Trump is accused of fraud in the New York attorney general’s trial
Trump Accused of Fraud in New York Attorney General’s Trial: For intentionally misrepresenting his net worth by billions in order to favor himself and obtain lucrative loans, Donald Trump and three of his children, who work in the family real estate business, were named in a civil fraud suit by the New York state attorney general.
Letitia James announced the lawsuit in New York on Wednesday. She added that they have been targeted by the Internal Revenue Service and federal prosecutors, which is guaranteed to infuriate the former president of the usa and to cause concern in his immediate environment about the gravity of his legal situation.
The New York investigation, which began while Trump was president and lasted three years, led to the removal of Trump, Donald Trump Jr., Ivanka Trump and Eric Trump.
The lawsuit calls for a five-year ban on the Trump Organization’s ability to buy any commercial real estate or take out loans from New York-based companies and bar all four Trumps from serving as city executives.
Want to learn more about Donald Trump?
Now let’s find out in detail. James added: “The complaint shows that Donald Trump falsely inflated his net worth by billions of dollars to unjustly enrich himself and cheat the system, thereby defrauding us all. He did this with the help of the other accused.
James said her office reported on the situation in the Southern District of New York and IRS after finding evidence of federal criminal offenses such as making false representations to financial institutions and bank fraud.
The claim states: “The number of highly inflated asset values is staggering, affecting most, if not all, of the real estate owned in a given year.” The lawsuit also aims to recover at least 250 million dollars and thwart the Trump Organization’s chief financial officer.
Alan Weisslberg and the Controller, Jeffrey McConney, from holding senior positions in any New York-based business. Weiselberg, 75, pleaded guilty to tax fraud in a separate criminal case in New York.
James said Trump and Weiselberg refused to answer questions during the testimony, claiming Fifth Amendment rights against self-incrimination. He continued, “For too long, powerful, wealthy individuals in this society have functioned as if the rules don’t apply to them.”
“Donald Trump stands out as one of the most striking examples. Trump thought he could get away with the art of stealing, but today that behavior ends.
Taking James to federal prosecutors in the Southern District of New York poses a serious legal risk to the former president and his three grown children, even though the New York case is not a criminal case.
Trump has indicated time and time again that he will run for president in 2024. But he is legally threatened with various investigations into his attempts to rig the 2020 election and a possible charge of possessing classified documents.
As is his wont when under investigation, the former president and his counsel denounced the New York investigation as politically motivated “witch hunt” and claims that the Trump Organization is not engaged in criminal activity.
James, however, detailed a long list of alleged wrongdoing in the 214-page complaint, including fraudulently increasing the value of 23 properties, including the Mar-a-Lago resort in Florida, Trump Tower in New York and the building that once housed Trump International Hotel in Washington, DC.
According to James, between 2011 and 2021, the defendants made more than 200 fraudulent and fraudulent valuations of assets in financial documents. It also details the fraud-related tactics she claims Trump and his firm used.
Mar-a-Lago, the suit says, was valued at $739 million when it should have been closer to $75 million. James also said that Trump “I have received a series of bank-ordered appraisals for the commercial property at 40 Wall Street in New York, which place the property at $200 million as of August 2010 and $220 million as of November 2012.”
“Nevertheless, Mr. Trump identified 40 Wall Street in his 2011 statement as worth $524 million, which rose to $530 million over the next two years, more than double the value determined by specialists.
“Even more strikingly, the $500 million-plus estimate was attributed to information from the appraiser, who valued the building at just over $200 million.”
“Mr. Trump indicated that his apartment covered more than 30,000 square feet, which was the basis for the apartment’s valuation. James said about Trump Tower on Fifth Avenue in Manhattan. Mr Trump knew the apartment act was less than 11,000 square feet.
“Based on this inflated square footage, the apartment’s value in 2015 and 2016 was $327 million. To date, no apartment in New York has sold for anywhere near that amount. Tripling the size of the apartment for the assessment is a deliberate deception. Not an honest mistake.
Trump has often accused James of being politically motivated. According to Bloomberg News, “members of Trump’s inner circle” believed James, a Democrat up for re-election in November, could use the action to raise money before making his declaration.
NBC News | BREAKING: New York Attorney General Letitia James sued former President Trump, Don Jr., Ivanka and Eric Trump for years on fraud charges.
She appears to be permanently barring Trump from doing business in New York again and is seeking a $250 million fine.
— Tom Winter (@Tom_Winter) September 21, 2022
Alina Haba, Trump’s lawyer, accused James of abusing his position through “peeking into transactions where absolutely no violation has taken place” and filed the case”focuses neither on the facts nor the law, but rather is solely focused on advancing the Attorney General’s political agenda.
The lawsuit’s allegations, according to Habba, are “without value.” On Wednesday morning, James said, “I want to be precise. White-collar financial crime has no victims.”
She said, referring to Trump’s most famous ghost-written book, “Pretending to have money you don’t have is not the art of the deal. The art of stealing is included.