New York AG Sues Trump, Alleges ‘Fraudulent’ Asset Valuations
After years of probing, New York Attorney General Letitica James has sued former President Donald Trump for allegedly using fraudulent asset valuations.
According to a Wednesday suit filed in New York state court against Trump, the Trump Organization and three of Trump’s children who serve as senior executives, the defendants “engaged in numerous acts of fraud and misrepresentation in the preparation of Mr. Trump’s annual statements of financial condition,” and committed acts of fraud that “were approved at the highest levels of the Trump Organization—including by Mr. Trump himself.”
According to Bloomberg, James is seeking around $250 million in disgorgement from the defendants, and demands that the Trump Organization be barred from engaging in commercial real estate acquisitions in New York for a period of five years. She also asks that Trump and his children be barred from serving as officers or directors of any corporation in the state, and wants an independent monitor appointed to oversee compliance, financial reporting, and valuations at the Trump Organization.
Though her case is civil, James said she believed her investigation had uncovered federal criminal liability and had referred the matter to the Manhattan US attorney’s office.
Alan Futerfas, a lawyer for the Trump Organization, didn’t immediately return an email seeking comment about James’s suit. Ronald Fischetti, a lawyer for Trump, didn’t immediately return an email seeking comment.
James’s lawsuit is the latest legal threat to Trump as he weighs another run for the presidency in 2024. Trump has been under intense scrutiny ever since his Florida home was searched last month by FBI agents who unearthed highly classified documents taken from the White House. The Justice Department continues to probe his actions preceding the Jan. 6 assault on the Capitol as well. -Bloomberg
The New York case comes just before the Trump Organization is scheduled to face trial next month on charges of criminal tax fraud.
A Trump spokesman has denounced the NY lawsuit as a political act.
Trump, meanwhile, called it ‘another witch hunt.’
Wed, 09/21/2022 – 12:40