NEW YORK, September 21 (CNNBreakingNews.net) — Donald Trump, his family business, and three of his grown children were on Wednesday from New York attorney general is suing, who accused them of overvaluing the former US president’s assets and assets through a decade of lying to banks and insurers.
Attorney General Letitia James filed her civil lawsuit in a New York state court in Manhattan and accused the Trump Organization for “numerous frauds and misrepresentations” when preparing annual financial statements from 2011 to 2021.
She also said Trump, who has long been using his fortune to polish his image and fame as a successful businessman. and politician, increased his wealth by billions of dollars to help his company obtain favorable financial terms for transactions, including lower interest rates and cheaper insurance coverage.
The 214-page complaint will also include Trump’s adult children Donald Trump Jr, Eric Trump and Ivanka Trump as defendants as well as long-standing executives of Company, including former Chief Financial Officer Allen Weisselberg.
The lawsuit adds to the many legal issues Trump is facing.
This includes a criminal investigation in Georgia over its efforts to reverse the 2020 presidential election, and a Investigation into his handling of presidential records that led to an FBI search of Trump’s Mar-a-Lago estate on August 8. Read more
The Trump organization manages hotels, golf courses, and other properties around the world and has been under investigation by James for more than three years.
James, a Democrat, said the values of 23 assets were “grossly and fraudulently inflated,” and her office covered more than 200 Examples of misleading asset valuations on.
These assets included marquee properties such as Mar-a-Lago in Florida and Trump’s penthouse apartment above Manhattan’s Trump Tower, said James. The lawsuit aims to recover allegedly unreasonable profits of at least $250 million.
“To say you have money that you don’t have doesn’t amount to the “art of the deal,” it is the art of stealing,” James said at a press conference alluding to Donald Trump’s 1987 memoir, which called the “pattern of fraud and deception” used by Trump and the Trump organization “amazing.”
Trump called the lawsuit “another witch-hunt by a racist lawyer” in a statement published on Truth Social. General”, who pursued the arguments for political gain.
James is black and is running for reelection in November. Trump hasn’t announced whether he will run for president in 2024, but would likely be a Republican leader.
While the case does not involve any criminal charges, James said Trump has repeatedly violated laws against several state criminals and may have violated federal criminal law and asked the US Attorney’s Office and the Internal Revenue Service to investigate.
A spokesman for US Attorney Damian Williams in Manhattan declined to comment.
„KATASTROPHEN DER WELT“
James wants to take the Trumps out of power in their company and ban Trump and his adult children from working as corporate Officers or directors in New York.
She also wants to install a monitor for the Trump organization and prevent the company and Trump from buying commercial real estate in New York or borrow money from state-approved banks for five years.
The lawsuit said Trump’s plan was designed to fraudulently trick banks into borrowing money cheaper, persuade insurers to cover higher limits at lower premiums and receive tax benefits
James said Trump pretended his Trump Tower apartment was 30,000 square meters when it was actually 10,996 square feet , and that the valuation of 327 million US dollars in 2015 was “absurd” because no apartment in New York City had been sold for 100 million dollars at that time.
She also said Trump estimated Mar-a-Lago up to 739 million dollars by pretending that it could be developed for residential use, and that the value should have been closer to 75 million US dollars.
James said her office rejected settlement offers from the defendants but “our doors are always open” for negotiation.
She said Trump could try to relocate his company or borrow elsewhere, but that wouldn’t excuse him from his Commitments in New York.
“There can’t be different rules for different people in this country or state, and former presidents are no different” James said.
The attorney general opened their investigation after Michael Cohen, who was Trump’s lawyer and fixer before he turned on, he said in Congressional statements that the former president overestimated some assets to save money on loans and insurance.
Trump was called to testify for the investigation under oath in a statement dated August 10, where he relied on his right against self-incrimination More than 400 times under the Fifth Amendment to the US Constitution.
“The Attorney General’s Office has exceeded its legal powers by completing transactions where absolutely It has No wrongdoing took place,” Trump’s lawyer Alina Habba said in a statement, describing the allegations as “worthless.”
Donald Trump Jr tweeted that James is “arming their office to go after their political opponents!
Manhattan District Attorney Alvin Bragg has separately charged the Trump organization with criminal tax fraud. and is preparing looking forward to a lawsuit on October 24th.
Weisselberg has pleaded guilty and is expected to testify against the company, which has pleaded not guilty. read more
“Our criminal investigation against former President Donald J. Trump, the Trump organization and its leadership is active and ongoing,” Bragg said in a statement.