The immediate past President of the United States, Donald Trump and his adult children have been dragged to court for what New York State’s attorney general, Letitia James called numerous acts of fraud and misrepresentation, accused of misstating the values of real estate properties to obtain favorable loans and tax benefits.
According to local reports, the lawsuit, filed in a New York state court in Manhattan, accused the Trump Organization of wrongdoing in preparing Trump’s annual statements of financial condition from 2011 to 2021.
The suit also named as defendants the Trump Organization – a family company that manages hotels, golf courses and other real estate around the world – as well as the former president’s sons Donald Trump Jr. and Eric Trump and his daughter Ivanka Trump.
James stated that her office uncovered more than 200 examples of misleading asset valuations, and the complaint mentioned 23 assets that she called “grossly and fraudulently inflated.”
However, the AG averred that she was referring allegations of criminal wrongdoing to federal prosecutors in Manhattan and the Internal Revenue Service for investigation.
In a news conference, James said “The pattern of fraud and deception that was used by Mr Trump and the Trump Organisation for their own financial benefit is astounding”.
Referring to the title of a 1987 book written by Trump, she said “Claiming that you have money that you do not have does not amount to the ‘art of the deal,’ it’s the art of the steal”.
Records have it that the lawsuit marks one of the biggest legal blows for Trump since he left office in January 2021.
In the lawsuit, the former U.S number one is accused of inflating his net worth by billions of dollars to induce banks to lend money to his company on more favorable, to satisfy continuing loan terms, to coax insurers to provide coverage for higher limits at lower premiums, to gain tax benefits and other purposes.
Forthwith, the AG is seeking to permanently ban Trump and his three children named as defendants in the case from serving as an officer or director in any New York corporation, prohibit Trump and the Trump Organisation from entering into any New York real estate acquisitions for five years and award disgorgement of all financial benefits gained fraudulently — estimated to total $250 million.
In a swift reaction, Alina Habba, a lawyer for Trump said “The Attorney General’s Office has exceeded its statutory authority by prying into transactions where absolutely no wrongdoing has taken place,” calling the accusations “meritless.”
In a social media post, Trump who left office in January 2021 denied any wrongdoing and described James’ probe as a politically motivated “Witch Hunt”.
The AG also revealed that her office rejected settlement offers submitted by the defendants, but said “our doors are always open” for future negotiations.
According to reports, Trump is considering running for president again in 2024.
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