Trump, His Children Accused Of Lying On Assets Values

'Astonishing fraud': Trump, his children accused of lying about property values

This is one of many criminal, civil and congressional investigations against Donald Trump

New York:

Donald Trump and family members lied to tax collectors, lenders and insurance companies for years in a scheme that regularly misrepresented the value of his assets to enrich themselves, according to the lawsuit. lawsuit filed by the New York Attorney General on Wednesday.

Top state prosecutor Letitia James says that with the help of his children and others at the Trump Organization, the former president made false statements about his net worth and asset valuations. property “to obtain and satisfy loans, receive insurance benefits, and pay lower taxes.”

“In short, he lied for his own financial gain.”

The sweeping investigation is one of many criminal, civil and congressional investigations into Trump, who is eyeing another run for the White House in 2024.

Trump repeated his familiar defense that the lawsuit was “another witch hunt” against him, while his spokesman denounced it as a Democratic political move against the businessman. Republican Party.

James’s office ordered the former president to pay at least $250 million in fines – money she says he made from the fraud – and that his family be banned from running businesses in state.

She also called on Trump, along with his children Donald Trump Jr, Eric Trump and Ivanka Trump to be banned from buying property in the state for five years.

“The foundation of his projected net worth is rooted in incredible fraud and illegality,” James said in a statement.

Referring to the title of Trump’s book as “The Art of Coping,” she said that “Mr Trump thought he could get away with the art of stealing, but today, that behavior stops.”

– ‘Incredibly’ overpriced –

James said her office, which lacks the authority to file criminal charges, sent criminal referrals to the US Department of Justice as well as the Internal Revenue Service based on a three-year investigation.

The lawsuit filed in the New York State Supreme Court includes allegations that Trump’s annual financial statements for at least a decade inflated his net worth across his entire fortune – from Mar-a-Lago resort in Florida to Trump Tower in Manhattan – into “stunned” degrees.

James did so to get concessional loans with lower interest rates and insurance premiums, said James, who will be re-elected to his post in November.

The lawsuit details the tactics Trump and his associates used, saying they would show he had cash on hand when he didn’t, wildly alter asset valuations and use ” objectively wrong numbers to calculate net worth” including at his famous trilogy on Fifth Avenue.

“White-collar financial crime is not a crime without a victim,” James said.

“When good association breaks the law to collect more money than they’re entitled to, it reduces the resources available to working people, to ordinary people, to small businesses and to all taxpayers. “

James’ lawsuit asks a judge to appoint an independent agency to oversee the Trump Organization’s financial activities and remove the Trumps from their family business.

– Web investigation –

New York authorities have been spying on Trump and his family business since 2018, when the Manhattan district attorney opened an investigation into the then-president, who had long tried to present himself. is a self-made billionaire.

James’s civil investigation began the following year, after Trump’s former attorney gave testimony showing the company engaged in misconduct.

The DA’s criminal investigation has yet to result in any charges.

Last month, Allen Weisselberg, the longtime chief financial officer of the Trump Organization, pleaded guilty to tax fraud and agreed to testify at an upcoming criminal trial against the former president’s real estate company.

Manhattan District Attorney Alvin Bragg said last month he would face five months in prison depending on his truthfulness at the Trump Organization’s October criminal trial on tax fraud charges.

FBI agents separately searched Trump’s palatial Mar-a-Lago residence in Florida on August 8 and seized multiple boxes of documents, including some marked “Top Secret,” “Confidential,” and secret” and “Secret”.

His lawyers have attempted to block government access to those files, asking an independent arbitrator to classify the documents to determine if any of them fall under special legal privileges. or not.

A federal judge sided with Trump and authorized the appointment of a so-called special master, although the government appealed her decision to block their access to classified documents. The mark is classified.

An appeals panel of three judges, two of whom were nominated by Trump, agreed Wednesday that the government should regain access to classified documents.

Trump is also facing legal scrutiny for his efforts to overturn the results of the November 2020 election and the January 6, 2021 attack on the U.S. Capitol by protesters. support him.

(This story has not been edited by NDTV staff and is automatically generated from the syndication feed.)

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