Donald Trump’s previous media company, Trump Media, is being looked into for potential money laundering with ties to Russia. Federal prosecutors involved in the investigation into Trump Media last year have reportedly begun looking into whether the company broke any laws against money laundering in connection with the acceptance of $8 million from a source with ties to Russia, according to a report published by the Guardian on Wednesday (March 15).
Federal prosecutors began investigating two loans totaling $8 million
According to the report, which cited sources, federal prosecutors began investigating two loans totaling $8 million wired to Donald Trump’s company through the Caribbean from two mysterious entities that appeared to be partly under the control of a relative of an ally of Russian president Vladimir Putin. These loans came from two obscure entities.
The probe posed a risk to the merger between Trump Media and the Digital World Acquisition Corp (DWAC), which would have given the business and Truth Social up to $1.3 billion in the capital in addition to a stock market listing, from being completed.
The report added that it was still unknown to what degree Trump Media and its representatives had been implicated in money laundering. According to the legislation, the prosecution must demonstrate that the defendants knew the money was the result of some sort of unlawful conduct and that the transaction was made with the intention of hiding its source.
To stay solvent, Trump Media needed a bridging loan
To stay solvent, Trump Media needed a bridging loan. Yet it was having trouble getting money until Patrick Orlando, the DWAC’s chief executive, found a $2 million loan transmitted from Paxum Bank, which, according to the wire transfer receipt, is registered in Dominica. It was evident from the transfer who the beneficial owner was: Paxum Bank.
Yet, the lender was identified on the promissory note as ES Family Trust. And then, two months later, ES Family Trust sent Trump Media a second $6 million payment.
Despite the fact that these two payments to the corporation came from different sources, the investigation found that Angel Pacheco, a trustee of the ES Family Trust, also seems to have served as a director of Paxum Bank.
