New York AG Sues Trump For Allegedly Fudging Asset Values

New York Attorney General Letitia James announced a lawsuit Wednesday against former President Donald Trump, his three oldest children, the Trump Organization and two associates after investigating for three years.

James charged Donald Trump with falsely inflating his net worth by billions of dollars “to unjustly enrich himself and to cheat the system,” assisted by his children Donald Jr., Ivanka and Eric, former Trump Organization CFO Allen Weisselberg and its controller Jeffrey McConney. She said Trump and the organization often manipulated asset values to convince banks into granting more favorable loans, pay lower taxes, satisfy loan agreements and secure better insurance deals.

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James expressed belief that the alleged conduct violates federal and state criminal law. She called for the court to forever ban Trump, Don Jr., Eric and Ivanka from being an officer or director of any New York-registered or licensed corporation and prohibit the former president and the Trump Organization from entering into any acquisition or applying for loans from any financial institution statewide for five years.

“Today’s filing is neither focused on the facts nor the law – rather, it is solely focused on advancing the Attorney General’s political agenda,” Trump’s lawyer Alina Habba said. “It is abundantly clear that the Attorney General’s Office has exceeded its statutory authority by prying into transactions where absolutely no wrongdoing has taken place. We are confident that our judicial system will not stand for this unchecked abuse of authority, and we look forward to defending our client against each and every one of the Attorney General’s meritless claims.”

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