Letitia James

The lawsuit alleges former President Donald Trump inflated his net worth in order to defraud lenders. For 20 ...

"Claiming you have money you do not have does not amount to the art of the deal. "The magnitude of financial benefit derived by Mr. "Today's filing represents the culmination of nearly three years of persistent, targeted, unethical political harassment by the New York State Attorney General, Letitia James," said a Trump Organization spokesperson in a statement. "No apartment in New York City has ever sold for that amount," she said, adding the inflated valuation was based on exaggerated square footage despite Trump knowing it wasn't that big. It's the art of the steal." 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." As a result, units collectively worth $750,000 were valued at nearly $50 million, according to the lawsuit. [pleaded guilty](https://abcnews.go.com/Politics/allen-weisselberg-longtime-trump-organization-chief-financial-officer/story?id=88543418) to unrelated criminal charges of tax evasion brought by the Manhattan district attorney's office, which has been conducting a parallel investigation. "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. Trump himself signed deeds donating his residential development rights and sharply restricting changes to the property." Weisselberg and others carried out year after year in their fraudulent preparation of the Statements," the lawsuit said. "The scheme to inflate Mr.

Ivanka, Eric, and Donald Trump Jr. were named as defendants alongside their father and the Trump Organization, all of whom are accused of lying to insurers and ...

[Mar-a-Lago](https://nymag.com/intelligencer/2022/09/fbi-found-nuclear-documents-trump-called-a-hoax.html) in August. Not long after, the Department of Justice [subpoenaed](https://www.nytimes.com/2022/09/12/us/politics/trump-aides-jan-6-doj.html) around 40 aides in its separate probe of Trump’s attempt to overturn the 2020 election. Weisselberg belatedly [agreed to cooperate](https://nymag.com/intelligencer/2022/08/allen-weisselberg-flips-on-trump-organization.html) in the criminal probe of Trump’s business empire, and he is named as a defendant in the civil lawsuit alongside fellow executive Jeffrey McConney. [440 times](https://www.nydailynews.com/news/politics/us-elections-government/ny-trump-fifth-amendment-440-times-nys-attorney-general-james-20220811-x4gbkskjfrhkrfmndvolqi434m-story.html) in four hours. [Donald Trump](https://nymag.com/intelligencer/2022/09/trump-and-barr-corrupted-justice-even-more-than-we-knew.html) and three of his children are accused of committing “staggering” financial fraud by New York attorney general [Letitia James](https://nymag.com/intelligencer/article/letitia-james-donald-trump-andrew-cuomo.html)’s office, which sued them on Wednesday. Late last year, he filed a lawsuit in federal court alleging that the Democratic attorney general was pursuing a politically motivated inquiry; this was [dismissed](https://www.nytimes.com/2022/05/27/nyregion/trump-letitia-james-ny.html) by a judge in May. Last week, [according](https://www.nytimes.com/2022/09/15/nyregion/letitia-james-trump-settlement.html) to the New York Times, Trump’s lawyers proposed a settlement with the attorney general, whose office declined the offer. The 222-page complaint is a sprawling catalogue of how the Trumps and their business empire allegedly inflated property values when applying for loans while lowballing their values at other times. (It is unclear if federal investigators have pursued this line of inquiry; the former U.S. An attorney for Trump said in a statement that James’s office “has exceeded its statutory authority by prying into transactions where absolutely no wrongdoing has taken place. allegedly signed off on some statements, while Ivanka is also accused of inflating the value of her Trump penthouse on Park Avenue by around $12 million. It’s the art of the steal.”

She maintained that Trump and the Trump Organization "knowingly and intentionally created more than 200 false and misleading valuations of assets".

Trump and the Trump Organization obtained a $107 million loan on the building from Deutsche Bank. Trump certify the truth and accuracy of his statements as a condition of the guaranty and the continuing loan covenants. Trump obtained more than $100 million in net profit, which was the result of the loan he was able to obtain by using his false and misleading statements. Trump certify the accuracy of his statements annually and included a provision that made him guarantee that the materials provided to the bank to obtain the loan did not include any misleading information. Mr. The Trump Organization received a bank-ordered appraisal for the commercial property at 40 Wall Street that calculated a value for the property of $220 million as of November 1, 2012. This was done intentionally to conceal significant swings in the value attributed to individual clubs and to conceal the methods used to arrive at those values. In July 2020, the Trump Organization received an appraisal with a value of $84.5 million but on the 2020 Statement the Trump Organization valued Trump Park Avenue at $135.8 million. The valuation of this golf course in Aberdeen, Scotland assumed 2,500 homes could be developed when the Trump Organization had obtained zoning approval to develop less than 1,500 cottages and apartments, many of which were expressly identified as being only for short-term rental. Trump himself signed deeds donating his residential development rights, sharply restricting changes to the property, and limiting the permissible use of the property to a social club. In 30 year-old Trump Tower, the record sale at that time was a mere $16.5 million at a price of less than $4,500 per square foot. president, the Trump Organization, and the company's senior management in connection with years of alleged financial fraud.

New York Attorney General Letitia James made a major announcement regarding her office's investigation into the Trump Organization's business dealings.

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.” Her office has said in court filings that it “uncovered substantial evidence establishing numerous misrepresentations” in the company’s financial statements to banks, insurers and the IRS. There’s also [an apparent criminal investigation](https://www.msnbc.com/rachel-maddow-show/maddowblog/subpoenas-point-even-trouble-trumps-media-venture-rcna35665) surrounding his special purpose acquisition company (SPAC). The findings painted a picture in which the then-president, far from a self-made man, relied heavily on legally dubious family handouts. Millions of voters backed the Republican because they were convinced of his prowess as a wealthy businessman. Today’s news serves as a brutal bookend to those revelations. There are also [criminal](https://www.nytimes.com/2022/09/07/us/politics/fbi-trump-aide-william-russell.html) and [civil](https://www.msnbc.com/rachel-maddow-show/maddowblog/judge-rejects-trumps-absolute-immunity-claim-jan-6-cases-rcna41393) allegations surrounding Trump’s role in the Jan. [list of legal troubles](https://www.washingtonpost.com/politics/2022/04/29/trump-investigations-litigation/) is amazingly long. From the NBC News report: It’s worth emphasizing that this is a civil case, not a criminal case. That said, I’d recommend keeping a couple of things in mind. That was six weeks ago.

Donald Trump Falsely Inflated His Net Worth by Billions of Dollars to Further Enrich Himself and Cheat the System. Trump, Donald Trump Jr., Ivanka Trump, ...

- Require the Trump Organization to prepare, on an annual basis for the next five years, a GAAP-compliant, audited statement of financial condition showing Mr. Trump certify the truth and accuracy of his statements as a condition of the guaranty and the continuing loan covenants. Trump obtained more than $100 million in net profit, which was the result of the loan he was able to obtain by using his false and misleading statements. Trump certify the accuracy of his statements annually and included a provision that made him guarantee that the materials provided to the bank to obtain the loan did not include any misleading information. Trump and the Trump Organization obtained a $107 million loan on the building from Deutsche Bank. Trump and the Trump Organization. The Trump Organization received a bank-ordered appraisal for the commercial property at 40 Wall Street that calculated a value for the property of $220 million as of November 1, 2012. In July 2020, the Trump Organization received an appraisal with a value of $84.5 million but on the 2020 Statement the Trump Organization valued Trump Park Avenue at $135.8 million. Trump and others at the Trump Organization in consultation with “professionals,” however, no outside professionals were retained to prepare any of the asset valuations for the statements. The statements are explicit that the preparation was the responsibility of Mr. Trump and the Trump Organization knowingly and intentionally created more than 200 false and misleading valuations of assets on his annual Statements of Financial Condition to defraud financial institutions. “With the help of his children and senior executives at the Trump Organization, Donald Trump falsely inflated his net worth by billions of dollars to unjustly enrich himself and cheat the system.

New York Attorney General Tish James' wide-ranging civil lawsuit against the former president, the Trump Organization and three of his adult children ...

Federal prosecutors are also hauling in former Trump aides and allies to a grand jury probing his efforts to subvert the 2020 election, and an Atlanta-area grand jury is reaching a critical phase in its own election-related probe. The former president was not charged in that case, but James said her new suit is based in part on evidence about Trump’s directives to Weisselberg to inflate various financial statements. As a result, Trump declared the apartment to be worth $327 million, an amount James said is significantly greater than any apartment ever sold in New York City. “The complaint demonstrates that Donald Trump falsely inflated his net worth by billions of dollars to unjustly enrich himself and to cheat the system, thereby cheating all of us.” “The examples I laid out are just scratching the surface of the misconduct that we have uncovered,” James said. Trump also inflated the value of “anticipated income” from golf club membership fees, she alleged. “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,” said Trump attorney Alina Habba. In addition, it seeks a permanent ban on the former president and his family members involved in his business enterprises from serving as directors or officers of any New York corporation or business licensed in the state. “The pattern of fraud that was used by Mr. During her campaign, James promised to target Trump for investigation and told voters her election would bring pressure on him similar to that posed by Special Counsel Robert Mueller. James’ suit relies on a special statute for repeat instances of alleged violations of the law, stemming from real estate transactions. She's also making a criminal referral to the Feds.

The suit alleges that the former president and Eric Trump, Ivanka Trump and Donald Trump Jr. flagrantly manipulated property valuations to deceive lenders, ...

“Claiming you have money that you do not have does not amount to the art of the deal. Rather than focusing narrowly on a few instances of misconduct, James’s office portrayed Trump, his family and executives of employing a wide array of fraudulent maneuvers in their dealings with lenders and regulators despite knowing that they were illegal. "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.” It’s the art of the steal,” James said, mocking the titled of Donald Trump’s 1987 book. It seeks to recover more than $250 million in what James’s office says are ill-gotten gains received through the alleged deceptive practices. They have denied any wrongdoing.