On Wednesday, the attorney general of New York filed a lawsuit against former president Donald Trump and his corporation, alleging that some of their most valuable assets, including real estate in Manhattan, Chicago, and Washington, D.C., had been the subject of financial fraud.
The three-year civil investigation by Democrats into Trump and the Trump Organization has culminated in Attorney General Letitia James’ complaint, which was filed in state court in New York. Donald Jr., Ivanka, Eric Trump, three of Trump’s eldest children, and Allen Weisselberg and Jeffrey McConney, two longstanding company executives, were also named defendants.
Aiming for the image of riches and extravagance that Trump has cherished throughout his career — first as a real estate developer, then as a reality TV star on “The Apprentice” and “Celebrity Apprentice,” and eventually as president — the lawsuit aims to undermine what made Trump famous.
Democratic James revealed the lawsuit’s specifics at a news conference on Wednesday. On a court docket Wednesday morning, the case was listed.
At the media briefing, James stated, “Donald Trump falsely exaggerated his net worth by billions of dollars to unjustly enrich himself, corrupt the system, and ultimately cheat us all.”
According to the attorney general’s office, the objective was to enhance Trump’s reputation as a billionaire and the value of his properties. Doing so afforded him a benefit while downplaying the worth of assets when doing so was necessary for tax purposes.
James wants an impartial monitor appointed for at least five years to oversee the Trump Organization’s compliance, financial reporting, appraisals, and disclosures to lenders, insurers, and tax authorities. James is attempting to have Trump removed from the allegedly fraudulent firms.
She wants to appoint an independent trustee to take over the duties of the current trustees of Donald Trump’s revocable trust, which manages his business interests.
She also wants to permanently bar Trump and his three eldest children from holding officer or director positions in any New York corporation or other similar business entity registered and incorporated in the state.
She also wants to permanently prevent Weisselberg and McConney from working in any New York corporation or other comparable business entity registered and licensed in New York State in any capacity related to financial control.