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All the NYC real estate scams Paul Manafort is accused of (so far)
For help understanding how New York City real estate came into play ... He also bought a $1.9 million house in Virginia with laundered money, according to the indictment. Gates, meanwhile, is accused of spending his illicit, untaxed money on his mortgage ...
Former Trump campaign chairman Paul Manafort is in deep trouble over money laundering and foreign lobbying schemes that he allegedly funneled through real estate purchases and loans in New York.
Disney ABC Television Group/Flickr
October 30, 2017 - 4:10pm
By Nathan Tempey
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Former Trump campaign manager Paul Manafort, a longtime Washington lobbyist and fixer for murderous dictators, pleaded not guilty today to 12 federal felony counts related to an alleged $75 million money laundering scam carried out with business partner and fellow Trump campaign official Rick GatesThe allegations span continents, involving a maze of off-shore bank accounts and secret lobbying on behalf of pro-Russian political figures in Ukraine, but key to the scheme, according to the feds, were a condo in SoHo and a brownstone in Carroll Gardens.
For help understanding how New York City real estate came into play, here's a rundown of the allegations contained in the federal indictment.
Manafort and Gates are accused of taking in millions of dollars in payments from politicos in Ukraine for undeclared lobbying work, hiding the proceeds in companies incorporated offshore, and then laundering that money untaxed through massive expenditures including $934,000 at a rug store, as well as purchases of high-priced properties in New York CityIn all, Manafort allegedly laundered over $18 million, and Gates allegedly passed $3 million to himself illicitly.
Prominent among Manafort's purchases was a $2.85 million condo on Howard Street in Soho, allegedly bought in 2012 with money from a Manafort-controlled company in Cyprus using an LLC owned by him and his family. In 2015, prosecutors say Manafort started renting out the condo for "thousands of dollars a week" on Airbnb and called it a rental property on his taxesDespite this, he allegedly wrote to his son-in-law in January 2016 saying that the son-in-law should tell a bank appraiser he was living there with Manafort's daughterManafort also had Gates draw up a document listing the condo as Manafort's son-in-law's second home, according to prosecutorsUsing these false representations, Manafort purportedly took out a $3.185 million loan on the apartment in March 2016.
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