Trump Dad Reportedly Helped Son With $3 Million Chip Buy
January 21, 1991
ATLANTIC CITY, N.J. (AP) _ The father of developer Donald Trump bought more than $3 million in chips from one of his son’s casinos to help him make a bond payment, officials said Monday.
The story, first reported in Monday’s editions of The Wall Street Journal, details how Fred Trump gave more than $3 million to an attorney to buy the casino chips on Dec. 17 at Trump Castle Casino Resort By The Bay.
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.
The newspaper said attorney Howard Snyder entered the casino on behalf of Fred Trump, 85, bought the chips and then walked out with a police escort.
John Sweeney, director of the state Division of Gaming Enforcement, told the newspaper that the transaction looks like a loan and that would require Fred Trump to qualify before the state Casino Control Commission.
Trump Dad Reportedly Helped Son With $3 Million Chip Buy
& it STILL went belly up.