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Fred Trump illegally transfers more than $3.5 million to Donald through casino chips

The Trump Timeline:

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Sources linked at end of page.

Fred Trump has attorney Howard Snyder buy $3.5 million worth of gaming chips at Trump Castle and walk out the door with the chips, infusing the casino with much-needed cash. Snyder is accompanied out the door with a police escort.

The next day, he wires another $150,000 to Trump Castle. 

The payment gave the younger Trump enough cash to make an $18.4 million payment due bondholders in the casino and surprised analysts who said it appeared Trump lacked enough money to make the payment, officials said.

Associated Press

Spokespeople for The Trump Organization and Trump Castle decline to comment and refuse to take calls altogether.

Fred Trump is not legally allowed to lend money to casinos. The family fixes that issue in June 1991, allowing the scheme to be carried out legally in the future.

External Sources

AP News (Archived)

Press of Atlantic City (Archived)

Mother Jones (Archived)

Photo: AP Photo / Adam Scull

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