bare for the units to abide actuality counted as accessory beneath the band terms. The developers resold some of the backdrop at college prices, Lundgren’s email asserted, and they pocketed the difference. These resales finer cut out bondholders from their allotment of the proceeds. His emails to Newland did not acknowledgment the Trumps. (In 2016, Lundgren was barred by the Cyberbanking Industry Regulatory Authority from acting as a abettor afterwards he bootless to acknowledge to an advice request. His filings asserted that the complaint adjoin him, filed by addition who was not his customer, was afterwards merit, and that Panamanian law prevented him from advice the records.)

The cabal purchases potentially abandoned the acceding of the project’s financing. The band announcement appropriate bottomward payments of at atomic 30 percent, which would “protect the economics of our project.” Since sweetheart deals generated beneath banknote — which meant beneath accessory for the bonds — a accouterment of the band acceding belted sales fabricated to affiliates of the developers. And if buyers chock-full authoritative payments, they were declared to go through a absence activity rather than accept Newland booty over their purchase.

“The developers fabricated bad acumen calls, and they justified it by their abutment for the project,” said Alfredo “Dino” de Angelis, of Gapstone, which brash Newland in the bankruptcy. Ultimately, he said, the developers added money to balance the project, abundant to according or beat what they arise to accept fabricated by re-selling units.

Khafif said that bondholders looked into the questions and “found aggregate was 100 percent by the book.” He said developers didn’t charge to buy units and followed the rules in the band indenture. Khafif insisted that he conducted business the appropriate way. “Our activity was the cleanest one of them all,” he said. “We had to watch out for Trump, we had to watch out for bondholders. We had to appointment aural the indenture, or abroad we’d be screwed.”

‘Replete With Misrepresentations’

Ivanka Trump’s exaggerations about the Ocean Club reflected a tactic she and her ancestor active afresh in added cases, ProPublica and WNYC found. Their statements, about fabricated in the bosom of sales drives, tended to enlarge the cardinal of units beneath arrangement or the Trump Organization’s disinterestedness anemic in projects broadcast about the globe.

The Trumps’ ability to enlarge sales led them, as ProPublica, WNYC and the New Yorker arise aftermost year, to be advised on abeyant abomination artifice accuse in one case. Ivanka had appear in June 2008 that 60 percent of the units at the SoHo belfry had been bought aback in actuality 15 percent had, according to an affirmation filed by a Trump partner. The Manhattan commune attorney’s appointment advised charging the Trumps but backed off afterwards a appointment from a donor — Trump’s advocate Marc Kasowitz. (The DA, Cyrus Vance, denied he was afflicted by the donation but afterwards afflicted his activity and now refuses donations from attorneys with cases afore him.)

Similar deceptions occurred elsewhere. In a business video for a activity in Baja, Mexico, Ivanka referred to Trump All-embracing Auberge in Toronto as one of several “sold out” properties. The Toronto belfry never did advertise out. It was still three-quarters abandoned backward aftermost year, a few months afterwards Trump’s name was removed from the building.

Trump himself additionally fabricated misrepresentations. In 2006, he said the Trump Alignment would be a cogent disinterestedness agent in the $200 actor Baja activity and afresh portrayed himself as the project’s developer. Yet in 2008, the aggregation accepted it was neither a developer nor an investor.

In Tampa, as noted, Trump told the columnist he had a cogent buying anemic aback he had none. Moreover, his licensing acceding independent a acquaintance accouterment barring “under any circumstances” that anyone acknowledge the acceding existed, and appropriately that Trump was abandoned licensing his name. The accord never got costs and ultimately fell apart.

Panama additionally wasn’t the abandoned activity breadth questions emerged about cabal deals. In Tampa, Donald Trump Jr. and three admiral associated with the Trump Alignment abiding to buy a assemblage beneath almighty adorable terms, according to emails amid the admiral and the developer. As aboriginal sales on the activity surged, the Trump accumulation — which formed a aggregation declared Busy Boys Investments to handle the acquirement — bargained both for a abatement bulk and a abate drop than added buyers paid.

“Can you affirm the deal?” asked Russell Flicker, a aloft Trump Alignment controlling carnality president, in a late-2004 email to one of the Tampa developers. “(We had discussed 5% bottomward payment, discounted bulk and cast rights above-mentioned to closing — are all of these on the table?) You’re the man.” The developer replied, “The accord is as you state!”

The Trump accumulation additionally discussed backdating abstracts to abate their tax liability, according to the emails. They absurdly advancing a quick cast that would crop a $200,000 accumulation — $50,000 apiece, a handsome acknowledgment on the $8,604 drop anniversary paid. (The emails were appear in a cloister case filed by black buyers; their clothing ultimately settled, with the buyers accepting bound refunds of their deposits.) In January 2005, Flicker forwarded an email carrying the anticipation of such a asset to his ally in the ancillary deal: Donald Jr. and Trump Alignment controlling carnality presidents Bernie Diamond and Jason Greenblatt, with the message: “!!!!!!!!!!!!!!!!!”

In a July 2005 email, Diamond, an attorney, explained to the others that the developer told him he would adapt a assemblage acquirement arrangement “for Busy Boys to assurance anachronous in 2004,” as able-bodied as an appointment of their arrangement to the proposed buyer, additionally “dated one year earlier.” Diamond noted,

“This is good, as it will accord us the best attempt at basic assets treatment.” (The Tampa belfry was never constructed, so the Busy Boys commodity did not ultimately banknote in. On account of Greenblatt, who is now a appropriate adumbrative for all-embracing negotiations in the Trump administration, a White House official said “Mr. Greenblatt complied with all applicative laws in affiliation with abode acquirement agreements.”)

In Baja, Ivanka approved to advantage her own assemblage acquirement to cull in added buyers. “I abandoned am absolute aflame about it, I absolutely chose to acquirement a assemblage in the aboriginal tower,” she said in a promotional video as she flashed a smile. She did not acknowledgment that the drop she paid was beneath than bisected of the 30 percent added investors put in for their units, according to Univision. Univision additionally arise that the developers abstract the allotment of units awash and had assigned 34 units to their own admiral and added accompanying parties.

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Written abstracts became a bulk of contention, as well; assorted buyers arguable they were misleading. Trump had some say over such materials: Projects including Baja, Tampa, the Dominican Republic, Israel and Panama all appropriate developers and added ally to admission above-mentioned approval from Trump’s aggregation afore announcement columnist releases. In some cases, the aggregation had veto ability over promotional abstracts in general, as well.

There were added deceptions. In business abstracts featuring a animated angel of the New York developer, abeyant buyers in a Trump-branded activity in Toronto were apparent beforehand projections that accepted berserk optimistic, according to interviews and annal from the all-encompassing activity that ensued. A Canadian appeals court, cardinal afterwards the Toronto accord went sour, absolutely begin that estimates of advantage provided to purchasers “bore no affiliation to cyberbanking reality.” The console quoted a balloon judge’s allegation that the projections were “deceptive” and “replete with misrepresentations of commission, of omission, and of half-truth.” (The case is still pending.)

In Chicago, Trump promised discounts — some with bottomward payments of as little as 5 percent — to accompany and colleagues, abandoned to aish those arrange aback sales in the architecture best up. Trump justified the burst promises, adage “we’re entitled” to the college prices.

Buyers who sued Trump accept had alloyed success. Most apparel acclimatized afore trial, but Trump prevailed in cases in Las Vegas and Florida in which buyers accused his aggregation of deception.

The ‘Stormy Jack Daniels’

The Trump Ocean Club in Panama was clearly inaugurated on July 6, 2011. It was about a year abaft agenda afterwards bulk overruns and architecture delays. The Trumps had been added arresting afresh during the final stages. Ivanka best out architecture finishes, including allowance accouter out the “sky lobby” on the 15th attic with copse paneling, pillars and marble that echoed the arena attic admission hall. The lobby’s “tropical blush palette” was “reminiscent of aboriginal flowers,” Ivanka said in one promotional video.

July avalanche during Panama’s backing division and a cloudburst ashore the city’s already-overwhelmed basement on the day of the opening, axis the awkward anchorage a the belfry into waterways. Trump had angered abounding Panamanians by declaring that the U.S. had “stupidly” angry over the Panama Canal “in barter for nothing.” But the country’s then-president, Ricardo Martinelli, angry up for the commemoration nonetheless. He aing Trump, his two developed sons, Khafif, and added dignitaries to cut a award to mark the opening. Ivanka, canicule abroad from giving bearing to her aboriginal child, did not attend. (In June 2018, Martinelli was extradited on bribery charges, different to the Trump project, from the U.S., breadth he had fled in chase of sanctuary. He has denied wrongdoing.)

Trump was upbeat. “I anticipate this auberge is absolutely magnificent,” he said, according to columnist reports. “You attending at Panama’s skyline and you see how this one absolutely stands out.”

The time had arise for the hundreds of sales diplomacy that brokers had accumulated over the antecedent bristles years — eventually accoutrement about 85 percent of the architecture — to catechumen to absolute sales. In the months that followed, however, it became added bright that buyers were walking abroad in droves.

Ultimately, abandoned about bisected the sales diplomacy closed, abrogation the architecture abundantly abandoned and developers disturbing to accomplish bond-related payments. One-bedroom units that already awash for $350,000 could be biconcave up for $180,000. In November 2011, developers defaulted on a analytical band payment.

The aggregate of bodies who abandoned their deposits far exceeded the ratings agencies’ worst-case predictions. Those predictions adequate on the abhorrent aggregate of bound post-crisis costs standards and the aerial prices that abounding buyers had agreed to pay. That acerb suggests that abounding of the absolute bodies who paid deposits and afresh vanished may not accept advised to do annihilation added than put bottomward abundant banknote to activate the $220 actor band issuance.

Newland declared defalcation in April 2013 in federal cloister in New York City, breadth it kept abundant of its cash. The Trumps agreed to abate their fees, authoritative concessions that defalcation annal said would bulk to $20 actor over a aeon of years.

Even afterwards those concessions, Khafif’s aggregation connected to run in the red in 2014 and 2015, with net losses advancing $28 actor in 2014 alone, cyberbanking letters show. It absent addition acquittal in 2015.

So Trump didn’t accomplish the $74 actor he had hoped for. He appears to accept absolved abroad with amid $30 actor and $55 million, based on bitty advice in his government acknowledgment forms, cyberbanking statements filed in Panama and estimates by observers.

Khafif seems abstract about it. At 63, he’s semiretired and campaign to the U.S. and Europe often. These days, he said, his capital business is bed-making linens. The company, Perfect Cleaners, which Khafif declared the better automated laundry bulb in Central America, has served the Trump Ocean Club. (He did not acknowledge to a catechism about his own cyberbanking aftereffect on the Trump project.)

Khafif said his accord with the ancestors charcoal good. “I was in New York a brace months ago. I went to appointment Eric Trump,” he said. “We’re fine.” The Ocean Club accepted a disappointment in abounding respects, he said, “but activity goes on. … It’s the best architecture in town.”

As abundant as $120 actor of the aboriginal band was never paid back, according to one investor. Asked about that, Khafif acicular out that abounding investors awash their bonds — admitting at a abatement — afterwards accepting absorption payments for years, acceptance some to compensate abundant of their beforehand at a time aback lots of bodies were hemorrhaging money. “It depends on how you attending at it,” Khafif said. “You’re beholden at accepting your money back, or you’re acquisitive and you appetite to accomplish money aback everybody absent their shirt.”

Ocean Club buyers filed a host of lawsuits in Panama, accusatory of the delays and changes in the architecture plans. The coffer club was never built. A non-Trump aggregation took over the casino. Some accommodation were abate than planned.

By 2015, a new defection was brewing, this time by Ocean Club assemblage owners fed up with the way the Trumps were managing the acreage — or added particularly, with how they were spending the architecture association’s money. Led by Lundgren, the owners declared that Trump advisers overspent budgets, demography boundless bonuses for themselves, and amiss architecture finances, arch them to adduce a abrupt admission in fees to owners. Trump responded by suing the address owners, ambitious up to $75 actor for blameworthy termination. (The activity was acclimatized confidentially in 2016.)

In 2017, Ithaca Basic Partners, led by Orestes Fintiklis, bought 202 of the hotel’s 369 hotel-condo units. In October of aftermost year, his accumulation approved to aish the Trump Alignment as auberge managers — alleging in a acknowledged activity that it had mismanaged the hotel, arch to desperate drop-offs in ascendancy and profits. The Trump Alignment countersued, accusing Fintiklis of a “fraudulent scheme” that breached its 20-year administration contract.

The altercation accomplished a arch aboriginal this year, aback Fintiklis’ representatives, with a cloister adjustment abaft them, approved to booty concrete ascendancy of the building. Trump Alignment advisers and a accumulation of aegis cadre approved to block the effort, arch to confrontations and advance matches.

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Fintiklis’ accumulation ultimately acquired admission but apparent walls had been agilely erected in annoying places — in the average of a hallway, in advanced of an elevator coffer — to impede admission to the building’s close offices. Letters broadcast of Trump advisers shredding documents.

In March of this year, the Trumps suffered the discredit of seeing their name crowbarred off the bean bank in advanced of the tower. It was rebranded the Bahia Grand Panama. In backward spring, the hotel, already accustomed as boasting boundless levels of luxury, was quiet, with accommodation renting for the absolutely earthbound bulk of $169 a night. At the auberge bar, you could adjustment drinks with a acrimonious aberration that reflected Fintiklis’ faculty of humor, including the “Fire and Fury” and the “Stormy Jack Daniels.”

In June, Fintiklis appear the auberge would accept a new manager. “We are captivated that our auberge will accomplish as a JW Marriott,” he said in a statement, “and we accept this partnership, calm with a accomplished aggregation and amazing auberge amenities, will be a success.”

This adventure was co-published with WNYC.

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