Our suit against Donald Trump and the Trump Org alleges a years-long financial fraud scheme.
Here’s how Trump generated false and misleading values on his annual financial statements, which were then used to pay lower taxes, guarantee loans, and get better insurance rates:
Here’s how Trump generated false and misleading values on his annual financial statements, which were then used to pay lower taxes, guarantee loans, and get better insurance rates:
➡️Using objectively false numbers to calculate property values.
For example, Trump's apartment in Trump Tower is 10,996 square feet.
Yet, he said it was 30,000 square feet to value it at $327 million. A New York City apartment had never sold for that much.
For example, Trump's apartment in Trump Tower is 10,996 square feet.
Yet, he said it was 30,000 square feet to value it at $327 million. A New York City apartment had never sold for that much.
➡️Ignoring legal restrictions on properties.
At Trump Park Ave, he valued 12 rent-stabilized units at market rate, inflating the value by 65 times.
At Mar-a-Lago, he ignored development restrictions to claim the property was worth $739 million.
Its value is about $75 million.
At Trump Park Ave, he valued 12 rent-stabilized units at market rate, inflating the value by 65 times.
At Mar-a-Lago, he ignored development restrictions to claim the property was worth $739 million.
Its value is about $75 million.
➡️Using schemes to increase the values of his golf clubs.
One such scheme was to add an inflated 15-30% Trump “brand premium,” but then claim that a brand premium was not included on his financial statements.
One such scheme was to add an inflated 15-30% Trump “brand premium,” but then claim that a brand premium was not included on his financial statements.
➡️Claiming he had cash available to him that he did not.
For several years, Trump reported money in a partnership as liquid cash. In truth, he was a minority owner with no control of the money.
For several years, Trump reported money in a partnership as liquid cash. In truth, he was a minority owner with no control of the money.
➡️Using fraudulent values to inflate net worth and gain benefits.
Trump’s annual financial statements included fraudulent values and were used for his own financial gain.
For example, he saved about $150 million by receiving favorable interest rates based on the statements.
Trump’s annual financial statements included fraudulent values and were used for his own financial gain.
For example, he saved about $150 million by receiving favorable interest rates based on the statements.
Actions have consequences. Along with referring the criminal violations we uncovered to the U.S. Department of Justice, my office is seeking to:
- Ban Donald Trump, Donald Jr., Ivanka, and Eric from serving as an officer or director in any New York business.
- Ban Trump and the Trump Org from acquiring real estate in NY for at least 5 years.
- Ban Trump and the Trump Org from acquiring real estate in NY for at least 5 years.
- Force Trump to pay $250 million in profits made from this fraud.
- Install a monitor to oversee the Trump Org's financial dealings for at least 10 years.
- Bar Trump and the Trump Org from applying for loans from any financial institution chartered in NY for at least 5 years.
- Install a monitor to oversee the Trump Org's financial dealings for at least 10 years.
- Bar Trump and the Trump Org from applying for loans from any financial institution chartered in NY for at least 5 years.
As Attorney General of New York, I made a promise to ensure the rule of law applies equally to everyone, even a former President of the United States.
No one is above the law.
No one is above the law.
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