- Former President Donald Trump transferred money raised from campaign donors to the Trump Organization.
- The organization is highly indebted, owing about $ 400 million.
- Campaign donor money was moved before and after Trump’s election defeat, Forbes reported.
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Former President Donald Trump transferred the money collected from campaign donors to the Trump Organization, according to documents from the Federal Electoral Committee (FEC) seen by Forbes.
He has handled about $ 2.8 million in his private businesses over the course of his presidency, Dan Forbes said.
Trump channeled another $ 81,000 to the Trump Organization after his election defeat, the magazine said.
The payments were disclosed in the records that the campaign presented to the FEC and were listed to cover costs, including rent, airfare, accommodation and other expenses.
One of the campaign’s fundraising committees, associated with the Republican Party, also transferred about $ 4.3 million in donor money to its private businesses during his presidential term, according to Forbes.
Read More: Ten big successes for Trump’s business due to the pandemic that can be permanent.
The joint fundraising committee also paid about $ 300,000 to the Trump hotel chain in the week following the electoral defeat of the former president, the Independent reported.
About $ 40,000 was passed on through the campaign to Trump Tower Commercial LLC, a company in which the former president has a stake, in December, the newspaper said.
This is not the first time that it is reported that Trump has transferred campaign money to his private businesses.
In July, David Fahrenthold of The Washington Post reported that the Trump campaign sent nearly $ 400,000 to the Trump Organization in just two days.
Documents showed that the campaign channeled $ 380,000 to the president’s personal business in 43 transactions, said Fahrenthold.
This occurs when the former president is looking for ways to profit from his post-presidency to deal with potentially huge debts.
The Trump Organization owes $ 400 million, according to Forbes.