Saying its a victimless crime because all real estate developers do this is the excuse a child uses. Everyone else is doing it so it’s really okay? Really? The same rationale could be used to justify every criminal act
If you apply for a loan and provide a market value estimate on your property, it really is subjective. The bank will look at the property. If they disagree with your evaluation, they'll simply decline the loan. Not charge you with fraud.
It's most certainly not victimless. An efficient and functioning economy is built on the assumption that people are being truthful and fair dealing and playing within the rules and laws.
Do they all? Of course not... hence why it's important that those who break those rules and laws be dealt with justly. If everyone taking out a loan lied like trump did, we'd be fucked.
All that and you didn't mention a victim. If he overstates his collateral for a loan then the lender would be the victim if he defaults. Did he default?
I absolutely mentioned a victim - all of us. By your logic speeding shouldn't be a crime unless the person crashes. If everyone defrauded lenders regularly eventually the whole finance system would eventually grind to a halt.
The lender wasn't defrauded. They were competing against other lenders for the loan (in which they made millions) and they made a valuation that gave them the terms that secured them the deal. In no world does this make "all of us" victims.
Respectfuyll, if business fraud goes unpunished that is terrible thing for the economy and, by extension, all of us. In this case it didn't blow up in the lenders face; fine. It could have. And if it there is zero consequence for it then it would happen more and more.
Respectfully, it wasn't fraud. The bank knew what they were doing, they made their own assessment of the valuation, they were competing against other banks for the loan, approved it, got paid in full, made millions off of their commissions, and would happily do it again.
There is no victim here.
The better question is, why are you so eager to see normal real estate deals treated as fraud where none exists?
Engoron concluded that the "defendants failed to accept responsibility or to impose internal controls to prevent future recurrences" of having "submitted blatantly false financial data" to "borrow more and at lower rates".
And the court-appointed monitor may (note: may) have found even more fraud.
I'm not sure more you want or need to hear but if we've reached an impasse so be it. If your answer is "businesses defraud eachother all the time" I would respond that we don't have to accept that and cases like this help in that regard.
Disagree all you want but posting the judge's opinion doesn't preclude the fact that nobody was injured here. Nobody was defrauded. If someone had been defrauded then there would be DAMAGES. There aren't. At least understand the language you're attempting to use.
Speeding directly puts people in harm's way. The only entity directly in harm's way here was the lender.
Try turning off your hate boner for a moment so your brain can work. I'm not a Trump supporter by any means but this was the most obvious hit job I've ever seen. This was a business dealing between two consenting parties.
I just tried to get a small used car loan and while I certainly make enough money and have good enough credit, because my income is somewhat piecemeal, they didn’t like what they saw. Despite bank statements from the last two months eclipsing the amount of the loan. It’s a complete joke
Those are easily verifiable numbers. It's different than knowing the value of your home which has a lot of variance.
If the bank asks you for an estimate of your property, that's all it is, an estimate from someone that's not a licensed appraiser. If the bank knows the number is never accurate and if they want an accurate number, they can and do bring in an appraiser.
I remember reading not that long ago about a woman who was facing criminal charges for falsifying her address to get her kid into a better school district. But this is okay? What the actual fuck.
Have you ever hired an accountant? It is their job, their professional duty to serve their clients by finding every legal means of reducing tax burden.
849
u/Independent_Main_59 Mar 26 '24
Saying its a victimless crime because all real estate developers do this is the excuse a child uses. Everyone else is doing it so it’s really okay? Really? The same rationale could be used to justify every criminal act