Mar-a- Largo overvalued by $664 million. New York Attorney General Latitia Jams is suing ex-president Trump for years of financial fraud. It has been stated publicly that Trump inflated his net worth by billions of dollars which allowed him to cheat the system. The lawsuit names Trump and his children; Donald Trump Jr., Ivanka Trump, and Eric Trump.
The lawsuit seeks to remove ex-president Trump and his children from their roles at the Trump Organization. The lawsuit also includes banning the Trump family from leadership roles in business in the state of New York and for Trump to repay $250 Million the family illegally obtained. The lawsuit alleges that Donald Trump, with the help of his children Donald Trump, Jr., Ivanka Trump, and Eric Trump, and senior executives at the Trump Organization, falsely inflated his net worth by billions of dollars to induce banks to lend money to the Trump Organization on more favorable terms than would otherwise have been available to the company, to satisfy continuing loan covenants, to induce insurers to provide insurance coverage for higher limits and at lower premiums, and to gain tax benefits, among other things. From 2011-2021, Mr. Trump and the Trump Organization knowingly and intentionally created more than 200 false and misleading valuations of assets on his annual Statements of Financial Condition to defraud financial institutions.
“For too long, powerful, wealthy people in this country have operated as if the rules do not apply to them. Donald Trump stands out as among the most egregious examples of this misconduct,” said A.G. James. “With the help of his children and senior executives at the Trump Organization, Donald Trump falsely inflated his net worth by billions of dollars to unjustly enrich himself and cheat the system. In fact, the very foundation of his purported net worth is rooted in incredible fraud and illegality. Mr. Trump thought he could get away with the art of the steal, but today, that conduct ends. There are not two sets of laws for people in this country; we must hold former presidents to the same standards as everyday Americans. I will continue to ensure that no one is able to evade the law, because no one is above it.” As reported by the office of NY AG Latitia James.
Some of the properties mention in the financial fraud scheme are located in south Florida. Mar-a- Largo overvalued by $664 million. Which provided the financial backing for Trump to buy up Doral, FL. Palm Beach County named in the hefty lawsuit documents. Trump National Golf Club in Jupiter also listed among the properties.
Trump has responded to lawsuit by stating on social media Attorney General Latitia James needs to fight real crime in New York instead of coming after him.
More details will be provided as New York seeks clarity in this financial fraud lawsuit against the Trump family.
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