New York Attorney General Letitia James has filed a lawsuit against Donald Trump, his three adult children, and the Trump Organization alleging fraud including fabricated financial statements relating to the company. In a 220-page civil case, she also claimed that Trump lied about his personal net worth to get better loans and insurance for his company, as well as reduce tax. Letitia James is currently seeking approximately $250 million in damages and is seeking to bar Trump and his three children from serving as CEOs of any New York company for the rest of their lives. their.
She has also asked that all Trump companies included in the lawsuit be barred from doing business in New York indefinitely. James even said that she asked the IRS and federal prosecutors in Manhattan to conduct further investigations into Trump on suspicion of criminal offenses.
Today, I filed a lawsuit against Donald Trump for years of financial fraud to enrich myself, his family, and the Trump Organization.
There are no two sets of laws for people in this country: former presidents are subject to the same standards as ordinary Americans.
– NY AG James (@NewYorkStateAG) September 21, 2022
Everything you need to know about Letitia James.
Letitia James is an American lawyer, politician, and activist, currently the 67th Attorney General of New York. She made history by becoming the first African-American woman to hold the position. She was born on October 18, 1958 in New York to parents Nellie and Robert James, she grew up with her seven siblings. James graduated from Fort Hamilton High School in 1981 with a bachelor’s degree in liberal arts, with a concentration in social work from the City University of New York’s Lehman College.
The lawyer graduated from Howard University Law School in Washington, DC and began practicing law in New York State in 1989. In 2013, she also graduated with honors from Columbia University’s School of Public and International Relations with honors. with a master’s degree in public administration. Letitia James previously served as public attorney for the Legal Aid Association and founded the Urban Network, a group of African-American professional organizations dedicated to providing scholarships to young people.
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In 1999, the Brooklyn native was appointed the city’s first Assistant Attorney General in charge of the regional office. She also joined the Labor Family Party after winning a city council election against Geoffrey A. Davis in 2003. Letitia James was elected as a Public Advocate for New York City in 2013 and became the state’s first black woman. According to reports, her agency has handled more than 32,000 complaints and enacted more laws than all previous Public Advocacy Agencies combined.
Letitia James’ lawsuit against Donald Trump.
Letitia James announced Wednesday that she has filed a civil complaint against the Trump Organization, Donald Trump, and his three children, Donald Trump Jr., Eric and Ivanka, all of whom are business officials. The complaint also names former Trump Organization CFO Allen Weisselberg and chief operating officer Jeff McConney as defendants. The lawsuit alleges Trump overstated his fortune by billions of dollars to obtain favorable loans and secure himself:
“The case shows that Donald Trump has fraudulently inflated his net worth by billions of dollars to enrich himself unfairly and defraud the system, which hurts us all. .” He accomplished this with the support of the other defendants.”
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Between 2011 and 2021, Trump and his organization allegedly inflated the value of other properties, including a skyscraper in Lower Manhattan, a penthouse on Fifth Avenue and Mar-a. -Lago, in exchange for “incredible financial benefits” such as lower tax bills, favorable loans and lower insurance:
Collectively, Mr. Trump, the Trump Organization, and other Defendants identified more than 200 inaccurate and misleading property assessments contained in 11 Statements spanning 2011 to 2021 as part of a model repetition and general planning.”
According to the civil suit, Trump’s personal financial statements for the decade were also “fraudulent and deceptive in both content and presentation.” It further claims that the amount of property price inflation is “astonishing” and that they affect “most, if not all, of real estate holdings in any given year.”
While explaining the alleged fraud cases, James went on to say that Trump’s Mar-a-Lago “makes less than $25 million in annual revenue”:
“It was supposed to be worth about $75 million, but it’s worth $739 million.”
Trump allegedly “received a series of required bank reviews” of his 40 Wall Street commercial property in New York City, valued at $200 million in August 2010 and $220 million dollars in November 2012. She then stated:
“However, in his 2011 statement, Mr. Trump listed 40 Wall Street for $524 million, which grew to $530 million two years later, more than double the value claimed. determined by experts.”
The lawyer continued:
“Even more aggravating, the appraisal of more than $500 million was based on information from an appraiser who assessed the building at a little over $200 million.”
Letitia James also spoke in front of Trump Tower on Fifth Avenue in Manhattan, saying:
“Mr Trump indicated that his residence is more than 30,000 square feet, which is used to value apartments.” In fact, the apartment is less than 11,000 square feet that Mr. Trump is fully aware of.”
The complaint also says that the unit’s valuation rose to $327 million in 2015 and 2016, making it the only New York City apartment to be sold for that amount. James said that “tripling the area of the apartment for appraisal reasons is a planned and purposeful scam” and “not an honest mistake.”
The lawsuit also claims that the Trump Organization never hired outside experts to manage Donald Trump’s finances. These claims allegedly include the valuation of real estate assets used for loans and insurance:
“To the extent that Mr. Trump and the Trump Organization receive any guidance from an outside expert on how to approach property valuation, they often reject or contradict that advice.”
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According to CNBC, Trump was charged with “repeated and repeated fraud; conspiracy to falsify business records; fabricating company profiles; conspiracy to prepare false financial statements; issue misleading financial statements; conspiracy to commit insurance fraud and insurance fraud.” In response to Letitia James’ allegations, Trump’s attorney, Alina Habba, said the filing was “focused on advancing the Attorney General’s political agenda” rather than “based on facts or the law.” :
“It is clear that the Attorney General’s Office exceeded its statutory powers by investigating transactions in which there was no illegality.”
Action has consequences. We are looking to:
Ask Trump to pay $250 million.
➡️ Ban the Trumps from running businesses in NY forever.
➡️ Ban Trump and Trump Org from buying commercial real estate in NY for 5 years.
➡️We are forwarding the criminal case to the US Department of Justice.
– NY AG James (@NewYorkStateAG) September 21, 2022
The lawyer continued:
“We believe that our court system will not tolerate this gratuitous abuse of power and we look forward to defending our clients against all of the Attorney General’s charges of innocence. .”
Meanwhile, Donald Trump hastily took to Twitter to call the investigation a “witch hunt”. As part of the investigation, Letitia James allegedly researched millions of documents and interviewed more than 65 witnesses. According to reports, the Manhattan district attorney’s office has also begun a criminal investigation into the matter.
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Let the article source Letitia James Sued Donald Trump For Involvement In Fake Financial Statements of website nyse.edu.vn
Categories: Biography