NY AG seeks testimony from Trump, his youngsters over monetary dealings

Jan 18 (Reuters) – New York Legal professional Common Letitia James mentioned late on Tuesday that former U.S. President Donald J. Trump’s household group used “fraudulent or deceptive” asset valuations to acquire financial advantages, together with loans, insurance coverage protection, and tax deductions.

James additionally took authorized motion to compel Trump and his grownup youngsters Donald Trump Jr. and Ivanka Trump to seem for sworn testimony as a part of her workplace’s civil investigation into the Trump Group’s monetary dealings.

“So far in our investigation, we have now uncovered important proof that implies Donald J. Trump and the Trump Group falsely and fraudulently valued a number of belongings and misrepresented these values to monetary establishments for financial profit,” James mentioned in an announcement.

She later tweeted that “Donald Trump, Trump Jr., and Ivanka Trump have all been intently concerned within the transactions in query.”

Representatives for Trump didn’t instantly reply to a Reuters’ request for remark outdoors enterprise hours.

James’ workplace mentioned in an announcement that since a minimum of 2004, former president Trump and the Trump Group have ready an annual “Assertion of Monetary Situation of Donald J. Trump.”

Since 2017, when Trump turned president, these statements have been issued by the Trustees of the Donald J. Trump Revocable Belief, which is overseen by Trump Jr. and Allen Weisselberg, her workplace mentioned.

These monetary statements include Trump’s or the Trustees’ assertions of web value and had been submitted to counterparties, together with monetary establishments, in reference to Trump Group enterprise transactions, her workplace mentioned.

“The Workplace of the Legal professional Common has decided that the Statements of Monetary Situation described Trump’s (or the Trustees of the Revocable Belief’s) valuation course of in broad phrases and in methods which had been usually inaccurate or deceptive in comparison with the supporting knowledge and documentation that the Trump Group submitted to its accounting agency,” the assertion from James’ workplace mentioned.

The legal professional basic added that the statements, amongst different issues, misstated goal details, like the scale of Trump’s Trump Tower penthouse, miscategorized belongings outdoors Trump’s or the Trump Group’s management as “money,” thereby overstating the previous president’s liquidity.

Her workplace additionally outlined examples about what her workplace termed deceptive statements in regards to the worth of six Trump properties, together with golf membership in Scotland and Westchester, in addition to the “Trump Model.”

This month, legal professionals for the Trump household had requested a choose who has overseen disputes associated to the probe to quash James’ “unprecedented and unconstitutional” bid for his or her testimony, after the legal professional basic issued subpoenas to Trump and his two youngsters. learn extra

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Reporting by Shivam Patel in Bengaluru; Modifying by Christopher Cushing and Gerry Doyle

Our Requirements: The Thomson Reuters Belief Rules.

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