Jon Stewart benefited by 829% ‘overvalue’ of his NYC home even as he labels Trump’s civil case ‘not victimless’

[trixare4kids]

OK, then who gets to keep the multi-million dollar settlement which is normally awarded to the ‘victim(s)’?

The multi-million dollar question. Thanks for asking it.

 

[ttwtt78640]

Who sets the market value?

Whatever price the buyer and seller agree on.

 

[holbritter]

Who sets the market value?

His post had nothing to do with market value

 

[Gimmesometruth]

I can only deduce that there are many who have never owned real estate.

Then you ought to explain to "Taylor" the difference between assessed and market values, where the owner has lttle/no say in those valuations......as opposed to lying to banks about what one thinks the value is for a particular purpose....ie getting a loan against said property.

 

[Gaius46]

OK, then who gets to keep the multi-million dollar settlement which is normally awarded to the ‘victim(s)’?

In this case New York State just like fines collected for speeding from tickets issued by the state police.


Which isn't to say there were no victims here. If the banks shaved 1/2 percent off the interest rate on loans because Trump lied that is a loss to them.

 

[Airyaman]

Who sets the market value?

Since it wasn't for sale, Palm Beach County was the only one who recorded fair market value at the time Trump claimed something different.

 

[trixare4kids]

Under NY law fraud does not require a "victim" (meaning someone who suffered a loss.

Committing fraud under New York statute is the intent to deceive. In order for fraud to be proved, the prosecution has to establish that the accused party intended to deceive another person or entity.

Who or what entity did Trump deceive? Who receives the damages?

 

[year2late]

Jon Stewart benefited by 829% ‘overvalue’ of his NYC home even as he labels Trump’s civil case ‘not victimless’​

Good for Jon! Woo Hoo!

Yes. He sold a property that was valued at substantially less. Good for him.

Did he tell banks it was worth one thing and the government another?

 

[multivita-man]

It’s unlikely that anyone (other than Trump or other threat to demorat power) would be found to be liable under the ridiculous allegation that they ‘unlawfully’ overvalued their real estate.

You, like other Trump defenders, are comparing oranges to dildoes.

A huge difference between selling a home over 'assessed value' to a buyer on the open real estate market who is willing to pay the asking price.

You all clearly have a problem with understanding the English language and knowing what the definition of fraud is. Why, I don't know - it's not a particularly hard concept to understand. I suspect that it stems from getting all your information from sources like the Murdoch-owned New York Post.

 

[multivita-man]

Committing fraud under New York statute is the intent to deceive. In order for fraud to be proved, the prosecution has to establish that the accused party intended to deceive another person or entity.

That's easy to do when you have two sets of records saying completely different things. The burden, in that case, flips back to the defendant, to come up with a good explanation for those kinds of discrepancies.

 

[Gimmesometruth]

Committing fraud under New York statute is the intent to deceive. In order for fraud to be proved, the prosecution has to establish that the accused party intended to deceive another person or entity.

Under this New York statute, however, the attorney general did not have to show that there were victims, only that Mr Trump committed ongoing fraud.

 

[Gaius46]

Committing fraud under New York statute is the intent to deceive. In order for fraud to be proved, the prosecution has to establish that the accused party intended to deceive another person or entity.

Who or what entity did Trump deceive? Who receives the damages?

As previously stated I believe NYS receives the funds if there are no "victims".

So Mr Trump lied on a forms to a bank he was trying to get a loan from. Who in hell do you think he was trying to deceive. And hint it wasn't the janitor.

 

[multivita-man]

Jon Stewart benefited by 829% ‘overvalue’ of his NYC home even as he labels Trump’s civil case ‘not victimless’

Jon Stewart is facing online backlash after saying Donald Trump’s case overvaluing his properties was “not victimless,” and sleuths found his own records.

nypost.com

LOL the usual lib hypocrisy. If Trump got taken to court then so should Jon Stewart,

Fine, take him to court because reasons - a judge would likely throw out the case as frivolous.

 

[LucyLou]

Jon Stewart benefited by 829% ‘overvalue’ of his NYC home even as he labels Trump’s civil case ‘not victimless’

Jon Stewart is facing online backlash after saying Donald Trump’s case overvaluing his properties was “not victimless,” and sleuths found his own records.

nypost.com

LOL the usual lib hypocrisy. If Trump got taken to court then so should Jon Stewart, but since he's a lib we know thats not gonna happen. Rules for thee but not for me.

Why is Maga so lacking in critical thinking skills and the concept of compare and contrast?

Is this what makes them so gullible for Fox, oan, and Crooked Donald grifting and goobing?

 

[AZRWinger]

Someone offered him a value that was well above assessment.

The bank testified they were satisfied with the loan to Trump and would loan him money again. That was deemed fraud.

it defies credibility to claim Stuart didn't represent his property as worth far above market. But there isn't even a suggestion of fraud blatant double standard.

This is false. He didn't disclose the restrictions and completely lied by presenting the property as residential to potential lenders. This is illegal because it's lying for personal gain.

Again, the lender didn't complain. There was no financial loss. The loan was repaid in full and on time. But, Letitia had a campaign promise of political persecution to keep.

Awwwww.

Brilliant response, so persuasive.

 

[TheDoctorWasIn]

If it is a fraud to represent to third parties that a property’s value is far in excess of its appraised value for the purpose of profit then Stewart is guilty.

...but that's not what the fraud was.

The fraud occurred when Donald Trump and the Trump Organization willfully and maliciously lied for monetary gain.

 

[Airyaman]

Committing fraud under New York statute is the intent to deceive. In order for fraud to be proved, the prosecution has to establish that the accused party intended to deceive another person or entity.

Who or what entity did Trump deceive?

Any entity that relied on Trump's financial statements to determine credit worthiness.

Who receives the damages?

The people of NY.

NYS Open Legislation | NYSenate.gov

www.nysenate.gov

12. Whenever any person shall engage in repeated fraudulent or illegal
acts or otherwise demonstrate persistent fraud or illegality in the
carrying on, conducting or transaction of business, the attorney general
may apply, in the name of the people of the state of New York, to the
supreme court of the state of New York, on notice of five days, for an
order enjoining the continuance of such business activity or of any
fraudulent or illegal acts, directing restitution and damages and, in an
appropriate case, cancelling any certificate filed under and by virtue
of the provisions of section four hundred forty of the former penal law
or section one hundred thirty of the general business law, and the court
may award the relief applied for or so much thereof as it may deem
proper. The word "fraud" or "fraudulent" as used herein shall include
any device, scheme or artifice to defraud and any deception,
misrepresentation, concealment, suppression, false pretense, false
promise or unconscionable contractual provisions. The term "persistent
fraud" or "illegality" as used herein shall include continuance or
carrying on of any fraudulent or illegal act or conduct. The term
"repeated" as used herein shall include repetition of any separate and
distinct fraudulent or illegal act, or conduct which affects more than
one person. Notwithstanding any law to the contrary, all monies
recovered or obtained under this subdivision by a state agency or state
official or employee acting in their official capacity shall be subject
to subdivision eleven of section four of the state finance law.

In connection with any such application, the attorney general is
authorized to take proof and make a determination of the relevant facts
and to issue subpoenas in accordance with the civil practice law and
rules. Such authorization shall not abate or terminate by reason of any
action or proceeding brought by the attorney general under this section.

 

[Taylor]

The person who pays for it.

Not necessarily.

 

[Taylor]

I can only deduce that there are many who have never owned real estate.

Sure seems that way.

 

[ouch]

Jon Stewart benefited by 829% ‘overvalue’ of his NYC home even as he labels Trump’s civil case ‘not victimless’

Jon Stewart is facing online backlash after saying Donald Trump’s case overvaluing his properties was “not victimless,” and sleuths found his own records.

nypost.com

Hopefully, an opinion piece correctly counters the op's article enough to calm the MAGA frenzy.

NY Post Promotes Laughably Wrong Claim From Online Troll Accusing Jon Stewart of Fraudulently Overvaluing His Apartment

The New York Post made the curious decision to promote Tim Pool's laughably false accusation that Jon Stewart committed some sort of fraud regarding the 2014 sale of his Manhattan penthouse, amplifying the notorious right-wing troll's claim to the point where Stewart's name trended on The...

www.mediaite.com

Perhaps the most ludicrous part of this whole article is that an NYC-based real estate reporter is apparently pretending a 6,000 square foot penthouse in Tribeca isn’t fairly sold for millions of dollars. Searching the Post’s own archives finds a Nov. 2014 article reporting that Stewart bought the condo in 2005 for $4.5 million. Selling that same property almost a decade later for $17.5 million isn’t outlandish for the Manhattan real estate market, and Jacob’s article included a YouTube realtor video with a tour of the spacious property. The video is from 2021, so presumably includes some renovations or upgrades since Stewart owned it, but the penthouse’s layout, massive size, and panoramic views wouldn’t have changed.

The Post does mount a half-hearted complaint on behalf of Stewart’s buyer, financier Parag Pande, who sold the condo for “a nearly 26% loss” in 2021. Besides the fact that this is when the city was climbing back from the pandemic, it still doesn’t justify the accusation that Stewart inflated the value by a “staggering 829%” or anything close to that. And even the article at real estate news website The Real Deal that Jacob links regarding Pande’s purchase notes multiple reasons for the reduced price besides the pandemic, including a lack of luxury amenities (full-time doorman, pool/sauna, gym, etc.) that buyers at that price point were now expecting and the fact that Pande hadn’t renovated since buying the condo, with the listing broker quoted as saying that “pretty much everyone” who looked at the unit “said they would do a lot of renovation work.”

Current real estate values in the area further drive home the point. Another 6,000 sq. ft. Tribeca penthouse not too far from the one Stewart owned is currently on the market for $24,450,000 (and has some absolutely lovely “chevron wood floors” and “a freestanding soaking tub facing the Empire State Building,” among other stunning views of the NYC skyline). Past sales in Stewart’s specific building show even the units that were half the size of his (and not on the penthouse level) still selling for millions of dollars.

A 6,000 sq. ft. Manhattan condo being listed for only $800,000 at any point during this past decade seems as likely as getting a visit from Santa Claus, the Tooth Fairy, and Bigfoot all in one afternoon, but this scurrilous attack was never about actual real estate reality; it seems the temptation to hurl the “hypocrite!” label at a Trump critic was too much to resist.

 

[TheDoctorWasIn]

Who sets the market value?

The market.

 

[Gaius46]

Not necessarily.

Okay so when is that not the case?

 

[Taylor]

His post had nothing to do with market value

It's the subject of the thread.

 

[ALiberalModerate]

Jon Stewart benefited by 829% ‘overvalue’ of his NYC home even as he labels Trump’s civil case ‘not victimless’

Jon Stewart is facing online backlash after saying Donald Trump’s case overvaluing his properties was “not victimless,” and sleuths found his own records.

nypost.com

LOL the usual lib hypocrisy. If Trump got taken to court then so should Jon Stewart, but since he's a lib we know thats not gonna happen. Rules for thee but not for me.

Trump overvalued his properties for purposes of defrauding banks to secure much larger loans with much more favorable terms than he otherwise would have received. That is the very definition of fraud.

John Stewart owned a property that he paid taxes on based on its assessed value. Maybe you have never been a property owner, but that is how it works. The assessor sends you a yearly tax assessment valuation of your home. If you think they have overvalued it, then you challenge them. For example, you might tell them it needs foundation work or a new roof and thus would not sell for what they assess it's value at. Otherwise, you pay the property taxes on your home based on that assessment. That is how it works, there is nothing illegal about it.

Now, let's say that I get an assessment on my home for $320,000. I don't think I can challenge that assessment, so that is what my taxes are going to be based on. Now, 6 months later, let's say a developer comes along and offers to buy my home for $680,000. On the spot, cash money, that is what he is offering me for it. Hell, maybe he knows something I don't know. For example, maybe he has heard Google is going to hire 10,000 developers in my area and thus my home is about to be worth even more money. It doesn't really matter though because that developer has offered me significantly more for my home then I think I could get for it, so, I sell it to him, then buy a home comparable to what I had in another neighborhood and pocket the difference. That isn't fraud.

In contrast, let's say my home has a market value of $320,000, but I conspire to inflate my home's value to 1.2 million dollars when I apply for a loan from a financial institution. In this deception, I convince that financial institution that my home is actually worth 1.2 million dollars, and they give me a bigger loan with much better terms than I would have received otherwise. That is fraud.

Don't worry about it, it's an honest mistake. I am assuming you might be someone that has had a hard time in life and thus never really succeeded or owned anything. Otherwise, surely you would know the difference right? At any rate, regardless of why you didn't know the difference, you now do.

By the way, the "Market Price" by definition is what someone is willing to pay for a property. If my home that is assessed at $320k has a buyer that gives me 600k for it, then that was the market price for it - because that is what it sold for. 3 years later, someone only offers that person 400k then that is the market price.

 

[Simon W. Moon]

Was the value wrong? What did the tax assessor say? Did the bank do its own assessment?

Also, which property would this be?

How many red herrings live in the forest?

The closest I have found is a penthouse tat was 11,000 square feet versus 30,000 square feet.

Maybe I misremembered the numbers.

Do you feel that square footage is a matter of opinion?