New York Attorney General Letitia James on Wednesday announced that following a three-year investigation into former President Donald Trump and his real estate empire, the state is filing a civil lawsuit against the former Republican leader, accusing him and his family members of “staggering” fraud.
James said the probe that culminated in her 220-page legal filing in the New York State Supreme Court showed that Trump systematically overvalued his assets with the help of his children, Donald Jr., Ivanka, and Eric Trump.
“We found that Trump, his family, and the Trump Organization used fraudulent and misleading asset valuations over 200 times in 10 years on his annual financial statements,” the attorney general said on social media. “These statements were then used to obtain hundreds of millions of dollars in loans and insurance coverage.”
James called on the court to permanently prohibit Trump and his three eldest children from ever serving as officers or directors at any company in New York and from acquiring real estate in the state for five years.
Trump’s overvaluing of his assets violated both state and federal law, she said, adding that the case is being referred to the Internal Revenue Service (IRS) and the U.S. Attorney for the Southern District of New York.
“There aren’t two sets of laws for people in this nation: Former presidents must be held to the same standards as everyday Americans,” said James.
Originally published at Commondreams.org.