“In the 214-page complaint, which is the culmination of our investigation that included more than 65 witness interviews and review of millions of pages of documents, OAG lays out dozens of examples of this fraudulent activity and how Mr. Trump and the Trump Organization routinely and intentionally mis valued assets to further enrich Mr. Trump,” said the OAG. Source: Shutterstock.
New York Attorney General Letitia James is suing Donald Trump and his family for US$250 million after years of financial fraud.
Donald Trump, his children Ivanka, Donald Jr, Eric as well as senior executives at the Trump Organisation are among the 16 people hit with a multi-million dollar lawsuit that the state Attorney General says involved years of financial fraud to obtain a range of economic benefits.
“From 2011-2021, Mr. Trump and the Trump Organization knowingly and intentionally created more than 200 false and misleading valuations of assets on his annual Statements of Financial Condition to defraud financial institutions,” alleges Attorney General James.
Several valuations of properties were found to be fraudulent including the Trump Tower Triplex, Trump Park Avenue, and 40 Wall Street with over 23 properties illegally valued higher.
Other assets including Trump’s Mar-a-Lago property, his golf course Trump Aberdeen and Trump National Golf Club in Florida were also among the properties worth less than stated.
Attorney General James’ office says that these actions are in violation of New York Executive Law 63 (12) and gives the OAG powers to pursue legal action.
Investigations were carried out over a three-year period with the OAG seeking several reliefs.
They propose that the Trumps be permanently barred from serving as an officer or director in an New York corporation or business.
Furthermore, it’s been put forward that Donald Trump and the Trump Organisation must not allowed to make any real estate acquisitions in NY for the next five years.
They must also pay back the $250 million obtained through their fraudulent practises says the OAG.
Attorney General James said that “there are not two sets of laws for people in this country” and that even former Presidents must be held accountable.
“For too long, powerful, wealthy people in this country have operated as if the rules do not apply to them. Donald Trump stands out as among the most egregious examples of this misconduct,” the OAF said.
“With the help of his children and senior executives at the Trump Organization, Donald Trump falsely inflated his net worth by billions of dollars to unjustly enrich himself and cheat the system.”
