How Crypto Has Earned the Trump Family Billions (WSJ)Reported examples of alleged greed by the Trump family often cite the blurring of lines between their private business interests and public service, creating potential or actual conflicts of interest. The following points draw from investigative reports, court documents, and news coverage of these events.
Alleged financial fraud
Civil fraud verdict: In a 2024 civil fraud case in New York, a judge found Donald Trump, his sons Donald Jr. and Eric, and the Trump Organization liable for fraudulently inflating asset values for years to secure better loans and insurance deals.
Misleading valuations: During the trial, the court cited examples of intentional misrepresentation, such as grossly overstating the size and value of Trump's penthouse in Trump Tower. The fraudulent conduct led to a judgment of over $350 million plus interest against the Trumps and their company, which an appellate court later reduced.
Tax avoidance schemes: A 2018 New York Times investigation detailed how the family allegedly engaged in fraudulent schemes to evade federal taxes for many years. This reportedly included using a shell company to funnel cash gifts from Fred Trump to his children while avoiding estate taxes.
Criminal tax fraud conviction: In 2022, the Trump Organization was convicted of 17 criminal charges, including tax fraud. The case involved a long-running scheme where executives received "off-the-books" compensation and benefits without paying taxes.
Conflicts of interest and using public office for private gain
Leveraging the presidency for business: Throughout his first term, and following his 2024 election, Donald Trump has been criticized for not divesting from his business empire through a blind trust. He frequently visited and promoted his own hotels, golf clubs, and resorts while president. This drew foreign officials and special interest groups to his properties, with critics alleging they spent lavishly to curry favor with the administration.
Profiting from foreign governments: A 2024 House Oversight Committee report detailed more than $7.8 million in payments from foreign governments to Trump-owned businesses during his first presidency. The report noted that foreign entities often frequented his Washington, D.C., hotel at "sensitive times for those countries' relations with the United States".
Taxpayer costs: Critics have pointed out that taxpayers bore millions of dollars in costs for Trump's travel and security, much of which involved shuttling him to properties he personally owned and profited from. This includes expenses incurred by the Secret Service at Trump's properties, even when he was not present.
Nepotism and insider access: The appointment of Ivanka Trump and Jared Kushner to White House roles raised concerns about nepotism. In addition to their unpaid government service, their business dealings were closely scrutinized for potential conflicts of interest and profiting from access to power.
Leveraging the Trump name for questionable products
Cryptocurrency ventures: The Trump family has ventured into the cryptocurrency space. Ethics watchdogs have raised alarms over the launch of Trump-linked digital currency products ($TRUMP and $MELANIA memecoins) and a financial company named World Liberty Financial during his public service. Critics argue this allows industry players and foreign actors to influence Trump by enriching him.
Failed business ventures: In addition to numerous legal and ethical issues, the Trump family's business history is marked by a series of failed ventures that critics claim capitalized on the Trump name for financial gain. These include Trump Steaks, Trump University, Trump Vodka, and Trump Shuttle.