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The New York Attorney General’s Office has filed a lawsuit against Former President Donald TrumpMany of his relatives, as well as associates, and businesses, have accused him of “numerous acts fraud and misrepresentation” in relation to financial statements.
Wednesday morning, Attorney General Letitia J. said that the complaint had been filed. New YorkSupreme Court found that Trump “inflated” his net worth by billions and that Eric, Donald Jr., Ivanka and Ivanka were his helpers.
James stated that Mr. Trump and his Organization had repeatedly and persistently manipulated assets’ value to incentivize banks to lend money the Trump Organization at more favorable terms than would have been available to them. James also said that this was done to pay lower taxes, satisfy ongoing loan agreements, and induce insurance companies into providing insurance coverage with higher limits and lower premiums.
James stated that her office interviewed 65 witnesses during the investigation and reviewed millions upon millions of documents. She stated that the evidence proved Trump had submitted more than 200 misleading and false asset valuations.
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James stated that Trump misrepresented his cash reserves, stating that he had cash that he didn’t have and that he ignored restrictions that could affect property values.
James said that pretending you have money you don’t have doesn’t amount to the art or the deal. He was referring to Trump’s 1987 book.
According to the attorney general, she also believes that the allegations support federal and state governments. Criminal lawsHer office has referred the matter to the U.S. attorney for the Southern District of New York as well as the IRS. The SDNY U.S. Attorney’s Office has declined to comment.
James claimed that the investigation was initiated after Michael Cohen, former Trump attorney, informed Congress of Trump’s misrepresentations to financial institutions.
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Letitia James, New York State Attorney general, speaks at a press conference Tuesday, Aug. 3, 2021 in New York. (AP Photo/Ted Shaffrey)
Alina Habba, Trump’s attorney, rebutted the accusations against him.
“Today’s filing is neither focused on the facts nor the law – rather, it is solely focused on advancing the Attorney General’s political agenda,” Habba said in a statement. “It is abundantly clear that the Attorney General’s Office has exceeded its statutory authority by prying into transactions where absolutely no wrongdoing has taken place. We are confident that our judicial system will not stand for this unchecked abuse of authority, and we look forward to defending our client against each and every one of the Attorney General’s meritless claims.”
FILE – President Donald Trump arrives at the White House South Lawn on Thursday, December 31, 2020.
(AP Photo/Evan Vucci, File)
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James explained that Trump and his children are barred from ever serving as officers in any New York corporation. Trump and the Trump Organization cannot participate in New York’s commercial activities. real estateAcquisitions or applications for loans within the state for five year.
James stated that her office is open to discussing a possible settlement.
