Culture

How Paul Manafort spent his millions, according to the feds

How Paul Manafort spent his millions, according to the feds”

Dan McLaughlin and Jonah Goldberg have both made important points about the Paul Manafort indictment, but I'm afraid both are missing the real scandal: This guy allegedly wired almost a million bucks to an antique-rug store over a two-year period, and then $100,000 more to a "related" business a couple years later.

Manafort purchased properties worth $15 million since 2006 - the year he signed a $10 million-a-year contract with Russian oligarch Oleg Deripaska - the Associated Press reported earlier this year.

The payments came from three Manafort-controlled business entities in Cyprus, one in the Grenadines and one in the United Kingdom.

Manafort and Gates worked as unregistered agents for the Ukrainian government and the pro-Russia Party of Regions, among other groups, and hid the money from US authorities in part using offshore bank accounts, including those in Cyrus, Saint Vincent and the Grenadines, according to the indictment. "Manafort also used these offshore accounts to purchase multi-million dollar properties in the United States". According to the indictment, three properties in NY and one in Virginia were purchased with ill-gotten gains and are subject to forfeiture. Many local officials have long complained that the opaque nature of LLCs enables illicit activities such as tax evasion, fraud and money laundering. The indictment states he paid $2.85 million for the Manhattan condo and $3 million for the Brooklyn brownstone.

According to the indictment, Manafort claimed that the Howard Street apartment was a secondary residence for his daughter and son-in-law, when in fact, he was renting it out on Airbnb, "among other places".

The indictment also said Manafort falsely identified the property as a second, owner-occupied home instead of a rental property to the bank to get a better loan when he applied for a mortgage.

He ended up getting a loan for $3.185 million.

Here's a look at Manafort's homes listed in the indictment. But that project stalled, leaving the property vacant with with a broken window, much to the chagrin of neighbors, according to Pardon Me for Asking. Transfers to an antique rug store totaled $934,000. "In his tax returns, Manafort took advantage of the beneficial tax consequences of owning this rental property". When the loan closed, he used hundreds of thousands of dollars from it to make a down payment on another property in California.

The Manhattan property isn't the only one of Manafort's homes mentioned in the 30-page indictment. And the pair racked up quite the bill buying antiques, men's clothing and fancy cars.

-Antique dealer in NY: $623,910.

-Housekeeping in NY: $20,000. "Frankly, it shouldn't take a federal investigation to shine a light on LLC ownership", Hoylman said. "Anywhere else in the world, $6 million in home improvements would be awfully suspicious".

Manafort also had $1.9 million wired from Cyprus for a property in Arlington, Virginia, in 2012.

All totaled, the two are accused of acquiring more than $75 million from their consulting clients and hiding it in what the indictment said were scores of US and offshore shell companies, partnerships and bank accounts.

The 31-page indictment, which includes eight pages of itemized expenditures, reports about $624,000 spent on antiques in ny, $500,000 placed with an investment fund, $211,000 spent on high-end sports-utility vehicles, $63,000 on a Mercedes Benz, $125,000 on home improvements in Virginia, $31,000 on art in Florida, $112,000 on more home entertainment electronics in the Hamptons and $20,000 on a ny maid service.



Like this

loading...
loading...

Latest


31 October 2017
'RHOBH' alum Camille Grammer engaged to lawyer boyfriend
Camille was previously married to Frasier star Kelsey Grammer , with the couple's split occurring during her time on RHOBH . Real Housewives of Beverly Hills alum Camille Grammer is engaged to her boyfriend of almost a year and a half, David C.

31 October 2017
Sean Hannity blasts 'President Clinton' after Mueller indictments
Of her election loss, Clinton said, "I'll admit there were times when I was tempted to just pull the covers over my head".

31 October 2017
Messi, Paulinho sink Bilbao as Barca maintain unbeaten run
Barcelona maintained their four-point lead atop La Liga following a 2-0 victory over Athletic Bilbao at the San Mames. Lionel Messi scored the first for Barcelona , his 12th of the 10-game La Liga season, in the 36th minute.

31 October 2017
Western Digital Corporation (WDC) Given Coverage Optimism Score of 0.23
To measure price-variation, we found WDC's volatility during a week at 2.83% and during a month it has been found around 2.21%. On October 27 Citigroup made no change to the company rating of "Buy" but moved up the price target from $70.00 to $115.00.

31 October 2017
Three Man United stars go missing before Benfica
If you want to watch the game on the go, then download the SonyLiv app on your mobile/tab and watch the game free of cost. But now they turn their attention back to the Champions League with the visit of Benfica tonight.

31 October 2017
Azerbaijani, Turkish presidents hold one-on-one meeting
He added that Turkey and Azerbaijan strengthen relations in the defense sphere as well. President of Azerbaijan Ilham Aliyev welcomed Turkish President Recep Tayyip Erdogan .

31 October 2017
Thailand Revokes Passports of Ousted Prime Minister
Yingluck failed to turn up at the Supreme Court on August 25 to hear the court's verdict in the 2-year rice pledging case.

31 October 2017
Best Stocks To Invest: Cognizant Technology Solutions Corporation (CTSH), Whirlpool Corporation (WHR)
Cognizant Technology Solutions Corporation (NASDAQ: CTSH ) last announced its quarterly earnings data on Thursday, August 3rd. Cognizant Technology Solutions Corporation (NASDAQ: CTSH ) shares have climbed higher recently touching a new 52-week peak.

31 October 2017
US Consumer Confidence Jumps To Nearly 17-Year High In October
The high level of confidence suggests the economy will continue to expand "at a solid pace" for the rest of 2017, Franco added. Economists monitor confidence because consumer spending accounts for about 70 percent of USA economic output.

31 October 2017
The cast of Sabrina the Teenage Witch had a magical reunion
As the RL Sabrina Carpenter revealed, it was actually the first time some of the actors and actresses had ever met, having appeared on the show at different times.