Trump's attorney blasted the AG's lawsuit in the strongest terms. The Manhattan District Attorney's Office, which was not part of James' referral, issued a statement later Wednesday saying its own criminal probe was "active and ongoing." The odds of a criminal prosecution have been seen as falling in recent months after Bragg allowed a grand jury to disband without bringing charges. James said the investigation also uncovered evidence of potential criminal violations, including insurance fraud and bank fraud, but that her office was referring those findings to outside authorities for further investigation. It’s the art of the steal," she said, referring to the title of Trump’s 1987 memoir, "The Art of the Deal." "Claiming you have money that you do not have does not amount to the art of the deal. The AG filed a fraud suit against the former president and his children alleging more than 200 instances of fraud over the course of a decade. The value of Trump's properties have been vastly overestimated according to New York Attorney General Letitia James. The True Values of Donald Trump's Properties
Trump’s figure is based on the idea that the property could be developed for residential use, but deed terms prohibit that. Trump applied similar fuzzy math to his Mar-a-Lago estate, the lawsuit alleged, by valuing the private club and residence as high as $739 million - more than 10 times a more reasonable estimate of its worth. No apartment in New York City has ever sold for close to that amount, James said.
#Trump sues ny ag tv
The suit struck at the core of what made Trump famous, taking a blacklight to the image of wealth and opulence he’s embraced throughout his career - first as a real estate developer, then as a reality TV host on “The Apprentice” and later as president.įor example, according to the lawsuit, Trump claimed his Trump Tower apartment - a three-story penthouse replete with gold-plated fixtures - was nearly three times its actual size and valued the property at $327 million. "We believe the conduct alleged in this action also violates federal criminal law," James said at the news conference, referencing the alleged filing of false financial statements, as well as purported bank fraud. The AG's office is seeking about $250 million in penalties, to permanently bar Trump and his children from being officers of any New York-registered company, and to bar them from borrowing from any New York-registered financial institution for five years.
In one example, James said Trump overinflated the value of Mar-a-Lago almost 10-fold. and even his own triplex at Trump Tower in Manhattan - three examples of what the AG alleges were more than 200 instances of fraud over the course of 10 years.
The fraud allegedly included the former president's compound at Mar-a-Lago in Florida, his controversial hotel in Washington D.C. Trump's children Donald Jr., Ivanka and Eric are also named as defendants.ĭonald Trump Fraud Lawsuit: Read the Blockbuster 222-Page Filing The suit, which runs to more than 200 pages, alleges that the former president systematically inflated his net worth for purposes of getting better loan terms, while at the same time deflating his worth and the value of his holdings to get more favorable tax treatment. The AG's office is referring some of the alleged conduct uncovered in the investigation to federal prosecutors and the IRS Trump's lawyer blasted the suit as entirely politicalĭonald Trump and members of his family committed a long-running bank, tax and insurance fraud that was "astounding" in its scope, New York Attorney General Letitia James alleged in a blockbuster and long-awaited lawsuit on Wednesday.Īnd while the suit is only civil, James is referring the former president and his family to the IRS's criminal division, and to federal prosecutors in Manhattan, for possible violations of tax law.The suit alleges more than 200 instances of fraud over the course of a decade, purportedly intended to obtain more favorable loan terms or tax benefits.The New York Attorney General's Office filed a blockbuster fraud suit against former president Donald Trump and his children Donald Jr., Eric and Ivanka.
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