New York Attorney General, Letitia James, has announced a shocking $250 M civil fraud case against Donald Trump, his grown up children and the Trump organization.
The Attorney General’s case was filed in New York State Supreme Court in Manhattan on September 21. The case accuses the Trump Organization and top management of intentionally misrepresenting the value of assets belonging to Donald Trump’s name including golf courses, mansions and skyscrapers by hundreds of dollars over decades to benefit financially as a company.
The court case aims at removing Donald Trump as well as his children from their roles within the organization after he “falsely inflated his net worth in order enrich themselves through numerous cases of fraud and misrepresentations.”
Trump and his organization used “repeatedly and persistently” misleading statements to encourage banks to lend them money on favorable terms according to the court case.
“Donald Trump falsely inflated his net worth by billions of dollars to unjustly enrich himself, and cheat the system, thereby cheating all of us,” James said at a media conference on Wednesday.
The court case aims to prevent Donald Trump and his children from taking active roles in any commercial real estate transactions in New York and would also prevent Trump and his business from receiving loans from banks registered in New York for the next five years.
The attorney General said that she was “only scratching the surface” as she provided details of scheme which inflated the value of Trump-owned properties across the United States of America.
According to the AG, Trump valued his Florida resort Mar-a-Lago at approximately 10-times its true value.
“The club generated annual revenues of less than $25 million and should have been valued at about $75 million,” the Attorney General said. “However, Mar a Lago was valued as high as $739 million.”
Further, the Attorney General reveals that Donald Trump and his company exaggerated the size of his penthouse apartment atop the Trump Tower reporting it to be approximately 30,000-square-feet when in is 11,000-square-feet in actual terms.
The AG’s Office has been investigating allegations of widespread fraud against Donald Trump for the last three years. The office has also been investigating Don. Jr, Erick adn Ivanka.
Donald Trump and his son Erick invoked their right to testify hundreds of times. During the investigation Trump was fined $110,000 for failure to meet evidence deadlines.
If the case succeeds. it will be the end of Donald Trump and his company – Trump Organization in New York State. This is a business founded by his father and grandmother 100 years ago.
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