On Wednesday, New York sued former President Donald Trump, company and family members for allegedly widespread fraud involving false financial statements related to the company.
"Mr. Trump's Statements of Financial Condition for the period 2011 through 2021 were fraudulent and misleading in both their composition and presentation."
- Civil Lawsuit
New York Attorney General Letitia James has filed a 220-page civil lawsuit in Manhattan Supreme Court seeking at least $250 million in damages.
James claim that Trump greatly exaggerated the values of his assets in statements to banks, insurance companies and the IRS to obtain more favorable loan for his company.
"Mar-a-Lago generated less than $25 million in annual revenue, it should have been valued at about $75 million, but it was valued at $739 million."
- Letitia James, New York Attorney General
James points to a Manhattan property owned by Trump that a bank had valued at $200 million on August 1 and $220 million on November 1 of each year.
However, Trump's 2011 Statement of Financial Condition, claim its value at $524 million, which increased to $527 million in Trump's 2012 statement and to $530 million in the 2013 statement.
"It is abundantly clear that the Attorney General’s Office has exceeded its statutory authority by prying into transactions where absolutely no wrongdoing has taken place."
- Alina Habba, Trump's Lawyer
