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Trump University
Trump University (also known as the Trump Wealth Institute and Trump Entrepreneur Initiative LLC) was an American company that was founded in 2004 by Donald Trump and his associates Michael Sexton and Jonathan Spitalny. It offered courses in real estate, asset management, entrepreneurship, and wealth creation. Its real estate training program ran from 2005 to 2010. It was owned and operated by The Trump Organization. A separate organization, Trump Institute, was licensed by Trump University but not owned by The Trump Organization. In 2011, amid multiple investigations, lawsuits and student complaints, it ceased operations.
Despite its name, the organization was not an accredited university or college. It conducted three- and five-day seminars (often called "retreats") and used high-pressure tactics to sell them to its customers. It did not confer college credit, grant degrees, or grade its students. In 2011, the company became the subject of an inquiry by the New York Attorney General's office for illegal business practices, which resulted in a lawsuit filed in August 2013. An article in National Review called the organization a "massive scam".
Trump University was also the subject of two class actions in federal court. The lawsuits centered on allegations that Trump University defrauded its students by using misleading marketing practices and engaging in aggressive sales tactics. The company and the lawsuits against it received renewed interest due to Trump's candidacy in the 2016 presidential election. Despite repeatedly insisting he would not settle, Trump settled all three lawsuits in November 2016 for a total of $25 million after being elected president.
Michael Sexton created a business plan for a real estate training program and presented it to Donald Trump, looking to pay Trump a flat fee for the use of his name. Trump instead decided he wanted to be the principal owner.
Trump University was incorporated in 2004 by Trump, Sexton, and Spitalny, as a New York limited liability company. Trump owned 93% of the company. On May 23, 2005, Trump University formally launched its education program. At the opening presentation, Trump said, "If I had a choice of making lots of money or imparting lots of knowledge, I think I'd be as happy to impart knowledge as to make money." According to The Washington Post, part of the school sales pitch was, "the billionaire had made enough money for himself. Now, he would put his famous brain to work for the little guy". High prices were charged for seminars and programs not to enrich Trump, but so that (as one teacher explained to students) "you assume personal responsibility for doing the work".
The company's original business plan focused on online education, but quickly expanded to include live, in-person instruction. The instruction's focus was real estate investing, with Trump claiming in advertisements: "I can turn anyone into a successful real estate investor, including you." Instruction typically began with an introductory seminar in rented space such as a hotel ballroom. At the introductory seminar, students were urged to sign up for additional classes, ranging from $1,495 seminars to a $35,000 "Gold Elite" program. Records indicate 7,611 tickets were sold to customers attending courses. About 6,000 of these were for a $1,500 3-day course, and 1,000 were for silver, gold or elite mentored courses ranging in price from $10,000 to $35,000. While not licensed as a college or using student loans, the operation used many of the same tactics as predatory colleges: preying on vulnerable populations, implying that the school offered a fast track to financial security, and creating the impression that the recruiter is a friendly advisor.
Trump claimed that students gave the program 98% favorable reviews, but according to some former students, Trump University employees pressured students to give favorable reviews, told them they had to fill out the forms to obtain graduation certificates, and did not undertake procedures often used to ensure that surveys were filled out objectively.
In an infomercial, Trump said he "hand-picked" Trump University's instructors. But in a 2012 deposition, he testified that he never selected the instructors. According to Sexton, Trump signed off on the school's advertisements. For a time in 2008, it used the name "Trump Wealth Institute". In June 2010, Trump University changed its name to "The Trump Entrepreneur Initiative". It largely ceased operations in 2010.
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Trump University
Trump University (also known as the Trump Wealth Institute and Trump Entrepreneur Initiative LLC) was an American company that was founded in 2004 by Donald Trump and his associates Michael Sexton and Jonathan Spitalny. It offered courses in real estate, asset management, entrepreneurship, and wealth creation. Its real estate training program ran from 2005 to 2010. It was owned and operated by The Trump Organization. A separate organization, Trump Institute, was licensed by Trump University but not owned by The Trump Organization. In 2011, amid multiple investigations, lawsuits and student complaints, it ceased operations.
Despite its name, the organization was not an accredited university or college. It conducted three- and five-day seminars (often called "retreats") and used high-pressure tactics to sell them to its customers. It did not confer college credit, grant degrees, or grade its students. In 2011, the company became the subject of an inquiry by the New York Attorney General's office for illegal business practices, which resulted in a lawsuit filed in August 2013. An article in National Review called the organization a "massive scam".
Trump University was also the subject of two class actions in federal court. The lawsuits centered on allegations that Trump University defrauded its students by using misleading marketing practices and engaging in aggressive sales tactics. The company and the lawsuits against it received renewed interest due to Trump's candidacy in the 2016 presidential election. Despite repeatedly insisting he would not settle, Trump settled all three lawsuits in November 2016 for a total of $25 million after being elected president.
Michael Sexton created a business plan for a real estate training program and presented it to Donald Trump, looking to pay Trump a flat fee for the use of his name. Trump instead decided he wanted to be the principal owner.
Trump University was incorporated in 2004 by Trump, Sexton, and Spitalny, as a New York limited liability company. Trump owned 93% of the company. On May 23, 2005, Trump University formally launched its education program. At the opening presentation, Trump said, "If I had a choice of making lots of money or imparting lots of knowledge, I think I'd be as happy to impart knowledge as to make money." According to The Washington Post, part of the school sales pitch was, "the billionaire had made enough money for himself. Now, he would put his famous brain to work for the little guy". High prices were charged for seminars and programs not to enrich Trump, but so that (as one teacher explained to students) "you assume personal responsibility for doing the work".
The company's original business plan focused on online education, but quickly expanded to include live, in-person instruction. The instruction's focus was real estate investing, with Trump claiming in advertisements: "I can turn anyone into a successful real estate investor, including you." Instruction typically began with an introductory seminar in rented space such as a hotel ballroom. At the introductory seminar, students were urged to sign up for additional classes, ranging from $1,495 seminars to a $35,000 "Gold Elite" program. Records indicate 7,611 tickets were sold to customers attending courses. About 6,000 of these were for a $1,500 3-day course, and 1,000 were for silver, gold or elite mentored courses ranging in price from $10,000 to $35,000. While not licensed as a college or using student loans, the operation used many of the same tactics as predatory colleges: preying on vulnerable populations, implying that the school offered a fast track to financial security, and creating the impression that the recruiter is a friendly advisor.
Trump claimed that students gave the program 98% favorable reviews, but according to some former students, Trump University employees pressured students to give favorable reviews, told them they had to fill out the forms to obtain graduation certificates, and did not undertake procedures often used to ensure that surveys were filled out objectively.
In an infomercial, Trump said he "hand-picked" Trump University's instructors. But in a 2012 deposition, he testified that he never selected the instructors. According to Sexton, Trump signed off on the school's advertisements. For a time in 2008, it used the name "Trump Wealth Institute". In June 2010, Trump University changed its name to "The Trump Entrepreneur Initiative". It largely ceased operations in 2010.