Legal AF by MeidasTouch - Compliance Expert Exposes Trump's Money Laundering Scam

Episode Date: August 3, 2026

Popok, using his compliance expertise, does a deep dive into how Capitol One’s public disclosure that the Trump Family and there 300+ bank accounts were fired as customers for suspected “money laundering” or “terrorist financing” is the likely result of dozens of federally mandated “Suspicious Activity Reports” required by federal law, triggered by individual transactions in the Trump accounts, and reviewed by former law enforcement personnel and compliance experts, assisted by artificial intelligence audit software. It’s worse than even the Capitol One federal court filing makes out, and may also influence how Judge Altman (the same judge in Trump’s BBC case) handles issues around financial documents in the BBC defamation case as well. Armra: Go to https://armra.com/legalaf or enter LEGALAF to get 30% off your first subscription order. Subscribe:  @LegalAFMTN  Pre-order the new book from MeidasTouch, WTF America?!: The Way Out of This Hell and Back to Democracy, today: https://bit.ly/wtfamericayoutube Visit https://meidasplus.com for more! Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af MissTrial: https://meidasnews.com/tag/miss-trial The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast Cult Conversations: The Influence Continuum with Dr. Steve Hassan: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show The Ken Harbaugh Show: https://meidasnews.com/tag/the-ken-harbaugh-show Majority 54: https://www.meidastouch.com/tag/majority-54 On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Uncovered: https://www.meidastouch.com/tag/maga-uncovered Learn more about your ad choices. Visit megaphone.fm/adchoices

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have ordered from Wayfair. With Wayfair, there's no what if. Just style you love and quality you can trust. Visit wayfair.com. Ready to take your investing knowledge to pro level, this is Fidelity Connects, your daily edge in the markets. Get deep insights on real-time market topics that may impact your investment portfolio. Listen to Fidelity Connects on Spotify today and power your next move tomorrow. I want to do a follow-up about Capital One's disclosure in its recent filing that they had in their anti-money laundering department as part of their compliance department a fear or a suspicion that Donald Trump and his family were committing money laundering. That is a disclosure, a revelation that was forced into the public by Donald Trump himself because he sued Capital One down in Florida. I'll talk about the Southern District of Florida case and the judge, Judge Altman, the same judge presiding over the BBC defamation case that Donald Trump is also subjected to financial disclosures related to.

But in the case brought against Capital One, because they fired the client, which they're allowed to do under their client opening documents, their agreements, for all reasons, no reasons, or any reason, Donald Trump said, Oh, the reason he and his family were fired and they were given several months, up to six months, to transfer their more than 300 accounts for their 400 entities that make up all of their assets to another bank is because there was suspicious activity within the accounts leading to the compliance department, which is, and the anti-money laundering department of Capital One to flag them. they never got sufficient answers, and so they fired the client.

There's many reasons that Capital One could have fired Donald Trump, the Trump family, and the Trump organization. I mean, in and around the same time, the Trump organization was sued by the Attorney General of New York for what's called persistent fraud in the operation of their business, and they were a judge to be persistent fraudsters, and their company was put into a monitorship, which still exists over.

the Trump Organization. That's one. Two, Donald Trump was a judge to be a sex abuser and that he was diverting money and in the Stormy Daniels hush money cover-up case where he was convicted of 34 felony counts of tax evasion, books and records fudging. Those are also things that give banks concern.

You also have in the fraud case a fact that got missed, which is the auditors for Donald Trump fired him as well. The auditors who had been auditors for more than 10 years said everything that we have said in our audited financial cannot be relied upon and cannot be trusted. We're resigning our engagement. We're not going to be as auditors any longer. We can't trust the financial information coming out of the Trump organization. These are all things that make compliance departments of financial services companies, and I worked closely with one in my prior life. It gets them upset at the very least. I haven't even talked about the other fact that three entities that are owned by Trump were successfully convicted of tax evasion and books and records fraud on 19 felony counts, all within the,

the last three years. So whether it's sex abuser, hush money cover-up case, persistent fraudster, 19 felony convictions, 34 felony convictions for hush money and books and records cover-up related to Stormy Daniels, were the two indictments for election interference and obstruction of justice, these are all good reasons a bank like Capital One would use, but they didn't even use any of those. Let me dive into this, putting on my financial services hat. I'm Michael Popock. You're on the Midas Touch Network and on Legal A.F.

I didn't want the Capital One disclosure in a federal filing. I'll read to you from in a moment to kind of just go underwater under the bridge as we cover other stories. It's that important. And from my experience as Deputy General Counsel of a Wall Street firm, we're closely with the compliance department, we're closely with anti-money laundering, the enforcement of Patriot Act rules and regulations,

the enforcement of what we call suspicious activity reports or SARS. I wanted to give you the benefit of my knowledge. Okay, let's start. Capital One, move to dismiss for the third time the complaint of Donald Trump filed in federal court before Judge Altman. Judge Altman had already ruled that Capital One, under its own account opening documents, could fire a customer for any reason.

Banks also have a requirement. It's called the know-your-customer or know-your-account-holder responsibility. It's part of regulations, banking regulations. You could lose your bank license if you don't comply with it. with it. Anti-money laundering, Patriot Act compliance, Bank Secrecy Act Compliance, Know Your Customer. These are all things that are important

and keep compliance officers and heads of banks up at night. It did me, okay? And I got involved when there was suspicious activity in an account. If there is suspicious activity in an account, somebody who is observing it, either auditing the account, using artificial intelligence to flag, transactions in an account has to fill out a suspicious activity report, an S-A-R. We call it a SAR.

There must have been multiple SARS that were triggered by Donald Trump and his Trump organization's operation of more than 300 bank accounts, which you look at in a SARS, or what the compliance team in their audit or in their sampling or in their use of AI is looking for is suspicious, funny business going on. Deposits coming in, wires going out, checks being written, checks being written on funds that have not yet cleared, where the money is coming in from, the source of the money in. Because you not only have to know, if you have to know your customer, you not only have to know the business of the count holder well to think, whether this transaction in or out, debit or credit, is legitimate or not, right?

But you have to know where that money is coming from, the source of the funds in particular. Because if the source of the funds, let's say, is Russian or Chinese or mob or organized crime related, that's a problem. And the timing of transactions, when money comes in and out, how quickly it comes in and out, the velocity of the transactions also matters. So who is the company doing business with? Whose checks and money are they depositing? How are they being deposited?

How money's being shifted around from other bank accounts? Whether the Internal Revenue Service should be alerted. The size of the transactions. Because for every suspicious sized account over a certain amount, which is usually $10,000, you have to fill out a suspicious activity report. And then you look at the body in a report, a compliance officer, who works closely with a general counsel type like me, will then review the files and flag the account.

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that was the bank that he was actually doing business with but in any event let me get up for you the filing and we'll look at it together and we'll post it so this is what um they said in their motion this is a motion to dismiss the complaint which was brought for a violation of good faith and fair dealing or some sort of fraudulent concealment and what they say is here's where they fully confess as to why and how the decision was made. The second amended complaint, that's Trump's complaint, concedes that Capital One's decision to terminate the accounts was expressly permitted by the governing agreement and instead rest on vague allegations of political discrimination that are not supported by any of the documents attached. To the contrary, those documents

make clear that Capital One closed plaintiffs' accounts for anti-money laundering reasons. The closures were the result of months of analysis and careful review by Capital One's AML team that reports the Compliance Department in accordance with bank policies and regulatory guidance. Capital One never publicized the termination decision, nor its confidential internal process giving rise to the closure and a permitted plaintiff several months with extensions to find new banking services, which they did. In other words, we didn't want to out them. We didn't want to defame them or embarrass them. We didn't want to put them in a false light. You made us. You made us.

And then when they go into greater detail, which they're forced to do on this motion to dismiss, this is what they say about that. So if I go to footnote four on page nine, it says the plaintiffs, which is always the Trump Trust, make the conclusory claim that they could have explained the transactions underlying Capital One's assessment. but plaintiffs do not allege facts plausibly suggesting that any such explanation

would have altered Capital One's determination or prevented the account closure. Indeed, the transaction patterns identified by Capital One are among the types of activity flagged by federal banking guidance. See Federal Financial Institutions Examination Council on Bank Secrecy Act, BSA, and AML examination manual. money laundering and terrorist financing red flags. So here we go. Trump, the President of United States, had bank accounts closed because of application of guidelines

about money laundering and terrorist financing. They forced Capital One to put this in their brief. They could have just taken the loss, gone on to their new banking relationship, with Charles Schwab and whoever else, which is what they're doing. But no, they forced Capital One after they poked them with a stick to come out and say, well, we think you were a money launderer or you were financing terrorism. And we don't care what you would have told us because it wouldn't have resolved the issues that we observed with months of our professionals, including former members of the banking

community and the Department of Justice and law enforcement on the case. Is that what they wanted? That's better? This is what happens when you bring these defamation cases or these ridiculous cases which try to gain an advantage. They obviously thought the bank was going to fold and stroke a huge check for Donald Trump for his library or whatever else. And they're not doing it.

Those days are over. That was ABC and CBS because they were bootlicking to try to get some approval from Trump's government and they were willing to pay, you know, pocket change, $20 million a piece or so just to get them off their back. but the British Broadcasting Corporation doesn't care about that. Capital One doesn't care about that. So the Wall Street Journal doesn't care about that. New York Times doesn't? It's just yet another example. And the suspicious activity report in the world of financial services is a big deal. It keeps people like me in my former life up at night. You know, I would be called in by the owner of the financial services company.

to give my report about why we'd be closing an account like this, ironically. And ironically, people in Donald Trump's own government, including Howard Lutnik, who runs Canter Fitzgerald, who I worked for at one time, knows AML policy, knows Bank Secrecy Act, knows the Patriot Act, knows anti-money laundering, and knows know your client or know your customer requirements. Who's giving Trump guidance in any of these?

lawsuits. This is ridiculous. And kudos to Capital One for standing tall and deba voice Plimpton for being their lawyers in this matter. Now let me end it this way. This is not going to help Donald Trump with his other case against the British Broadcasting Corporation. Because in that case, he's suing for $10 billion in damage and soon he wants to appeal to Judge Altman, the same federal judge in this case with Capital One, who's presiding over the BBC case, he's going to try to, oh, I need to redo my complaint because I don't want to open up all my books and records because the magistrate judge has ordered that Donald Trump turnover all of his tax returns. This is the trust and 400 entities.

All the bank records, all the trust account records, all the financial records to prove up his damages. Now he's claiming, well, the damages aren't that much. I'll fix my complaint. You think Judge Altman isn't going to remember what's going on here with Capital One? He is. And I know the Southern District of Florida really well. I live in Miami and I practice there. So until my next report here on the Midas Touch Network in LegalAF,

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