Top Line

New York Attorney General Letitia James (D) sued After a year-long civil investigation into the Trump Organization’s financial dealings in state court on Wednesday, former President Donald Trump, the Trump Organization and his children accused Trump and his allies of committing “repeated and persistent” acts of fraud. and he should be stopped from leading. Any company in New York in the future.

Key Facts

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Trump, The Trump Organization, Eric Trump, Donald Trump, Jr., Ivanka Trump, Donald J. A lawsuit was filed in the New York State Supreme Court against the Trump Revocable Trust and other Trump businesses and affiliates.

James accused Trump and his aides of “engaging in multiple acts of fraud and misrepresentation” when he prepared Trump’s financial statements between 2011 and 2021 in order to “unjustly enrich himself,” fraudsters The logic of the documents was “approved at the highest levels of the Trump organization”. -Including Mr. Trump himself.”

Trump and his allies allegedly repeatedly amplified the assets in order to obtain more favorable business deals and to increase their own net worth, with the lawsuit alleging that over the course of 10 years there were “over 200 liars of assets.” and misleading evaluations”, including for them. Apartments at Trump Tower and his Mar-a-Lago estate in Florida.

James alleged that the conduct of Trump and his aides violated civil and “many” criminal state laws relating to fraud and the release of false financial statements and business records.

The lawsuit asks the court to revoke certificates for Trump’s businesses, oversee the Trump Organization, prevent Trump from engaging in any commercial real estate acquisitions for five years, and allow him and his children to be executives in any New York business. or asks to cease to serve as directors. and force the defendants to pay a fine of approximately $250 million, along with other fines.

The Trump Organization has not yet responded to a request for comment.

important quotes

"This investigation has revealed that Trump committed many years of illegal conduct to increase his net worth, defraud the banks and the people of New York City," James said on Wednesday. "Claiming that you have money that you do not have does not equal the art of bargaining. It is the art of stealing."

what to see

In addition to the state laws the AG accuses Trump and his allies of infringement, the lawsuit also states that the alleged misconduct may have violated federal laws regarding fraud. James said his office has therefore referred its findings to federal prosecutors and the Internal Revenue Service, suggesting that Trump could be criminally prosecuted in federal court, as well if they take up the case.

chief critic

Trump has strongly opposed the James investigation and called it politically motivated. He sued The AG attempted to block its investigation in federal court last year, in which it argued was "directed only by political enmity and a desire to harass, intimidate and retaliate to a private citizen whom it believed to be a political opponent." sees as," but was the case dismiss in May.

main background

James's Office First Revealed In March 2019 its civil investigation into the Trump Organization, Trump's former attorney Michael Cohen testified to Congress that Trump fraudulently inflated or decreased the value of his assets on financial statements for personal gain, and the office renewed its efforts in May 2021. expanded. A separate criminal investigation is involved. James previously alleged in court filings that his office had found "significant" evidence of alleged fraud. The investigation is full of conflict as Trump and his children contest subpoenas to testify in court, and Trump was held in contempt of court and paid $100,000 in fines before eventually complying with the subpoena. was forced to do. AG deposed Trump in August, during which he refused to answer questions and invoked his Fifth Amendment rights. In addition to Trump's statements, Eric Trump, Donald Trump, Jr., and Ivanka Trump all testified during the investigation, along with Donald Jr. and Ivanka. Allegedly Eric invoked his Fifth Amendment rights by answering questions from investigators. James was widely expected to bring a lawsuit against Trump shortly after his statement, and new York Times It was reported last week that the AG's office had rejected a settlement offer from Trump's lawyers, paving the way for an early lawsuit against him.

tangent line

The Manhattan District Attorney's Office is also investigating the Trump Organization in a criminal investigation that began in July 2019. The Manhattan investigation has so far brought no charges against Trump—and it's unclear what will, though James said his office would refer. Its findings for DA—but the Trump Organization and its former chief financial officer Alan Weiselberg—were indicted for tax fraud in July 2021 in connection with the investigation (Wesselberg was named as a defendant in James' trial on Wednesday ). Weiselberg pleaded guilty to the charges against him and a plea deal that would result in a five-month prison sentence, while the case against the Trump Organization will go to trial in October.

looked forward

NY AG James may soon sue Trump - and his children - after reportedly rejecting settlement offer (Forbes)

Trump refused to answer questions in the statement of the Attorney General of New York (Forbes)

Tracking Trump: A list of all the lawsuits and investigations involving the former president (Forbes)