Inflated his net worth by billions of dollars: New York sues Trump for fraud

At the end of a 3-year investigation, the New York Attorney General filed a civil suit against the former president.

"For a long time, rich people in this country acted as if the laws did not concern them - Trump thought he would be able to steal," said the prosecutor.

Other defendants: Trump's girlfriend and his children Donald Jr., Eric and Ivanka

news agencies

09/22/2022

Thursday, September 22, 2022, 11:16 a.m. Updated: 12:03 p.m.

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The Attorney General of the State of New York yesterday (Wednesday) filed a civil lawsuit for fraud against the former President of the United States Donald Trump and three of his children who are involved in the family real estate business. According to the lawsuit, Trump inflated his net worth by billions of dollars to enrich himself and ensure that he would receive loans Letitia Jones

,

the attorney general, said the lawsuit has also reached the desks of federal prosecutors and the IRS — a move that could anger the former president. Moreover, although the lawsuit is civil, there is a chance it could lead to criminal or federal charges against Trump.

Mar-a-Lago estate in Florida (Photo: Reuters, Reuters)

Trump, Donald Trump Jr., Ivanka Trump and Eric Jr. testified in the investigation that lasted three years - and began when the former president was in power.

The lawsuit seeks to prohibit all four from serving as CEOs in New York and to prohibit the Trump Organization from purchasing real estate assets or receiving loans from financial entities in New York for five years.

"The lawsuit shows that Donald Trump falsified and inflated his net worth by billions of dollars to unjustly enrich himself and to cheat the system, and thus all of us. He did it with the help of other defendants," Jones said.

inflated his profits by billions of dollars.

Trump (Photo: Reuters)

She added that her office had uncovered evidence of federal criminal offenses including making false statements to financial institutions and bank fraud, and that she had referred the matter to New York's Southern District Court and the IRS.

The lawsuit seeks to return at least $250 million to the state and to prohibit Alan Weiselberg, the Trump Organization's chief financial officer, and Jeffrey McConey, the company's internal auditor, from holding senior positions in any company in New York. Weiselberg, 75, pleaded guilty in a separate criminal investigation in New York York on charges of tax fraud.

"For too long, rich and powerful people in this country have acted as if the laws did not apply to them.

Donald Trump is the most prominent example.

He thought he would be able to steal, but today it's over," Jones said.

Trump has already hinted that he will run for president in 2024,

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"witch hunt"

Trump said the prosecution in New York was politically motivated and constituted a "witch hunt".

In the 214-page lawsuit, James outlined a host of offenses such as falsely inflating the value of 23 properties including the Mar-a-Lago estate in Florida, Trump Tower in New York and the former Trump International Hotel in Washington, DC.

According to Jones, the defendants made more than 200 false valuations and misleading financial statements in 2011-2021.

Mar-a-Lago's value, according to the lawsuit, was estimated at $739 million, while its value is closer to $75 million.

According to Jones, Trump "received a series of bank appraisals for a commercial property at 40 Wall Street, according to which the value of the property was $200 million as of August 2010 and $220 million in November 2012. "However, in Trump's 2011 statements, he claimed Because the value of the property is 524 million dollars.

This value rose to 530 million dollars in the following two years - more than twice the estimates of the professionals."

Trump's lawyer, Alina Haba, said that the lawsuit "does not focus on the facts or the law, but on advancing the attorney general's political agenda."

Jones responded by saying that "white collar crime is not victimless crime."

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