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The press release at issue “was just a statement that was too verbose,” he explained.
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Trump told The Wall Street Journal his problem was talking too much.
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“This case starkly illustrates how pro forma numbers can be used deceptively and the mischief that can cause,” the SEC said. Trump Hotels was the first company caught in a federal dragnet. The figure was misleading, the SEC said, because it failed to mention the result was chiefly due to an unusual and undisclosed $17 million gain. In the fall of 1999 Trump decided his struggling casino company would report $14 million in pro forma quarterly earnings. Trump jumped into this world with both feet. When the spell broke, big energy, telecommunications, software and health care companies collapsed in an accounting fraud wave that took down the entire economy as well as the stock market because nobody trusted anyone’s facts anymore. Until the financial community grasped that “pro forma” meant “as if”-that took awhile-experts at the game, such as Enron, grew like weeds. That gave executives leeway to tout results that ignored expenses and other bad stuff, such as when a waste hauler ignored the cost of painting garbage trucks. Way before anyone ever heard of “fake news,” the name of the game in corporate suites was to publish “pro forma” earnings. It was amazingly common for big companies to publish sham earnings results back then. The release, prepared by Weisselberg and approved by Donald Trump, was “materially misleading” because, the Securities and Exchange Commission said, it created the “false and misleading impression” that the company had exceeded Wall Street expectations, thanks to improved performance, when it hadn’t. The episode centered on a deceptive press release in 1999 from Trump Hotels & Casino Resorts. The first time Trump and Weisselberg got called out for financial shenanigansĪfter Allen Weisselberg pleaded guilty to committing tax fraud while CFO of the Trump Organization, I remembered the first time he and Donald Trump got caught for financial shenanigans.