NY attorney-general files fraud suit against Trump and family

NY attorney-general files fraud suit against Trump and family #attorneygeneral #files #fraud #suit #Trump #family Welcome to Americanah Blog, here is the new story we have for you today:

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Letitia James, New York attorney-general, said on Wednesday she had filed a lawsuit against Donald Trump for “engaging in years of financial fraud to enrich himself, his family and the Trump Organization”.

The suit is the culmination of a three-year investigation led by James, a Democrat, that featured repeated clashes with Trump and his lawyers.

In it, James accused the former president of falsely inflating his net worth by billions of dollars — including with the help of his adult children, Donald, Jr, Ivanka and Eric. He did so, she argued, to secure financial benefits, including access to loans on more favourable terms.

“With the help of Donald Jr, Eric, Ivanka, and other defendants, Trump variously unlawfully inflated and deflated his net worth by billions to obtain and satisfy loans, get insurance benefits, and pay lower taxes,” James wrote on Twitter.

“There aren’t two sets of laws for people in this nation: former presidents must be held to the same standards as everyday Americans,” she added.

The lawsuit represents an extraordinary legal action against a former US president who remains the most powerful figure in the Republican party and is contemplating another run for the White House.

James is seeking a $250mn fine against the former president and requesting that the court ban the Trumps from serving as officers of New York-registered companies for good.

She said her office would also make a criminal referral to the US Department of Justice.

Trump was born and raised in New York City, eventually taking over the property business his father started in Queens in the 1920s.

In a press conference, James said she would also refer evidence of bank fraud and other potential crimes to federal prosecutors in the US attorney’s office for the southern district of New York and the Internal Revenue Service.

James called the pattern of fraud at the Trump Organization “astounding”.

In a jibe at Trump and his famed memoir, James concluded: “Claiming you have money you do not have does not amount to The Art of the Deal. It’s the art of the steal.”

More to come on this developing story.

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