March 29, 2022
THE TIGHTENING NOOSE:
'Significant' evidence suggests Trump Organization misstated asset values for more than a decade, NY AG says (Dan Mangan, 3/29/22, CNBC)
The New York attorney general's office has "uncovered significant evidence" suggesting that financial statements by the Trump Organization relied on misleading valuations of its real estate assets for more than a decade, the office said in a court filing Tuesday.Those potentially misleading valuations "and other misrepresentations" were used by the company owned by ex-President Donald Trump "to secure economic benefits -- including loans, insurance coverage, and tax deductions -- on terms more favorable than the true facts warranted," the filing alleged.The claims by Attorney General Letitia James were made in response to an appeal by the Trump Organization and Donald Trump of last month's order by a Manhattan state court judge directing Trump and two of his adult children, Donald Trump Jr. and Ivanka Trump, to submit to interviews by James' investigators.James issued subpoenas to those three people "to help reach a final determination about whether there has been civil fraud" committed in connection with the asset valuations "and who may be responsible for such fraud," the filing said.In one glaring example, the financial statements for the Trump Organization from 2010 to 2012 "collectively valued" rent-stabilized apartment units it owned at $49.59 million, which was "over sixty-six times the $750,000 total value...
Is he even a millionaire?
Posted by Orrin Judd at March 29, 2022 5:37 PM