‘Staggering’ fraud: NY AG Letitia James sues Donald Trump, kids and company
New York Attorney General Letitia James on Wednesday filed a $250 million lawsuit against former President Donald Trump, his kids Eric, Ivanka and Donald Trump Jr., and the Trump Organization — alleging “staggering” fraud in the family real estate business.
The 220-page civil suit filed in Manhattan Supreme Court is the culmination of a three-year investigation by the Democrat’s office to determine whether the Trump Organization’s assets were exaggerated for loan, insurance and tax purposes.
It seeks to tear away Trump’s ability to run businesses in the Empire State and to prohibit him and his company from buying up commercial real estate for several years.
“Donald Trump falsely inflated his net worth by billions of dollars to unjustly enrich himself, and cheat the system, thereby cheating all of us,” James said at a news conference announcing the suit.
“Claiming you have money that you do not have does not amount to the art of the deal, it’s the art of the steal,” she said, referring to Trump’s 1987 book.
James said her probe uncovered possible criminal violations, including of falsifying business records, insurance fraud, issuing false financial statement, conspiracy and bank fraud.
She said her office is referring the case to the Internal Revenue Service and to federal prosecutors in the Southern District of New York....
(ugly details of the fraud)
James is seeking to permanently bar Trump, Don Jr., Ivanka and Eric from serving as directors in any New York company. James also wants to bar Trump and the company from striking any real estate deals in New York for five years and from getting any loans in New York for five years.
The AG also wants the defendants to cough up any financial profits from the alleged fraudulent behavior totaling at least $250 million....
The Trump Organization is also set to face trial next month on charges of tax fraud where Weisselberg is slated to testify against the company as part of a plea deal he struck last month with the Manhattan District Attorney’s Office.
In the wake of James’ suit, Manhattan DA Alvin Bragg said in a statement: “Our criminal investigation concerning former President Donald J. Trump, the Trump Organization, and its leadership is active and ongoing.”
The company is accused of helping top execs get around income taxes by downplaying their compensation to the government for 15 years. Trump is not personally charged in the case.
If convicted, the company could face financial penalties and be forced to reform business practices.