New York Attorney General Letitia James (D) announced Wednesday a new lawsuit against 45th President Trump, is company, and some of his children, claiming fraud.
The Daily Wire reports:
James has led an investigation into Trump and his business for more than three years, a probe the former president has dismissed as a political witch hunt. When James deposed Trump last month as part of the investigation, the former president pleaded his Fifth Amendment rights hundreds of times.
The lawsuit targets the president, his business, and many associates. In addition to the former president, the lawsuit targets Donald Trump Jr., Eric Trump, Ivanka Trump, Allen Weisselberg, Jeffrey McConney, The Donald J. Trump Revocable Trust, The Trump Organization, Inc., and others, according to CNN.
According to CNBC:
“Trump falsely inflated his net worth by billions of dollars,” James said at a press conference.
James said Trump massively overstated the values of his assets to obtain more favorable loan and insurance terms for his company, as well as to lower its tax obligations.
“The number of grossly inflated asset values is staggering, affecting most if not all of the real estate holdings in any given year,” the suit alleges.
“All told, Mr. Trump, the Trump Organization, and the other Defendants, as part of a repeated pattern and common scheme, derived more than 200 false and misleading valuations of assets included in the 11 Statements covering 2011 through 2021.”
The civil suit seeks damages of at least $250 million while demanding Trump, Donald Trump Jr., Eric Trump, and Ivanka Trump be permanently barred from serving as officers of the company in the state.
If you can make it there, you can make it anywhere so the song goes. I imagine it is very difficult to really make it in NY these days with democrats running everything. I remember when NY was A great State and there were so many things to see and do there.
When you are up against Goliath, you gotta think like David!
“James said Trump massively overstated the values of his assets to obtain more favorable loan and insurance terms for his company, as well as to lower its tax obligations.”
To show what a witch-hunt this actually is, assume for a minute Trump did overstate the value of his assets. There is no crime here. No lender relies on a customer’s valuation of assets. They get an appraisal. And overstating the value of an asset can only result in paying MORE taxes than the taxpayer owes, not less.