Business

NY AG research suggests the poor value of Trump’s business assets for years

Former U.S. President Donald Trump speaks at a rally on October 9, 2021, in Des Moines, Iowa State Fairgrounds, Iowa.

Rachel Mummey | Reuters

The New York Attorney General’s Office’s investigation into Trump has “found significant evidence” that the company’s financial situation has been based on misleading valuations of its real estate for more than a decade, the office said in a lawsuit on Tuesday.

Misleading valuations “and other misrepresentations” “to ensure economic benefits – including loans, insurance coverage and tax deductions – are guaranteed to be on more favorable terms than were guaranteed by actual events,” the office said.

Allen Weisselberg, Trump’s chief financial officer and supervisor Jeffrey McConney, “played a role in working out the financial situation at the heart of this investigation,” according to AG Letitia James.

The attorney general said Weisselberg and McConney were among the more than 40 witnesses interviewed in the investigation.

The Trump organization and former President Donald Trump last month told Trump and two of his adult children, Donald Trump Jr. and Ivanka Trump was made in response to a judge’s appeal that James’s investigators had to submit to sworn interviews. ‘office.

James has spent several years researching the business of former President Donald Trump.

The investigation was sparked by an affidavit from former Trump personal attorney Michael Cohen.

Cohen told Congress that the Trump Administration has given different valuations to the same properties in order to get more favorable terms on loans and insurance and lower taxes.

James’s office revealed in February that Trump’s longtime Mazars accounting firm had fired the company as a client after saying that a decade-long financial statements about Donald Trump’s financial situation were “no longer to be trusted.”

Presented Tuesday, James said he is examining “possible misstatements or gaps in the financial statements that describe Trump’s assets.”

“To date, research has found significant evidence, for more than a decade, that these financial statements were based on misleading asset valuations and other false statements,” the file said.

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NY AG research suggests the poor value of Trump’s business assets for years

Source link NY AG research suggests the poor value of Trump’s business assets for years

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