New York Attorney General Letitia James Sues Donald Trump and His Family For Allegedly Over 200 Lies and Fraud
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.
It also 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 said she has asked federal prosecutors in Manhattan and the IRS to investigate Trump for possible federal crimes. She said that evidence obtained during her three-year civil probe of Trump indicated possible crimes of bank fraud and making false statements to financial institutions.
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 news conference, where she announced she will seek to bar Trump and his company from acquiring any New York real estate for five years, and bar them from applying for loans from banks charted in the state for the same period of time.
“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.”