New York sues Donald Trump, company and family members over widespread fraud claims, seeks at least $250 million in penalties

New York Attorney General Letitia James on Wednesday sued former President Donald Trump, the Trump Organization, three of his adult children, and others for allegedly widespread fraud involving years’ worth of false financial statements related to the company’s business.

The 220-page civil lawsuit filed in Manhattan Supreme Court seeks at least $250 million in damages. And it seeks to permanently bar Trump, Donald Trump Jr., Eric Trump, and Ivanka Trump from serving as an officer of a company in New York, and permanently prohibit the Trump companies named in the suit from doing business in New York state.

James also said that she was referring evidence obtained in the course of a three-year investigation to federal prosecutors in Manhattan, as well as to the Internal Revenue Service, saying she believed her civil investigation had found violations of federal criminal laws.

James said Trump massively overstated the values of his assets in statements to banks, insurance companies and the IRS to obtain more favorable loan and insurance terms for his company, as well as to lower its tax obligations.

“Trump falsely inflated his net worth by billions of dollars,” James said at a press conference.

“For too long, powerful, wealthy people in this country have operated as if the rules do not apply to them,” she said in a statement.

“Donald Trump stands out as among the most egregious examples of this misconduct. 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.”

READ MORE

Join now!