Trump's Castle family chip transaction
What happened
promisedocumented Trump described his business record as evidence that he could turn projects from vision into completion.
- The American Presidency Project: Remarks at Trump SoHo in New York City2016-06-22 · Opening paragraphs describing Trump's business record
actiondocumented Fred Trump purchased casino chips and did not gamble them, supplying cash to Trump's Castle.
- United Press International: Trump Castle agrees to penalty for loan from developer's father1991-04-09 · Casino Control Commission settlement and chip-purchase transaction
- New Jersey Division of Gaming Enforcement: Investigation Report: Donald J. Trump1992-04-15 · Financial stability, casino transactions, Hyatt audit, and licensing sections
outcomedocumented New Jersey regulators classified the transaction as an improper loan and approved a civil penalty.
- United Press International: Trump Castle agrees to penalty for loan from developer's father1991-04-09 · Casino Control Commission settlement and chip-purchase transaction
- New Jersey Division of Gaming Enforcement: Investigation Report: Donald J. Trump1992-04-15 · Financial stability, casino transactions, Hyatt audit, and licensing sections
limitationreported The settlement concerned casino-finance rules and is not described as a criminal conviction of Donald Trump.
- United Press International: Trump Castle agrees to penalty for loan from developer's father1991-04-09 · Casino Control Commission settlement and chip-purchase transaction
People and organizations
- New Jersey casino regulatorsaffected party
- Trump's Castle casinobeneficiary
Assessment
A regulatory settlement documents a family transaction used to prop up the casino outside ordinary disclosed financing channels.