Posted by on September 21, 2022 12:35 pm
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New York AG Letitia James announces fraud lawsuit against Trump and children

New York Attorney General Letitia James speaks during a ceremony where Gov. Kathy Hochul signed a package of bills to strengthen gun laws, Monday, June 6, 2022, in New York. (AP Photo/Mary Altaffer) Mary Altaffer/AP

New York AG Letitia James announces fraud lawsuit against Trump and children

Ryan King September 21, 11:42 AMSeptember 21, 12:21 PM Video Embed

New York Attorney General Letitia James unveiled a civil fraud lawsuit against former President Donald Trump and three of his adult children Wednesday for the Trump Organization’s manipulation of its asset valuations.

James is calling for Trump, Donald Trump Jr., Ivanka Trump, and Eric Trump to be barred from serving as “an officer or director in any corporation” or similar entity in New York. Furthermore, she is calling for Trump and his business empire to be barred from “entering into any New York State commercial real estate acquisition or from applying for loans” in New York for the next five years.

James also revealed that her office uncovered evidence that the Trump Organization violated multiple state laws and is referring the matter to the appropriate agencies.

NY ATTORNEY GENERAL INVESTIGATING TRUMP TEASES ‘MAJOR ANNOUNCEMENT’

“Mr. Trump and the Trump Organization 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,” she said during a press event.

James has been conducting an investigation into the Trump Organization since former Trump lawyer Michael Cohen testified before Congress that the Trump Organization manipulated asset valuations for tax and business benefits.

She detailed a number of examples that her office uncovered of the Trump empire issuing false and misleading financial statements and noted that she interviewed over 60 witnesses as part of the inquiry. Trump declined to answer questions before her last month by invoking his Fifth Amendment rights against self-incrimination.

“All told, we uncovered more than 200 examples of false and misleading asset valuations that were used on his statements. The pattern of fraud and deception that was used by Mr. Trump and the Trump Organization for their own financial benefit is astounding,” she added.

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James teased a “major announcement” Tuesday, but she was not forthcoming with details about what the announcement would entail. She has been conducting a civil inquiry into the Trump Organization’s business practices. This led to speculation that her announcement could be related to former President Donald Trump.

This is a breaking story and will be updated.

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