[FRONT TOWARD ENEMY]
- Apr 18, 2013
- Reaction score
- Political Leaning
Donald Trump, his family business, and three of his adult children were sued on Wednesday by New York's attorney general, who accused them of overvaluing the former U.S. president's assets and net worth through a decade of lies to banks and insurers.
All are accused of financial fraud in a civil lawsuit by the State of New York.
Donald Trump, his family business, and three of his adult children were sued on Wednesday by New York's attorney general, who accused them of overvaluing the former U.S. president's assets and net worth through a decade of lies to banks and insurers. Attorney General Letitia James filed her civil lawsuit in a New York state court in Manhattan, accusing the Trump Organization of "numerous acts of fraud and misrepresentation" in preparing financial statements from 2011 to 2021. She also said Trump, who has long used his net worth to burnish his image and fame as a successful businessman and politician, inflated his wealth by billions of dollars to help his company obtain favorable financial terms on transactions, including lower interest rates and cheaper insurance coverage. The 214-page complaint also names Trump's adult children Donald Trump Jr, Eric Trump and Ivanka Trump as defendants, as well as longtime company executives including former Chief Financial Officer Allen Weisselberg.
The Trump Organization manages hotels, golf courses and other real estate around the world, and had been under investigation by James for more than three years. James said the values of 23 assets had been "grossly and fraudulently inflated," and her office uncovered more than 200 examples of misleading asset valuations. Those assets included marquee properties such as Mar-a-Lago in Florida and Trump's penthouse apartment atop Manhattan's Trump Tower, James said. The lawsuit seeks to recoup at least $250 million of alleged improper gains. "Claiming that you have money that you do not have does not amount to the 'art of the deal,' it's the art of the steal," James told a news conference, alluding to Donald Trump's 1987 memoir. She called the "pattern of fraud and deception" used by Trump and the Trump Organization "astounding." She said Trump could try to move his company or borrow elsewhere, but that would not excuse him from his obligations in New York. "There cannot be different rules for different people in this country or state, and former presidents are no different," James said.
NY AG James said she is not interested in a settlement and has forwarded the results of the NY investigation to the US Department of Justice and the IRS.
Trump Organization CFO Allen Weisselberg will testify for the government next week in another lawsuit against Trump.