WHITE PLAINS, N.Y. – A federal lawsuit alleges that the treasurer at Trump Tower at City Center improperly transferred $8.7 million from the building’s accounts into his own and others and failed to return it all, according to lohud.com.
Frank Palazzolo, along with his wife, Mary, several business associates and a number of companies are named as defendants in the suit, which alleges Palazzolo pocketed $1.3 million by improperly moving the money into his and other bank accounts, according to lohud.com.
Palazzolo was treasurer of the building from 2007-15 and had sole control over the building’s cash reserves, according to lohud.com.
The treasurer is alleged to have abused his position, using the building’s money to finance several private real estate investments and multiple companies, according to lohud.com.
The 35-floor, luxury building features one- to three-bedroom condos, a private health club, an Olympic sized swimming pool, basketball courts and tennis courts, according to its website .
President-elect Donald Trump does not own the building, but his company leases the Trump name. In addition to Trump Tower At City Center, the Trump name adorns Trump Plaza in New Rochelle, Trump Park Residences in Yorktown and Donald J. Trump State Park on the Westchester/Putnam border.
Trump, who owns an estate in Bedford, also owns Trump National Golf Club Hudson Valley in Stormville and Trump National Westchester in Briarcliff Manor.