Never trust a rich man with a bad rug.....

[marmar]

NEW YORK — Donald Trump and the promoters of his Trump SoHo hotel-condominium were sued by buyers who accused them of fraudulently touting out-sized sales figures to encourage them to buy units and inflate the project's financial health.

The lawsuit by 15 plaintiffs was filed late Monday in Manhattan federal court, less than four months after the 46-story building opened and three months after the offering plan went effective, allowing closings to begin.

Trump SoHo is a venture between the Trump Organization, which manages the building, and Bayrock Group LLC and Sapir Organization LLC, which formed its sponsor Bayrock/Sapir Organization LLC. The smallest units start at $1.2 million.

The complaint said the defendants in sales pitches and to the media during the first 18 months of marketing advertised that the building was "30, 40, 50, 60 percent or more sold."

Instead, when the offering plan went effective, buyers learned that just 62 of the 391 units, or 16 percent, had been sold, the complaint said. A minimum of 15 percent was needed for the plan to go effective. .........(more)

The complete piece is at: http://www.comcast.net/articles/news-general/20100803/NEWS-US-TRUMPSOHO-LAWSUIT/

[Electric Monk]

1. I just knew this was about Trump before I even clicked

Funny, that...

[aquart]

2. "Buyer's remorse"?

Why should they have "buyer's remorse" for such a good deal, Donny?

[BrklynLiberal]

3. Trump has been running scams his entire life.......

[marmar]

4. Very true......

nt

[howaboutme]

5. Some have the ability to capture everything good about society

and turn it into deals for dollars for themselves, while doing absolutely nothing positive for the greater good of society.

Upper East and West side of Manhattan and Wall Street are geographical areas known for harboring an abundance of such "financialists" who have this knack. Some may disagree, but I consider them as detrimental to society at large but instrumental in enriching themselves.