Attorney General Letitia James of New York filed a lawsuit against former President Donald Trump on Wednesday, accusing him of years of alleged financial fraud and misrepresenting his net worth by billions in order to “enrich himself and corrupt the system.”
The civil lawsuit, which seeks to discharge the entire family from their positions inside the Trump Organization, also identified three of Trump’s grown children. They committed “staggering deception,” she charged.
However, Marcia Kramer, a political reporter for CBS2, believes that this may only be the start of the former president’s legal problems.
Trump has made many attempts to obstruct James’ probe. He hasn’t been successful, and James now claims that despite having filed civil lawsuits, she is sending the IRS and the Manhattan U.S. Attorney the results of her three-year investigation in case they decide to pursue criminal charges.
James referred to Trump and the Trump Organization’s “astonishing road of fraud and dishonesty.” “The art of the deal, or the art of stealing, amounts to claiming money that you do not have.”
James filed a broad civil lawsuit against Trump, the Trump Organization, as well as Donald Jr., Ivanka, and Eric Trump at the same time that she took a sharp jab at the former president by using the title of his 1987 book against him. The lawsuit also names Allen Weisselberg and Jeffrey McConney, two longstanding leaders of the Trump Organization.
James alleged that the Trumps conspired to artificially inflate his wealth by billions of dollars so that banks would lend money to the Trump Organization at more favourable terms, resulting in lower interest rates, better insurance costs, and tax advantages. She claimed that her three-year investigation included years while he served as the 45th president and spanned the ten years between 2011 and 2021.
In total, James claimed, “we found more than 200 instances of inaccurate and deceptive asset valuations used on his assertions.”
The Trump Organization’s portfolio of properties, according to the attorney general, included Trump Tower, 40 Wall Street, the opulent Mar-a-Lago estate and resort, and a number of golf clubs, including the Trump Aberdeen in Scotland.
Mar-a-Lago had a $25 million annual revenue and should have been worth roughly $75 million. Mar-a-Lago, though, had a $739 million price tag.
She went to great lengths to explain how Donald is said to have exaggerated the value of his triplex at Trump Tower on Fifth Avenue.
According to her, “Mr. Trump said the apartment spanned more than 30,000 square feet, which was the basis for appraising the property, but the apartment had an area of less than 11,000 square feet.”
James claimed that Trump valued the property at $327 million in 2015 thanks to the alleged financial misdeeds.
“Triple the size of the apartment valuation was intentional and deliberate fraud,” James said. “No apartment in New York City has ever sold for close to that amount.
She made mention of the fact that Donald Trump frequently used the Fifth Amendment when questioned about his business activities under oath several times throughout her news conference.
White collar financial crime, according to James, “is not a victimless crime; when the well-connected breach the law, they deprive working people, regular people, small enterprises, and all taxpayers of resources.” In order to obtain a favorable loan to purchase a home or send their child to college, “average individuals cannot lie to a bank about how much money they have, and if they did, the government would throw the book at them.”
Alina Habba, a lawyer for Trump, posted on Twitter, “Today’s filing is neither focused on the facts advancing the attorney general’s political goal. #witchhunt.”
The suit was deemed “meritless” by her.
We are convinced that our court system will not tolerate this unfettered abuse of power, as Habba stated, “It is quite evident that the Attorney General’s Office has exceeded its legislative jurisdiction by snooping into transactions when absolutely no criminality has taken place.”
Trump responded by labeling it “another witch hunt by a racist attorney general, Letitia James,” in a post on Truth Social.
James claimed that after Trump’s ex-attorney appeared before Congress, her investigation got underway. Cohen discussed why he didn’t confront Trump about his monetary inflation on Wednesday.
Cohen said, “You don’t tell the emperor that he’s naked, or you’ll lose your job right there.”
Cohen claimed that Trump maintained a pulse on the industry.
Cohen asserted that Trump “always knew everything about everything going on at the Trump Organization.”
According to Cohen, Trump resisted every attempt to look into his business operations, which allowed him to get away with it for so long.
Cohen stated, “The system protects the wealthy. Donald Trump has always positioned himself as someone who is willing to battle, to the kill, especially if it involves a legal issue.
The former president gave a public defense of himself in a Fox News appearance late on Wednesday.
Trump claimed that “this was just the continuation of a witch hunt.” She said during her violent campaign four years ago, “We’re going to indict him, we’re going to get him.’ She knew nothing about me. I had never heard of her.”
At Mar-a-Lago, the interview was captured on camera.
First of all, these are banks with the biggest, best, and most effective law firms in the world, which conduct their own work, according to Trump.
Trump said in the interview that the banks he did business with had issued disclaimers on his financial records, as CBS2’s Tim McNicholas reports.
Here is a financial statement that we prepare. However, he cautioned, “Be careful as it may not be accurate, it may be way off.”
James requests the appointment of a special master to oversee the Trump Organization, as well as a ban on Trump and his three eldest children serving as officials of any New York state corporations. She demands restitution of at least $250 million.
Alvin Bragg, the district attorney for Manhattan, said in a statement that his investigation against the late president and the Trump Organization is “active and ongoing.”