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Trading in “unclaimed liquidation estate” stocks in President Trump’s name continues as investors cash in on shares of Goldman Sachs, Boeing and Estee Lauder that were once left unclaimed by employees who died or left the firms after their retirement.
In the latest “unclaimed liquidation estate” from the Trump Organization, according to a former Goldman Sachs portfolio manager, shares in stock of the discount beauty brand Estee Lauder were sold to 14 investors for $5,633.78. An internal market filing showed that investing in the company, whose products include the “It” face cream, made Greene or a spouse of Mr. Greene, his ex-wife, a millionaire.
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An Aug. 16, 2016, email from Gary M. Demchenko, the head of 401k foundation for Goldman Sachs, to a Goldman Sachs fund manager said that Greene invested anywhere from $25,000 to $50,000 in the beauty firm. The email, which was reported by the New York Post, indicated that Ms. Greene’s ex-husband and Goldman Sachs, the former managing director, were not listed as respondents to the lawsuit. But no Goldman executives were named in a lawsuit filed on May 12, 2017, after Goldman Sachs notified the court that investors had named several employees as respondents to the suit, including Tyler Johnson, Goldman Sachs’ deputy director of Human Resources, former MD Kelly Quillen, and Nicholas Dini, a former partner who had left Goldman in 2014 to start an investment firm.
The New York Post reports that money involved with Trump was mostly listed as “investment in unclaimed liquidation estate,” meaning that investors would have to do something like fill out a form or file a claim. But investigators for the SEC and the New York attorney general, arguing that Trump Organization’s finances lacked adequate transparency, used a computer program to find out who owned the shares and filed a lawsuit seeking to force Mr. Trump to reveal them. A federal judge denied the FTC’s request to force Mr. Trump to disclose ownership information, saying that disclosing the information might be “plainly an invasion of personal privacy.”
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The Regulators note that Mr. Trump is not being sued over his ownership shares, but asked the judge to certify the case as class action litigation that “retains important injury and causes real harm to … public interest.” The NY AG has agreed not to intervene in the suit.
The American International Group trade group on Tuesday, March 7, accused Trump Organization of violating his existing business interests under the “Foreign Corrupt Practices Act” by entering into deals with foreign governments.
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Fox News’ Carol Cratty contributed to this report.
