Federal prosecutors in New York have been investigating whether Donald Trump’s media company violated money laundering statutes by receiving $8 million suspected to have ties to Russia. The inquiry has delayed the potential merger of Trump Media’s Truth Social platform with a blank check company, Digital World (DWAC). This merger would have provided the company with up to $1.3 billion in capital and a stock market listing.

The first $2 million payment to Trump Media arrived in December 2021 from Paxum Bank in the Caribbean. The wire transfer identified Paxum Bank as the beneficial owner, but the promissory note identified an entity called ES Family Trust as the lender. Two months later, ES Family Trust received an unexpected second $6 million payment.

Angel Pacheco, the trustee of ES Family Trust, was simultaneously a director of Paxum Bank. The possible Russian connection being examined by prosecutors centers on Anton Postolnikov, a relation of Putin ally Aleksandr Smirnov. Smirnov held various roles in the Russian government, including Russia’s first deputy minister of justice until 2014.

The opaque nature of the two loans caused alarm in Trump Media. In the spring of 2022, Trump Media’s then-chief financial officer Phillip Juhan weighed returning the money, but it was never returned. The two payments ostensibly came from two separate entities, Paxum Bank and ES Family Trust. The money was wired through Paxum Bank, which has a history of providing banking services for the pornography and sex worker industries.

Trump Media’s since-ousted co-founder turned whistleblower Will Wilkerson alerted the US attorney’s office for the southern district of New York to the payments on 23 October 2022. It is unclear whether Trump, who was the chairman of Trump Media at the time, was aware of the opaque nature of the two loans.

The extent of the exposure for Trump Media and its officers for money laundering remains unclear. Prosecutors need to show that the defendants knew the money was the proceeds of some form of unlawful activity and the transaction was designed to conceal its source. However, the optics of borrowing money from potentially unsavory sources could cloud Trump’s image as he seeks to recapture the White House in 2024.

Sources: The Guardian, Forbes

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