Why Capital One says it really closed more than 300 of Trump’s accounts
Trump’s family organization saw hundreds of accounts closed after a major bank found it was moving money around in a suspicious way. In a new court filing , Capital One revealed that it closed the cluster of more than 300 bank accounts belonging to Trump and his family in 2021 after they were flagged over money-laundering concerns. The bank’s new disclosure only surfaced because the Trump…
Capital One revealed in a court filing that it closed more than 300 bank accounts belonging to former President Donald Trump and his family in 2021 due to suspicious money movements. The bank's decision came after a review by its anti-money-laundering (AML) team, which found the accounts to be in violation of AML policies and regulatory guidance.
The Trump Organization and Eric Trump sued Capital One last year, alleging that the bank terminated their accounts based on political motivations, specifically because of Trump's involvement in the January 6 riot at the U.S. Capitol. The lawsuit, filed four years after the events, claimed that Capital One's decision was influenced by political and social factors, and that the banking firm's actions were an example of a broader industry practice aimed at coercing people to change their political views.
Capital One denied the accusations, stating that it had never closed customer accounts based on political reasons. The bank's legal team is now seeking to dismiss the case, arguing that the Trump Organization's lawsuit is based on "vague allegations of political discrimination" and ignores the actual reasons behind the closure of the accounts.
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