“The number of grossly inflated asset values is staggering,” the suit adds.Īccording to James, Trump’s businesses prepared statements of financial condition every year to submit to banks and other financial institutions. “The financial statements in question were issued annually each contained a significant number of fraudulent, false, and misleading representations about a great many of the Trump Organization’s assets and most played a role in particular transactions with financial institutions,” the lawsuit alleges. James alleges that the former President and his company made “scores of fraudulent, false, and misleading representations” over a 10-year period, according to the lawsuit, which specifically highlighted what it called “200 false and misleading valuations” of Trump’s assets. ![]() Trump has denied any wrongdoing.ĪG alleges that Trump lied 200+ times about the value of his assets Trump is facing numerous criminal investigations from federal and state prosecutors involving the accuracy of his company’s financial statements, interference in the 2020 presidential election, and his handling of classified documents after leaving office. The civil lawsuit comes as Trump is under increasing legal pressure as prosecutors are taking investigative steps that move ever closer to his inner circle. Weisselberg’s attorney, Nicholas Gravante, declined to comment. 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.” Responding to Wednesday’s announcement, Trump attorney Alina Habba said in a statement to CNN: “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. Trump previously called James a “renegade prosecutor” who he said is running a “vindictive and self-serving fishing expedition.” The Trump Organization called her previously allegations “baseless” and denied any wrongdoing. She is also seeking to cancel the Trump Organization’s corporate certificate, which, if granted by a judge, could effectively force the company to cease operations in New York state. Trump himself,” the lawsuit states.Īs part of the lawsuit, James is seeking $250 million in allegedly ill-gotten funds and to permanently bar Trump and the children named in the lawsuit from serving as the director of a business registered in New York state. “These acts of fraud and misrepresentation were similar in nature, were committed by upper management at the Trump Organization as part of a common endeavor for each annual Statement, and were approved at the highest levels of the Trump Organization – including by Mr. ![]() The US attorney’s office declined to comment. James said she believes state and criminal laws may have been violated and referred the matter to the US attorney’s office for the Southern District of New York and the Internal Revenue Service. Allen Weisselberg, former CFO for the Trump Organization, and Jeff McConney, another longtime company executive, are also named. ![]() Trump and his children, Donald Trump Jr., Eric Trump and Ivanka Trump, are named as defendants in the lawsuit. Read: New York's civil fraud lawsuit against Donald Trump and family members Trump Tower, home to the Trump Organization, stands along Fifth Avenue on Jin New York City. Trump, the Trump Organization, his family – they should all be held accountable.” “And as a result of that we are seeking relief, and Mr. “The statements of financial condition were greatly exaggerated, grossly inflated, objectively false, and therefore fraudulent and illegal,” she added. “This conduct cannot be brushed aside and dismissed as some sort of good-faith mistake,” James said at a news conference in New York. According to the lawsuit, the Trump Organization deceived lenders, insurers and tax authorities by inflating the value of his properties using misleading appraisals. In the more than 200-page lawsuit, Attorney General Letitia James, a Democrat, alleges the fraud touched all aspects of the Trump business, including its properties and golf courses. The New York state attorney general filed a sweeping lawsuit Wednesday against former President Donald Trump, three of his adult children and the Trump Organization, alleging they were involved in an expansive fraud lasting over a decade that the former President used to enrich himself.
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