Former U.S. president Donald Trump speaks in support of candidates Doug Mastriano and Mehmet Oz during a rally in Wilkes-Barre, Pennsylvania, September 3, 2022.
Andrew Kelly | Reuters
New York Attorney General Letitia James on Wednesday sued former President Donald Trump, the Trump Organization, three of his adult children, and others for allegedly widespread fraud involving false financial statements related to the company.
The civil lawsuit filed in Manhattan Supreme Court seeks at least $250 million in damages, and seeks to bar Trump, Donald Trump Jr., Eric Trump, and Ivanka Trump from serving as an officer of a company in New York.
James also said that she was referring evidence obtained in the course of a three-year investigation to federal prosecutors in Manhattan, as well as to the Internal Revenue Service, saying she believed it showed violations of federal criminal laws.
“Trump falsely inflated his net worth by billions of dollars,” James said at a press conference.
James said Trump massively overstated the values of his assets to obtain more favorable loan and insurance terms for his company, as well as to lower its tax obligations.
“The number of grossly inflated asset values is staggering, affecting most if not all of the real estate holdings in any given year,” the suit alleges.
“All told, Mr. Trump, the Trump Organization, and the other Defendants, as part of a repeated pattern and common scheme, derived more than 200 false and misleading valuations of...
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