Donald Trump, his 3 children filed a business fraud case with the New York AG

NEW YORK – New York Attorney General Letitia James on Wednesday indicted former President Donald Trump, his three eldest children and company executives for allegedly defrauding lenders, insurance brokers and tax officials to get better rates on their assets. Credit and insurance policies and to reduce their tax liability.

The 222-page civil complaint asks the New York Supreme Court to bar Trump, Donald Trump Jr., Ivanka Trump, and Eric Trump from serving as executives at any company in New York, and the Trump Organization from acquiring anything. Acceptance of commercial real estate or a five-year loan from any New York registered financial institution.

James’ office is seeking to recover more than $250 million in alleged fraud. While the lawsuit itself is not a criminal charge, James (D) said she has filed potential violations of federal law with the Department of Justice and the IRS.

Trump’s attorney, Alina Haba, has dismissed the allegations as politically motivated, saying in a statement that the attorney general’s claims are “without merit.”

Read the indictment against Donald Trump, his 3 sons and the Trump Organization

The suit, filed in New York Supreme Court, follows a more than two-year investigation by James and names 23 properties in the Trump Organization’s portfolio, including the Mar-a-Lago Club in Florida and the Seven Springs property in Westchester. County, New York, and the D.C. hotel leased from the federal government until it is sold in May.

“Inflated property values ​​in disclosures cannot be brushed aside or excused simply by exaggerating or assuming that reasonable real estate professionals would differ,” it says.

It deepens the legal challenges Trump faces more than 18 months after leaving the White House, where he has been active in Republican politics and has indicated he will run for president again in 2024.

In addition to naming Trump and his three children personally, the indictment also names the Trump Organization and Trump’s longtime chief financial officer, Allen Weiselberg, who recently pleaded guilty to tax crimes and names the controller. Jeffrey McConney.

The status of key investigations involving Donald Trump

Trump and his family have repeatedly called James’ inquiry a “witch hunt,” referring to statements by James on the campaign trail that she promised to investigate him. They denied any wrongdoing.

“Today’s filing is not focused on information and law – rather, it is focused solely on advancing the Attorney General’s political agenda,” Haba said in a statement. We look forward to protecting our attorneys and clients from any and all unwarranted claims by the Attorney General.

Instead of focusing on a few misconducts, James’ office showed Trump, his family and executives using multiple fraudulent methods in their dealings with lenders and regulators, knowing they were illegal. The lawsuit highlights Trump’s practice of making financial statements that inflate the value of his properties and sometimes exaggerate how many acres those properties cover or how many homes can be built.

Defense attorneys said in court that commercial real estate firms routinely contest tax assessments and the company’s behavior was no exception, but James said Wednesday that incorrect assessments cannot be corrected as a “good faith mistake.”

The former president and his family should live up to the standards of everyday Americans, James said at a news conference in Manhattan, pointing out that it is illegal for people to lie to banks to get loans or send their children to college. Home loan.

“Having money you don’t have is not the art of the deal. It’s the art of stealing,” James quipped in the title of Donald Trump’s 1987 book. “There can’t be different laws for different people in this country or in this state.”

This is a growing story. It will be updated.

O’Connell reports from Washington.

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