A new confrontation awaits US President Donald Trump with the authorities in the United States of America, this time caused by his tax files, specifically in the state of New York, where the state’s attorney general, Letitia James, has filed a lawsuit against him filed, along with 3 of his adult children and his commercial organization, on charges of fraud and tax evasion. , after 3 years of court maneuvers.
According to CNN, the lawsuit comes after investigating all aspects of Trump’s business, including real estate and golf courses, as it alleges that the Trump Organization is defrauding lenders, insurance companies and tax authorities by inflating the value of his properties using misleading appraisals.
“This behavior cannot be ignored and dismissed as some kind of bona fide mistake,” James said at a news conference in New York, details of which were published by CNN. legally
The formal indictment follows a three-year investigation led by New York State Attorney General Letita James into the Trump Organization’s finances, which began in 2019 after Michael Cohen, a former Trump middleman and personal attorney , before Congress testified in which he claimed that Trump exaggerated certain assets to obtain Loans, insurance, and valued other assets to obtain tax benefits.
Trump and his three sons, Donald Trump Jr., Eric Trump and Ivanka Trump, are in the indictment along with Allen Weissberg, a former chief financial officer of the Trump Organization, and Jeff McConaughey, another longtime executive of the company.
James said she believes state and criminal laws may have been violated and has referred the case to the U.S. Attorney’s Office for the Southern District of New York and the Internal Revenue Service. The U.S. Attorney’s Office declined to comment.
As part of the lawsuit, James is seeking $250 million in alleged illegal funds and permanently bans Trump and his sons named in the lawsuit from serving as directors of a company registered in New York State, effectively forcing the company to stop operations in the state.
Trump faces several criminal investigations by federal prosecutors, including the auditing of his company’s financial statements, interference in the 2020 presidential election, his handling of classified documents after leaving office and the former president’s denial of wrongdoing.
More than 200 lies
James alleges that the former US president and his company made “dozens of fraudulent, false and misleading allegations” over 10 years, according to the lawsuit, which specifically highlighted what it called “200 false and misleading appraisals” of Trump’s assets.
The lawsuit said: “The financial statements at issue were released annually; each contained a substantial number of fraudulent, false and misleading representations about a substantial number of Trump Organization assets; most involved private transactions with financial institutions.”
According to James, the Trump company prepared financial status data every year for submission to banks and other financial institutions and showed the financial position of Trump’s company, and it was reliable if the Trump organization wanted to apply for loans.
As an example of the allegations Trump inflated valuations to boost his own profits, James highlighted what she says happened to 40 Wall Street, a property known as the Trump Building in New York’s financial district, after which there was referenced dozens of times in the lawsuit.
The Trump Company obtained appraisals of the property in 2010 and 2012 and found it to be worth $200 million and $220 million, respectively. But the Trump Company has repeatedly claimed in its official financial statements that the property was worth much more, according to the lawsuit.
In 2011, the Trump Corporation said the property was worth $524 million. It was valued at $527 million in 2012, and $530 million in 2013, according to the lawsuit, which alleged that there was no valid basis for these inflated valuations, and that Trump falsely claimed those figures came from “professionals.”
The attorney general said Trump inflated the square footage of his three-story Trump Tower apartment to distort the value by more than $300 million. No apartment in New York City has ever sold for that amount.”
Trump and his sons and the “witch hunt”
Former President Trump and his two sons responded to the civil lawsuit, calling the investigation a “witch hunt,” Trump wrote on Truth Social: “Attorney General Letitia ‘Pekkabu’ James, a disastrous New York crime fighter, spends all her time to fight for banks and corporations.” Very strong, well-represented insurance, paid in full, made a lot of money and never received a complaint from me, instead of fighting the murder and violent crime that is killing New York State.”
“This is a failure whose lack of crime-fighting talent is causing record numbers of people and companies to flee New York. Goodbye!” Trump continued, in a second post, calling James a “racist” and linking the investigation to her ongoing re-election campaign.
The former president’s sons, Trump Jr. and Eric Trump, launched an attack on the attorney general, with Eric Trump writing on Twitter: “Leetitia James does not work for the attorney general’s office – she works for the National Democratic… 49 days before her election (her most recent poll tied with Republican in New York State).
He continued, “The Democrats’ witch hunt nonsense continues!”