New York attorney general sues Trump and three adult children, alleging business fraud
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New York’s attorney general is suing former President Trump and his three adult children, alleging business fraud.
The civil lawsuit, filed Wednesday in the State Supreme Court in Manhattan, is the culmination of a three-year investigation by the office of Attorney General Letitia James’s (D) into whether the former president’s company misled investors and tax authorities by inflating property values to get investments and subsequently deflating them to get tax and loan benefits.
The attorney general’s office is seeking $250 million in financial penalties and asking the court to, among other things, permanently bar Trump and his children — Donald Trump Jr., Ivanka Trump and Eric Trump — from serving as an office or director in any corporation registered or licensed in the state.
The lawsuit also asks the court to bar Trump and the Trump Organization from entering into any real estate acquisition in New York or from applying for loans from any financial institution in the state for five years.
Trump “falsely inflated his net worth by billions of dollars to unjustly enrich himself and to cheat the system, thereby cheating all of us,” James said at a press conference Wednesday.
James also noted that the former president was aided by former longtime Trump Organization executives Allen Weisselberg and Jeffrey McConney.
The group “repeatedly and persistently manipulated the value of assets to induce banks to lend money to the Trump Organization on more favorable terms than would otherwise have been available to the company, to pay lower taxes, to satisfy continuing loan agreements and to induce insurance companies to provide insurance coverage for higher limits and at lower premiums,” James said.
James alleged the conduct was in violation of both state and federal criminal law.
Trump and his team engaged in a conspiracy to falsify business records, issue false financial statements, commit insurance fraud, James argued.
She said she’s referred the alleged federal law violations to the U.S. Attorney for the Southern District for New York and the Internal Revenue Service.
Trump has dismissed what he called a “phony years-long crusade” against him and criticized James for the inquiry.
When he appeared before the attorney general’s office for questioning last month, Trump invoked his Fifth Amendment rights and declined to answer questions.
Two of Trump’s children, Ivanka Trump and Donald Trump Jr., were subpoenaed along with their father and sat for depositions earlier this year.
An attorney for Trump blasted the decision.
“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,” the Trump attorney, Alina 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,” Habba said.
This story was updated at 12:14 p.m.
Source: TEST FEED1
