Contributed By: Andrei Slavenkov
Posted By: Maxwell Swartz
MOSSACK AND FONSECA MISUSED TRUMP'S NAME ON CORPORATIONS IT FORMED FOR OTHERS
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| Donald Trump is angry, and with good reason |
Attorneys for the American Presidential Candidate Donald Trump are reported to have arrived in Panama this weekend; their client is mad as a hatter at the fact that the Panama Papers disclosures have revealed that the law firm of Mossack and Fonseca formed offshore companies, using the Trump name, without his permission and consent.
The Mossack firm, which has previously been identified for illegally using the names of legitimates NGOs, and international banks, in forming companies, in faraway tax havens, is accused of using Donald Trump's formidable brand for its clients, which is a violation of trademark and intellectual property laws. It is not known which offshore jurisdictions Mossack and Fonseca used, but it has focused on the most obscure Asian, and Indian Ocean, tax havens, in using, and abusing, the names of legitimate entities.
While there has been no identification of precisely which client the Mossack firm formed the imposter companies for, Panama observers have already pointed to the American fraudster, stock trader Gary James Lundgren, as the most likely suspect. Lundgren has made a career out of using the names of legitimate, and powerful, people, to hide his criminal conduct. Panamanian regulators have steered away from prosecuting him for years, due to the fact that he has posed as a partner of Ricardo Martinelli, and formed companies with names that appear to be linked to the former president.
Lundgren actually posed as a partner of a financial institution partially owned by Martinelli and his family, in order to defraud Canadian and American expats, who became some of his victims. Also, one must consider that Trump is suing Lundgren for $75m, and understand that Gary Lundgren has a history of perpetrating dirty tricks upon individuals that he has defrauded in business.
The Mossack firm, which has previously been identified for illegally using the names of legitimates NGOs, and international banks, in forming companies, in faraway tax havens, is accused of using Donald Trump's formidable brand for its clients, which is a violation of trademark and intellectual property laws. It is not known which offshore jurisdictions Mossack and Fonseca used, but it has focused on the most obscure Asian, and Indian Ocean, tax havens, in using, and abusing, the names of legitimate entities.
While there has been no identification of precisely which client the Mossack firm formed the imposter companies for, Panama observers have already pointed to the American fraudster, stock trader Gary James Lundgren, as the most likely suspect. Lundgren has made a career out of using the names of legitimate, and powerful, people, to hide his criminal conduct. Panamanian regulators have steered away from prosecuting him for years, due to the fact that he has posed as a partner of Ricardo Martinelli, and formed companies with names that appear to be linked to the former president.
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