New York Attorney General Sues Trump and His 3 Children for Alleged Fraud
New York Attorney General Letitia James (pictured) filed a civil lawsuit against former President Donald Trump in February, alleging that he “falsified his net worth by billions of dollars, profited unfairly, and cheated the system.”
After a three-year investigation, New York Democratic Attorney General Letitia James filed a civil lawsuit against former President Donald Trump on February 2.
James said at a press conference, “The indictment shows that Donald Trump falsely inflated his net worth by billions of dollars, unjustly enriched himself, and abused the system.”
In a statement posted on the social networking site Truth, Trump denounced the lawsuit as “another witch hunt motivated by James’ re-election campaign.
She is a liar and ran for office with a “Fix Trump” platform,” Trump said in the statement.
The lawsuit also targets longtime members of Trump’s management team. Donald Trump Jr, Ivanka Trump, and Eric Trump.
In response to the lawsuit, Donald Trump Jr. took to Twitter to hurl invective, along with a video of James.” The Democrat bullshit persecution continues!” He wrote, “I’m sorry, but . .
In a post on the truth social media site, Eric Trump also condemned James’ partisan attacks.” Letitia James is the most corrupt Attorney General in US history. She campaigned on a promise to prosecute my father”.
James acknowledged at a press conference that her lawsuit would face criticism for being partisan. She noted that the three-year investigation into Trump began after “his former lawyer Michael Cohen testified before Congress about such conduct.”
According to James, Trump’s strategy was to “repeatedly and consistently manipulate property values” to win favorable loan terms from banks and reduce taxes.
James said, “All of this behavior violates New York state law.”
James is seeking a fine of approximately $250 million and a permanent ban on Trump, his children, and members of his executive team from operating businesses in New York State.
It also seeks a five-year ban on the former president and his organization from purchasing commercial real estate in New York.
The lawsuit was filed in civil court, but James also alleges that Trump’s operations violated state and federal criminal laws. Criminal charges have been sent to the U.S. Department of Justice, he said.
In short, “he lied for massive financial gain,” James said in a post to Twitter.
At the press conference, James pointed out that Trump, who was being deposed during the investigation, repeatedly exercised his Fifth Amendment rights to avoid testifying.
She also said that prior to Wednesday’s statement, her office had rejected settlement offers from Trump and his organization.
James elaborated by claiming that Trump’s business practices are fraudulent, such as inflating the market value of his real estate holdings in New York and Florida “badly,” while “claiming that Trump has cash on hand that he does not have,” and that he has values.
The lawsuit cites an example involving Trump’s property at 40 Wall Street in Manhattan.
Trump’s team allegedly received multiple property value estimates from professional appraisers ranging from $200 million to $220 million.
Then, according to the lawsuit, the Trump Organization inflated the value of the properties listed on the statements to more than $500 million in order to gain an unfair advantage over financial institutions and insurance companies that did business with Trump’s companies.
According to James, this conduct was clearly fraudulent, not dishonest.
“The padding of the property valuations in the statements cannot be put away or excused as the result of mere exaggeration.” The complaint states. Rather, it is the result of the defendant’s use of objectively false assumptions and blatantly improper methodology.” He stated.
In a post on Truth Social, Trump accused James of “fighting for very powerful and representative banks and insurance companies, making a lot of money with a high salary, and never complained to me…. ” he accused.
Trump also described James, who is black, as “racist” and called him “peekaboo” James.
The lawsuit, announced Wednesday, is just the latest in a long list of legal and financial problems facing Trump, his organization, and his family.
A separate criminal trial filed by Manhattan District prosecutors against Trump’s company and Weiselberg is scheduled to begin next month.
Wasselberg, who has pleaded guilty to multiple felonies as part of that lawsuit, is scheduled to testify.
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