NY Attorney General Trump outlines the pattern of potential fraud in business

New York State Attorney General, Leticia James, on Tuesday late Donald J. Trump’s family business has been repeatedly accused of misrepresenting the value of its assets in an attempt to raise its base, saying in court documents that the company was involved in “fraudulent or misleading” practices.

The reply petition was filed Mr Trump’s latest attempt to stop Ms. James from being questioned He and his two adult children He has been sworn in as part of a civil investigation into his business Trump organization. Mr. Ms James’ investigation into Trump and the company is ongoing, and it is unclear whether his lawyers will eventually file a lawsuit against them.

However, this is the first time the Attorney General’s Office has filed such a specific charge against the former president’s company. Mr. As Trump seeks to stop his investigation, his broad-mindedness increases the pressure on him, which he calls a discriminatory witch hunt. James is a Democrat.

The filing outlined that Ms James’ office had made false statements about the value of six Trump assets and the “Trump brand.” Properties include golf clubs in Westchester County, NY and Scotland, as well as major buildings such as the Trump Tower in Manhattan and 40 Wall Street.

Ms. James’ lawsuit alleges that the company misrepresented the value of the assets to creditors, insurers and the Inland Revenue Service. Several reports, the filing argued, “raised Mr. Trump’s net worth in general, as part of a form that would otherwise be higher than it appears.”

Mr. Lawyers for Trump and his company could not immediately be reached for comment.

Since Ms. James’ trial is civil, he is Mr. Trump and his company can be prosecuted but criminal charges cannot be filed. His investigation runs parallel to a criminal investigation Led The Manhattan District Attorney, Alvin Brock, examines some of the same behavior. Attorneys from Ms James’ office are engaged in a separate investigation, which continues. Mr. of the Democratic Party. Prague, after taking office on January 1, received an inquiry from his predecessor.

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In early December, Ms James presented a sapona to Mr Trump and Donald Trump Jr. and Ivanka Trump. Mrs. James is already Mr. Trump’s other son, Eric Trump, was interrogated. In October 2020.

After receiving the subpoenas, Trump’s lawyers asked Mr. The federal government sued Mrs. Seeks to stop James’ civil investigation and prevent his office from participating in the district attorney’s criminal investigation. Mr. The lawsuit, which accused Ms James of violating Trump’s constitutional rights, argued that her investigation was politically motivated and cited a long list of her public attacks on Mr Trump.

Earlier this month, Trump’s lawyers also accused Mr. Filed court documents In the state of New York, Mrs. Trying to block James’ sapona, he was prompted to file on Tuesday.

Ms. James, who is running for re-election this year, argued in court that Mr. While his office has compiled substantial evidence that Trump’s company is involved in potential fraud, investigators say Mr. He is responsible for “many false statements and omissions made by him or her” – and whether they were made intentionally.

Mrs. James, Mr. since March 2019. Has been exploring Trump’s business practices. In previous filings, he described the assets he had inspected and, further, Mr. To get loans and to get economic and tax benefits.

In filing on Tuesday, he went on to say, citing specific examples, that the former president’s business had misrepresented the value of some of its assets, and that those false statements showed how favorable the company was to obtain loans, insurance and tax breaks. .

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The charges are central Mr Trump’s financial statements, The annual record of his assets and liabilities which he has issued to creditors and insurers. Ms James’ office said she was “personally involved in reviewing and approving the financial statements before they were released.”

The filing argued that the reports “often use misleading asset valuations to gain financial benefits”.

For example, in 2015, when he sought to refinance a loan on his 40 Wall Street Tower in Lower Manhattan, Mr. Trump’s financial position is estimated at $ 735 million. Yet one lender decided that its value was only $ 257 million.

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Ms. James’ attorneys argue that Mr Trump submitted at least two false statements to the Internal Revenue Service, alleging that he overstated the value of land on both his Seven Springs estate in Westchester County and his Los Angeles golf club. Ms James said the value of Seven Springs, which is said to be worth $ 61 million, had been raised by calculating the value of the seven mansions that were not there.

They also accused the company of falsely raising the size of Trump’s long-term home and calculating the value of the Trump Tower: Mr. Trump has been claiming 30,000 square feet of his Triplex penthouse apartment building since 2012 and has signed the relevant documents. Its size is 10,996 square feet.

The additional square footage allowed the company to claim $ 327 million for the apartment in its financial statements. Alan H., the Trump organization’s longtime chief financial officer. Ms James said during Weisselberg’s investigators’ investigation, James said the apartment was overstated with $ 200 million in “give or take”.

Mr. Trump’s company is already on trial in Manhattan. In July, former District Attorney, Cyrus R. Vance Jr., Company and Mr. Weiselberg was charged. Implements a 15-year plan to offer books-free luxury deals For some executives. The case is set to go to trial later this year.

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