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THREAD: Every investor lost money on #Toronto Trump Tower. Everyone except Trump, who walked away w/MILLIONS‼️ 1/
thestar.com/news/world/201…
thestar.com/news/world/201…
Only months into TTT, Trump's lead developer publicly exposed as fugitive fraudster running from US justice. 🤨2/
No surprise👉🏼Trump's major (& legit) institutional partner — Ritz-Carlton Hotel Company — bails shortly after. 3/
Who was left⁉️A group of investors assembled by Trump's lead developer — the criminal who was just publicly outed🙄
Who were they? 4/
Who were they? 4/
NY camera store owner
Fmr Chicago nursing-home administrator
2 small-time landlords in UK
Plus, of course there's a #Russian🇷🇺connection🙄5/
Fmr Chicago nursing-home administrator
2 small-time landlords in UK
Plus, of course there's a #Russian🇷🇺connection🙄5/
Toronto billionaire Alex Shnaider👉🏼made his fortune in former Soviet Union.🤨 6/
Shnaider MOPPED FLOORS at parents’ deli👉🏼made 100's of millions from Ukrainian steel mill + malls, stores & electricity across E Europe.🤔7/
Valery Levitan (worked w/his father running a slot machine-repair service) owned 12.5% stake👉🏼convinced Shnaider to make his investment. 8/
In 2001, TTT lead developer Leib Waldman outed as wanted fugitive👉🏼fled from US after pleading guilty to bankruptcy fraud & embezzlement‼️9/
A simple background check would've EASILY revealed that Waldman was a CONVICTED FELON ON THE RUN.
Instead Trump made him LEAD DEVELOPER🤨10/
Instead Trump made him LEAD DEVELOPER🤨10/
Ritz-Carlton bailed👉🏼minority investors, architect, lawyers & engineers left w/unpaid invoices w/little hope of TTT coming to fruition. 11/
"Trump remained convinced his brand would save the project."🙄
Meantime, Waldman continued to run TTT project from *his JAIL CELL*⁉️😳 12/
Meantime, Waldman continued to run TTT project from *his JAIL CELL*⁉️😳 12/
Real ownership of TTT was shrouded in secrecy. Trump started telling reporters in '01👉🏼he had made a “substantial” investment in TTT. 13/
As late as 2007, Trump publicly bragged about his supposedly savvy investment👉🏼would've benefitted from appreciating Canadian dollar.🙄14/
In 2011, facts emerged that Trump invested ZERO👉🏼only had contract to license out his name & manage the hotel‼️15/
Last fall, the TTT's development company, Talon Int'l Inc., went bankrupt, unable to repay >$300 million on the construction loan.🤨 16/
ALL of the investors lost MILLIONS👉🏼Trump walked away w/$1.7 million ( US) + >$6 million (Canadian)‼️ 17/
SO MUCH WINNING‼️
In past 10 yrs, >400 condominium towers built in #Toronto👉🏼only 1 went bankrupt after completion: the TTT.😂 18/
In past 10 yrs, >400 condominium towers built in #Toronto👉🏼only 1 went bankrupt after completion: the TTT.😂 18/
Just like Trump SoHo
👉🏼hybrid hotel-condo model
👉🏼ran into trouble in 2007; some unit purchasers walked away, others sued
19/
👉🏼hybrid hotel-condo model
👉🏼ran into trouble in 2007; some unit purchasers walked away, others sued
19/
👉🏼Trump claimed financial stake (it was just a licensing deal)
👉🏼Trump family LIED of inflated sales figures (TTT was nearly empty)
20/
👉🏼Trump family LIED of inflated sales figures (TTT was nearly empty)
20/
Jr & Ivanka investigated for felony fraud charges for their role in misrepresenting sales figures in Trump SoHo.🤨
Why not in #Toronto⁉️ 21/
Why not in #Toronto⁉️ 21/
Yet another case of Trump & kids LYING for personal gain, never mind the cost to others‼️🤬
THIS MUST STOP‼️
/end
THIS MUST STOP‼️
/end
