Trump and his children accused in lawsuit of investment scams | Fin24
  • Rolling blackouts

    Power cuts could slash SA's GDP growth to just 0.3%, says market research firm Intellidex.

  • 'Really close to the edge'

    Eskom is being forced to operate without 40% of it nominal capacity, says energy analyst Chris Yelland.

  • Insurance Fraud

    Life insurers say the "buying and renting of dead bodies" to obtain fake certificates is popular.


Trump and his children accused in lawsuit of investment scams

Oct 29 2018 21:33
Erik Larson and Shahien Nasiripour, Bloomberg

President Donald Trump and his three eldest children were named in a proposed class-action lawsuit accusing the family of targeting working-class Americans with investment scams. The suit was filed on Monday in federal court in New York by four individuals who say they represent thousands of other victims.

Key allegations:

"The Trumps conned each of these victims into giving up hundreds of thousands of dollars - losses that many experienced as devastating and life-altering," according to the suit. Trump, along with his children Don Jr., Eric and Ivanka, have for years sought to systematically defraud "economically marginalised people" looking to invest in their educations or start small businesses, according to the complaint.

The suit focuses on the Trump family’s involvement in a multi-level marketing company called ACN, which offers business opportunities to participants. From 2005 to 2015, Trump endorsed ACN in exchange for millions of dollars in "secret payments", the suit claims. Trump allegedly said in promotions that participants have a "great opportunity" without "any of the risks most entrepreneurs have to take".

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

donald trump  |  scams


Company Snapshot

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote