![]() Trump, his children, the Trump Organization, and the other defendants as part of a repeated pattern and common scheme, derived more than 200 false and misleading valuations of assets for the 11 statements covering 2011 through 2021.Įach statement represented that the values were prepared by Mr. Weisselberg that he wanted his net worth on his statements to increase every year, and the statements were the vehicle by which his net worth was fraudulently inflated by billions of dollars year after year. Trump’s statements were fraudulent and misleading in both their composition and their presentation. Over the course of OAG’s three-year investigation, OAG found that between 2011-2021, Mr. Trump or by one of his trustees when being presented to financial institutions with the purpose and intent that the information contained in the statement would be relied upon by those institutions. The statements were personally certified as accurate by Mr. Trump or, starting in 2016, the trustees of his revocable trust, Donald Trump Jr., and Allen Weisselberg. ![]() The statements are explicit that the preparation was the responsibility of Mr. From 2011-2021, these statements were compiled by Trump Organization executives, and were issued as a compilation report by Mr. Trump’s or his trustees’ assertions of his net worth. This years-long fraudulent scheme centers on the annual Statements of Financial Condition (statements) for Donald Trump that contain Mr. I will continue to ensure that no one is able to evade the law, because no one is above it.” There are not two sets of laws for people in this country we must hold former presidents to the same standards as everyday Americans. Trump thought he could get away with the art of the steal, but today, that conduct ends. In fact, the very foundation of his purported net worth is rooted in incredible fraud and illegality. “With the help of his children and senior executives at the Trump Organization, Donald Trump falsely inflated his net worth by billions of dollars to unjustly enrich himself and cheat the system. Donald Trump stands out as among the most egregious examples of this misconduct,” said Attorney General James. “For too long, powerful, wealthy people in this country have operated as if the rules do not apply to them. Attorney’s Office for the Southern District of New York and the Internal Revenue Service (IRS) for criminal investigation. In conjunction with the lawsuit, OAG has referred the matter to the U.S. Trump and the Trump Organization from entering into any New York real estate acquisitions for five years 3) award disgorgement of all financial benefits obtained through the persistent fraudulent practices, estimated to total $250 million. Trump, Donald Trump, Jr., Ivanka Trump, and Eric Trump from serving as an officer or director in any New York corporation or similar business entity registered and/or licensed in New York state 2) bar Mr. ![]() This conduct was in violation of New York Executive Law 63(12), which gives the Office of the Attorney General (OAG) special and broad powers to go after persistent and repeated fraud and illegality, which in this case includes violating other state laws prohibiting the submission of false financial statements, the falsification of business records, and the commission of insurance fraud.Īs a consequence of these violations, OAG is seeking, among other relief, to: 1) permanently bar Mr. Trump and the Trump Organization knowingly and intentionally created more than 200 false and misleading valuations of assets on his annual Statements of Financial Condition to defraud financial institutions. The lawsuit alleges that Donald Trump, with the help of his children Donald Trump, Jr., Ivanka Trump, and Eric Trump, and senior executives at the Trump Organization, falsely inflated his net worth by billions of dollars to induce banks to lend money to the Trump Organization on more favorable terms than would otherwise have been available to the company, to satisfy continuing loan covenants, to induce insurers to provide insurance coverage for higher limits and at lower premiums, and to gain tax benefits, among other things. NEW YORK – New York Attorney General Letitia James today filed a lawsuit against Donald Trump, the Trump Organization, senior management, and involved entities for engaging in years of financial fraud to obtain a host of economic benefits. Lawsuit Seeks to Remove Trump and His Children from Their Roles at the Trump Organization īan Them from Future Leadership Roles in New York Repay $250 Million They Illegally Obtained Statements of Financial Condition to Obtain Millions in Economic Benefits Trump, Donald Trump Jr., Ivanka Trump, and Eric Trump Used Fraudulent Of Dollars to Further Enrich Himself and Cheat the System Donald Trump Falsely Inflated His Net Worth by Billions
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