Trump Hotel in Toronto failed, fraud alleged.

[dixiegrrrrl]

4 days before our election last fall, the Trump hotel in Toronto went bankrupt, like other Trump hotels in the past.

It was backed by Russian money and Trump was in partnership with the developer, Joo Kim Tiah, who is the son of a convicted Malaysian stock fraud billionaire, Tony Tiah.

but wait! That was not the only Trump Hotel to go bankrupt.
4 years previously there was one in Ft. Lauderdale.
And the managing partner on that one was....Felix Sater, the man Trump says he does not know.
http://www.miamiherald.com/news/politics-government/election/article65709332.html

There seems to be a pattern of pump and dump in Trump's investments, along with shady characters from Russia to the Near East.
Trump also was involved in the ill fated Trump SoHo hotel-condominium, ( full details here: http://ny.curbed.com/2014/9/17/10046140/trump-soho-heads-to-foreclosure-due-to-unsellable-condos)
and here:
http://fortune.com/2016/10/19/trump-soho-kazakh-money-laundering/

[dchill]

1. K&R.

[ProudLib72]

2. It's all fake!

The building is fake. Toronto is a fake city. Joo Kim Taih is a fake person. Sater is also a fake person.

[Kimchijeon]

3. what a surprise

I am shocked, I tell you just shocked!

[aggiesal]

7. that there's gambling going on, in this establishment! n/t

[madokie]

4. the only constant with dRumpF

is there is no real there with him. He's a crook and a piss poor one at that. If not for daddies money he'd be washing or selling cars today. No, more than likely someone would have put a bullet in his sorry ass long before this point, just for being such a crooked bastard if for no other reason and believe me there sure seems to be other reasons. I'm glad I'm not him

[Jarqui]

5. Hmmm ...

http://www.trumptoronto.ca/
http://www.trumptoronto.ca/trump/newslist/list-99-1.html


Alex Shnaider
https://en.wikipedia.org/wiki/Alex_Shnaider

Alex Shnaider (born 1968[1]) is a Russian-born Israeli-Canadian entrepreneur and former commodities trader. He is co-founder with Eduard Shifrin of the Midland Group.

http://www.jrcc.org/templates/articlecco_cdo/aid/609359/jewish/Mr-Alex-shnaider.htm

...
1994 – Co-founded Midland Resources Holding Limited. Established offices in Antwerp and Kiev, Ukraine. Commenced trade of raw materials within CIS countries.
...
2000 – Commenced investment program with the acquisition of a significant stake in a Ukrainian steel mill.

2001 – Bolstered mill ownership by investing in a group of steel assets in Ukraine, including a pipe mill, refractory plants, raw materials producers and mines. Established or acquired steel warehousing businesses in the UK, Turkey & Serbia.
...
2002 – Established Midland Shipping Group. Acquired Armenian Electric Network. Expanded activities in the scrap trade by acquiring a scrap processor. Commenced real estate development in Moscow.

2003 – Participated aggressively in state privatization program of Serbia by investing in agriculture, real estate, transportation and light industrial sectors. Developed new real estate projects in Toronto and Moscow. Acquired steels mill in southern Russia. Expanded transportation division with investments in railcar manufacturing.

2004 – Continued expansion of transportation division with acquisition of steel foundry assets in Poland, Ukraine and Russia. Announced Midland F1’s participation in Formula One racing. Expanded real estate interests in Russia and Ukraine. Acquired 60% of Ukraine’s first mega-market outlet chain. Acquired controlling interest in Ukraine’s leading food and beverage distributors.
...
2006 – Appointed Chairman of Royal Laser Corp. (TSX: RLC). Negotiated sale of Midland F1 Limited to Spyker Cars NV. Significantly boosted investment in Russian real estate projects.

2007 – Exited Russian steel mills via sale to RusSpetStal. Announced construction financing for Trump International Hotel & Tower, Toronto. Established chain of MD convenience stores in Ukraine.

http://www.theglobeandmail.com/report-on-business/rob-magazine/the-invisible-man/article18228210/?page=all

On the Forbes list of billionaires are several Russians who "were much more successful than me in different industries, because they were at the right place at the right time"
...
Although the team is based in London, Dallara is said to be designing the chassis in red, white and blue--the colours of the Russian Federation flag.
...

Eduard Shifrin
https://en.wikipedia.org/wiki/Eduard_Shifrin

Eduard Shifrin (born 1960) is an entrepreneur, born in Dnipropetrovsk (now Ukraine)

He co-founded, with Alexander Shnaider of Midland Group, a holding company headquartered in Guernsey that embraces interests in steel (Zaporizhstal), shipping, real estate, agriculture and owned motorsport (Midland F1 Racing).

Zaporizhstal
https://en.wikipedia.org/wiki/Zaporizhstal

Zaporizhstal, is Ukraine's fourth largest steel maker

http://www.canadianbusiness.com/business-strategy/litigation-russian-standoff/

...
But an amended statement of defence entered in the Ontario Superior Court of Justice this past December in response to a countersuit by Shnaider, Eduard Shyfrin and their Midland Resources Holding Ltd. — along with more than a half-dozen recent resolutions from Russian courts — squarely questions that version of events. For starters, an April 1 decision by a judge of the Tagansky District Court of Moscow stated that putting Shtaif on the wanted list in that country was “illegal and unfounded.”
...
Shtaif alleges that Shnaider, Shyfrin and Midland Resources repeatedly broke Russian law in an attempt to silence him and derail his Canadian-based lawsuit. It accuses Shnaider and Midland partner Shyfrin of conspiring “to have Shtaif wrongfully convicted and incarcerated in Russia through spurious criminal charges, bribes and other fraudulent acts, as a means” to end Shtaif’s litigation.

Ron Fine, a spokesman for Midland Group, maintains, as he did a year ago, that Shtaif’s allegations are “wholly without merit.”

All kinds of stuff in that article on what a complex web this is

I could go on and on.

[George II]

6. Canadian bankruptcy laws are not like US laws. He won't get away with this.

[erpowers]

8. Is Trump Hotels and the Trump Organization a Scam

The OP mentioned that there seems to be a pump and dump element to Trump's investments. Before I read that statement I was thinking it is beginning to look like these Trump Hotel bankruptcies are a scam. I was wondering if they were allowing these hotels to go bankrupt on purpose. Why are so many of the hotels that carry Trump's name going bankrupt? Is Trump and the people building these hotels taking money from investors without actually planning to build viable hotels?

I think someone in the news media needs to investigate Trump Hotels and the Trump Organization. Is the Trump family using Trump Hotels as a way to scam investors out of their money?

[dixiegrrrrl]

9. That is what numerous lawsuits seem to have claimed.

Legal charges have not been filed against Trump in these "failures" because he alway makes sure he can claim only his name is being used, tho he does get civil lawsuits, most of them settled out of court for pennies on the dollar.

You may remember that Trump bragged his bankruptcies were causing his taxes to be zero.
Apparently he can legally take a loss for the full price of the building, even tho he claims he is not the owner.