The Democratic Attorney General of New York Letitia James , sued former President Donald Trump on Wednesday as a result of a three-year probe. At a press conference Letitia James stated that the case “demonstrates that Donald Trump falsely exaggerated his net worth by billions of dollars to unjustly benefit himself and to scam the system.”
Donald Trump denounced the lawsuit as “another witch hunt” and claimed that Letitia James reelection campaign was the driving force behind it in a statement that was published on the Truth Social website. Trump wrote on Twitter, “She is a phoney who ran on a ‘get Trump’ platform.
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Understand New York State’s Civil Case Against Trump
The lawsuit also names Donald Trump Jr., Ivanka Trump, and Eric Trump as defendants, as well as other longtime members of Trump’s executive staff. In response to the lawsuit, Donald Trump Jr. posted a video of James along with the profanity “The bullshit Dem witch-hunt continues!“
“James is the most crooked Attorney General in United States History – she campaigned on the promises to sue my father,” wrote Eric Trump in a post on the Truth Social media platform.
She stated that the beginning of her three-year investigation into Trump “only began after Michael Cohen, his former attorney, testified before Congress about this activity.”
James admitted during her press conference that she will be criticised for being partisan in her case. In order to obtain advantageous loan conditions from banks and to lower tax obligations, James claims that Trump’s business “repeatedly and systematically misrepresented the value of assets.”
According to James, “this action was all in violation” of New York state law.
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Suit by Letitia James would ban Trumps from doing business in New York
James is requesting around $250 million in fines as well as a permanent ban on Trump, his children, and members of their executive staff from running enterprises in the state of New York.
The lawsuit also seeks a five-year ban on the former president and his group from purchasing commercial property in New York. James further claimed that Trump’s operation broke both state and federal criminal statutes, even though this action was filed in civil court.
A criminal referral, according to her, has been forwarded to the US Justice Department.
Letitia James Confession
James mentioned during the press conference that Trump frequently cited his Fifth Amendment privileges to avoid testifying while testifying under oath during the probe. She added that before Wednesday’s declaration, Trump and his group had made a settlement offer, which her office had turned down.
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How Trump’s alleged scheme worked
Trump’s business practices were described in detail by James. According to her, they included “representing that Mr. Trump had cash on hand that he did not have” and “egregiously” inflating the market value of his real estate holdings in Florida and New York state.
One instance from the complaint involves the real estate owned by Donald Trump at 40 Wall Street in Manhattan.
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Trump’s Estimated Value
According to reports, expert appraisers provided Trump’s team with multiple estimations of the property’s valuation that ranged from $200 million to $220 million.
The Trump Organization then allegedly exaggerated the property’s value to over $500 million in statements in order to get unfair advantages with lenders and insurers doing business with Trump’s company.
James claimed that the actions did not constitute an error and definitely represented fraud.
The complaint claims that “the inflated asset valuations in the statements cannot be dismissed or justified as just the result of hyperbole.”
Instead, they are the outcome of the defendants’ use of clearly incorrect methodology and objectively wrong assumptions.
Truth Social to post, “Fighting for very powerful and well represented banks and insurance firms, who were completely paid, made a lot of money, and never had a complaint about me,” Trump claimed of James.
James, who is Black, was also called “racist” by Trump, who also called her “Peekaboo” James.
Lawsuit Statement
The lawsuit also names Allen Weisselberg, the former chief financial officer of the Trump Organization. Mary Mulligan, Weisselberg’s lawyer, refused NPR’s request for a statement.
The lawsuit that was launched on Wednesday is just the most recent in a long line of financial issues that Trump and his family have had to deal with.
Next month will see the start of a second criminal trial brought by the district attorney of Manhattan against Trump’s company and Weisselberg.
Weisselberg has admitted to multiple charges as part of that case, and he will likely provide testimony.
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