Lots of victims. First and foremost, the taxpayers in the state of New York. Trump understated the value of his property in property tax filings. Meaning he paid less in taxes than he otherwise would, forcing other taxpayers to make up for the shortfall.
But second, the lenders, they loaned out money based on inflated asset values. Had they been based on the actual value, the interest rate would have been higher at best, the loan might have been refused at worse. Either way, the lenders were incurring higher risk than they otherwise would have accepted. Don't make a damn if Trump paid the money back or not.
Third, the insurers, who were insuring properties with inflated values. You can't take out a million dollar property insurance policy on a double wide located in the swamp, or a hundred thousand dollar collision policy of your 1974 Ford Pinto, the same damn thing.
And interesting that the OP has turned to
United States v. Bajakajian
From Clarence Thomas's decision.
Whatever his other vices, respondent does not fit into the class of persons for whom the statute was principally designed: He is not a money launderer, a drug trafficker, or a tax evader.
Trump is a tax evader, hell,
