Thread by @DrDenaGrayson

THREAD: Every investor lost money on #Toronto Trump Tower. Everyone except Trump, who walked away w/MILLIONS‼️ 1/

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/

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Who was left⁉️A group of investors assembled by Trump's lead developer — the criminal who was just publicly outed🙄

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/

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/

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/

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/

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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/

Just like Trump SoHo
👉🏼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/

Jr & Ivanka investigated for felony fraud charges for their role in misrepresenting sales figures in Trump SoHo.🤨

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

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