{"id":50886,"date":"2022-09-21T11:06:28","date_gmt":"2022-09-21T18:06:28","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=50886"},"modified":"2022-09-21T11:21:04","modified_gmt":"2022-09-21T18:21:04","slug":"ag-250-million-lawsuit-alleges-donald-trump-inflated-his-net-worth-by-billions-of-dollars-cheated-the-system-and-others","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=50886","title":{"rendered":"AG&#8217;s $250 Million Lawsuit Alleges Donald Trump Inflated His Net Worth by Billions of Dollars, Cheated the System and Others"},"content":{"rendered":"<div id=\"page-wrapper\" class=\"clearfix\">\n<div id=\"wrap\" class=\"center-on-page clearfix\">\n<div id=\"wrap-inner\" class=\"center-on-page clearfix\">\n<div>\n<div class=\"region region-main-menu-region\">\n<div id=\"block-megamenu-main-menu\" class=\"block block-megamenu\">\n<div class=\"content responsive-menus-mean-menu-processed\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"main-wrapper\" class=\"clearfix\">\n<div id=\"main\" class=\"clearfix\">\n<div id=\"content\" class=\"column\">\n<div class=\"section\">\n<div class=\"region region-content\">\n<div id=\"block-system-main\" class=\"block block-system\">\n<div class=\"content\">\n<div id=\"node-55223\" class=\"node node-press-release node-promoted node--press_release--full\">\n<div class=\"node-inner node-content\">\n<div class=\"content\">\n<div class=\"field field-name-body field-type-text-with-summary field-label-hidden\">\n<div class=\"field-items\">\n<div class=\"field-item even\">\n<div class=\"gd-imported-press-release\">\n<p class=\"text-center\" style=\"text-align: center;\"><span style=\"font-size: 24px;\"><strong><em>\u2014 Donald Trump Falsely Inflated His Net Worth by Billions<br \/>\nof Dollars to Further Enrich Himself and Cheat the System<\/em><\/strong><\/span><\/p>\n<p class=\"text-center\" style=\"text-align: center;\"><span style=\"font-size: 24px;\"><strong><em>\u2014 Trump, Donald Trump Jr., Ivanka Trump, and Eric Trump Used Fraudulent<br \/>\n\u2014 Statements of Financial Condition to Obtain Millions in Economic Benefits<\/em><\/strong><\/span><\/p>\n<p class=\"text-center\" style=\"text-align: center;\"><strong><span style=\"font-size: 24px;\"><em>\u2014 Lawsuit Seeks to Remove Trump and His Children from Their Roles at the Trump Organization;<br \/>\n\u2014Ban Them from Future Leadership Roles in New York; Repay $250 Million They Illegally Obtained<\/em><\/span><\/strong><\/p>\n<p style=\"text-align: center;\"><strong><span style=\"font-size: 24px;\">NEW YORK\u00a0<\/span><\/strong><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-50891 alignleft\" src=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2022\/09\/download-50.jpg\" alt=\"\" width=\"300\" height=\"168\" \/>New York Attorney General Letitia James today filed a\u00a0<a href=\"https:\/\/ag.ny.gov\/sites\/default\/files\/tto_complaint.pdf\" target=\"_blank\" rel=\"noopener\">lawsuit against Donald Trump, the Trump Organization, senior management, and involved entities for engaging in years of financial fraud to obtain a host of economic benefits<\/a>. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">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.<\/span><\/p>\n<\/div>\n<p style=\"text-align: center;\"><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/FOmUQZHYQAU\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<div class=\"gd-imported-press-release\">\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">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.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">This conduct was in violation of New York Executive Law 63(12), which gives the Office of the Attorney General (OAG) special and broad powers to go after persistent and repeated fraud and illegality, which in this case includes violating other state laws prohibiting the submission of false financial statements, the falsification of business records, and the commission of insurance fraud.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">As a consequence of these violations, OAG states it&#8217;s seeking, among other relief, the following: <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">1) permanently bar Mr. Trump, Donald Trump, Jr., Ivanka Trump, and Eric Trump from serving as an officer or director in any New York corporation or similar business entity registered and\/or licensed in New York state<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"> 2) bar Mr. Trump and the Trump Organization from entering into any New York real estate acquisitions for five years<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"> 3) award disgorgement of all financial benefits obtained through the persistent fraudulent practices, estimated to total $250 million.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">In conjunction with the lawsuit, OAG has referred the matter to the U.S. Attorney\u2019s Office for the Southern District of New York and the Internal Revenue Service (IRS) for criminal investigation.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">\u201cFor 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,\u201d said\u00a0<strong>Attorney General James<\/strong>. \u201cWith 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.&#8221;<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Adding, &#8220;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.\u201d<\/span><\/p>\n<\/div>\n<\/div>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/GkxB1Navf6o\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<div class=\"field-item even\">\n<div class=\"gd-imported-press-release\">\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"><strong>Statements of Financial Condition<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">This years-long fraudulent scheme centers on the annual Statements of Financial Condition (statements) for Donald Trump that contain Mr. Trump\u2019s or his trustees\u2019 assertions of his net worth. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">From 2011-2021, these statements were compiled by Trump Organization executives, and were issued as a compilation report by Mr. Trump\u2019s accounting firm. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">The statements are explicit that the preparation was the responsibility of Mr. Trump or, starting in 2016, the trustees of his revocable trust, Donald Trump Jr., and Allen Weisselberg. The statements were personally certified as accurate by Mr. Trump or by one of his trustees when being presented to financial institutions with the purpose and intent that the information contained in the statement would be relied upon by those institutions.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Over the course of OAG\u2019s three-year investigation, OAG found that between 2011-2021, Mr. Trump\u2019s statements were fraudulent and misleading in both their composition and their presentation. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Mr. Trump made known through Mr. Weisselberg that he wanted his net worth on his statements to increase every year, and the statements were the vehicle by which his net worth was fraudulently inflated by billions of dollars year after year. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">All told, Mr. Trump, his children, the Trump Organization, and the other defendants as part of a repeated pattern and common scheme, derived more than 200 false and misleading valuations of assets for the 11 statements covering 2011 through 2021.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Each statement represented that the values were prepared by Mr. Trump and others at the Trump Organization in consultation with \u201cprofessionals,\u201d however, no outside professionals were retained to prepare any of the asset valuations for the statements. To the extent Mr. Trump and the Trump Organization received any advice from outside professionals that had any bearing on how to approach valuing the assets, they routinely ignored or contradicted such advice.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">They also issued statements that were in blatant violation of generally accepted accounting principles (GAAP) in the United States, despite representing that the statements were prepared in accordance with these principles. They ignored the most basic rules and standards for financial reporting, including:<\/span><\/p>\n<ul style=\"text-align: center;\">\n<li><span style=\"font-size: 24px;\">Representing that Mr. Trump had cash on hand that he did not;<\/span><\/li>\n<li><span style=\"font-size: 24px;\">Ignoring critical restrictions that would significantly lower property values when setting valuations;<\/span><\/li>\n<li><span style=\"font-size: 24px;\">Changing the methodology used to value properties from year to year, without reason or notice;<\/span><\/li>\n<li><span style=\"font-size: 24px;\">Using vastly different methods to value different properties even in the same year; and<\/span><\/li>\n<li><span style=\"font-size: 24px;\">Including intangible items, such as brand premiums, when calculating an asset\u2019s value, despite representing in the statements that such items were not included.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"><strong>Values of Properties and Other Assets Presented in the Statements Were Fraudulent, Misleading, and Not Presented in Accordance with GAAP<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">In the 214-page complaint, which is the culmination of our investigation that included more than 65 witness interviews and review of millions of pages of documents, OAG lays out dozens of examples of this fraudulent activity and how Mr. Trump and the Trump Organization routinely and intentionally misvalued assets to further enrich Mr. Trump. The complaint includes fraudulent conduct across more than\u00a0<a href=\"https:\/\/ag.ny.gov\/sites\/default\/files\/tto_release_properties_addendum_-_final.pdf\" target=\"_blank\" rel=\"noopener\">23 different properties and other assets<\/a>\u00a0owned by Mr. Trump and the Trump Organization. Some examples of this misconduct include:<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"><strong>Trump Tower Triplex:<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Valuations of this property relied on objectively false numbers to calculate property values. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">For example, Mr. Trump\u2019s own triplex apartment in Trump Tower was valued as being 30,000 square feet when it was 10,996 square feet. As a result, in 2015 the apartment was valued at $327 million in total, or $29,738 per square foot. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">That price was absurd given the fact that at that point only one apartment in New York City had ever sold for even $100 million, at a price per square foot of less than $10,000, and that sale was in a newly built, ultra-tall tower. In 30 year-old Trump Tower, the record sale at that time was a mere $16.5 million at a price of less than $4,500 per square foot.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"><strong>Trump Park Avenue:<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">This property is included as an asset on Mr. Trump\u2019s Statement of Financial Condition from 2011 to 2021 with values ranging between $90.9 million and $350 million. Unsold residential condominium units owned by Mr. Trump or the Trump Organization represented the lion\u2019s share of reported value for this property (in excess of 95% in some years). <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Reported values of the unsold residential units of the Trump Park Avenue building were significantly higher than the internal valuations used by the Trump Organization for business planning and failed to account for the fact that many units were rent-stabilized. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">For example, an outside, bank-ordered appraisal in 2010 valued the 12 rent-stabilized at $750,000 total. Yet, in the 2011 and 2012 statements, the rent-stabilized apartments at Trump Park Avenue were valued at the market rate for nearly $50 million total. In July 2020, the Trump Organization received an appraisal with a value of $84.5 million, but on the 2020 Statement, the Trump Organization valued Trump Park Avenue at $135.8 million.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"><strong>40 Wall Street:<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">The Trump Organization owns a ground lease at 40 Wall Street, meaning it holds a leasehold interest in the land and buildings on the land but pays rent to the owner. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">The Trump Organization received a bank-ordered appraisal for the commercial property at 40 Wall Street that calculated a value for the property of $220 million as of November 1, 2012. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Yet, in the statement that year and the next year (2013), 40 Wall Street was valued at $527 million and $530 million\u2014more than twice the value calculated by the independent, professional appraisers. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Even more egregiously, those increased valuations were attributed to information from the same professional appraiser who valued the building at just over $200 million.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">In 2015, the Trump Organization replaced the existing loan on the building with a loan from Ladder Capital Finance (working with Mr. Weisselberg\u2019s son, a director there). <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">The Ladder loan was approved based in part on an inflated appraisal prepared by Cushman &amp; Wakefield. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Ultimately, the final appraisal for the loan came to a valuation of $540 million through a number of unreasonable adjustments, including reducing costs and changing the assumptions concerning the ground lease. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Even this increase was not enough for Mr. Trump and the Trump Organization. The 2015 statement, which was compiled in June, valued the building at $735.4 million \u2014 over 35% higher than the already inflated $540 million Cushman appraisal of that same date which the company knew about.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"><strong>Vornado Partnership:<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Mr. Trump\u2019s statements misrepresented his holdings of cash, cash equivalent, and marketable securities. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Most notably, for several years, included in his \u201ccash\u201d were the amounts in the Vornado Partnership Interests which Mr. Trump had a minority stake and did not control. In some years, these restricted funds accounted for almost one-third of all the cash reported by Mr. Trump. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">For example, they accounted for $24 million of the total $76 million in cash reported for 2018. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Mr. Trump was well aware of the restricted and limited nature of his 30% interest because he personally took part in extensive, contentious litigation regarding these partnerships in which control over partnership-held cash and partnership business choices were expressly addressed.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"><strong>Clubs:<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">The statements do not list separate values for each of Mr. Trump\u2019s club facilities. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Instead, the values for those properties are lumped together into a single figure. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">This was done intentionally to conceal significant swings in the value attributed to individual clubs and to conceal the methods used to arrive at those values. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">This lump sum figure was by far the largest asset value on Mr. Trump\u2019s statement of financial condition every year. Mr. Trump and the Trump Organization employed various deceptive schemes in valuing the clubs to inflate their values.<\/span><\/p>\n<ul style=\"text-align: center;\">\n<li><span style=\"font-size: 24px;\"><strong>Mar-a-Lago:<br \/>\n<\/strong>This property was valued as high as $739 million based on the false premise that it was unrestricted property and could be developed and sold for residential use, even though Mr. Trump himself signed deeds donating his residential development rights, sharply restricting changes to the property, and limiting the permissible use of the property to a social club. <\/span><\/li>\n<li><span style=\"font-size: 24px;\">The club generated annual revenues of less than $25 million and should have been valued at closer to $75 million.<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: center;\">\n<li><span style=\"font-size: 24px;\"><strong>Trump Aberdeen:<br \/>\n<\/strong>The valuation of this golf course in Aberdeen, Scotland assumed 2,500 homes could be developed when the Trump Organization had obtained zoning approval to develop less than 1,500 cottages and apartments, many of which were expressly identified as being only for short-term rental. <\/span><\/li>\n<li><span style=\"font-size: 24px;\">The $267 million value attributed to those 2,500 homes accounted for more than 80% of the total $327 million valuation for Aberdeen on the 2014 Statement of Financial Condition.<\/span><span style=\"font-size: 24px;\"><strong>Trump National Golf Club, Jupiter:<br \/>\n<\/strong>Mr. Trump purchased this golf course in Jupiter Florida for $5 million. <\/span><\/li>\n<li><span style=\"font-size: 24px;\">Less than a year later, Mr. Trump valued the same property at $62 million on the 2013 statement, a markup of 1,100%. <\/span><\/li>\n<\/ul>\n<ul style=\"text-align: center;\">\n<li><\/li>\n<li><span style=\"font-size: 24px;\">For every year from 2013 to 2020, virtually all of the value attributed to Jupiter was fraudulently overstated due to several deceptive methods and assumptions. <\/span><\/li>\n<li><span style=\"font-size: 24px;\">The golf course was valued using a fixed-asset approach even though that was not an acceptable method for valuing an operating golf course. <\/span><\/li>\n<li><span style=\"font-size: 24px;\">The bulk of the value in that fixed-asset approach was based on the use of an inflated purchase price from the purported assumption of \u201crefundable\u201d membership liabilities. Mr. Trump claimed to have paid $46 million for the club, consisting of $5 million in cash he actually paid and $41 million in assumed membership liabilities.<\/span><\/li>\n<li><\/li>\n<li><span style=\"font-size: 24px;\"> In the statements, Mr. Trump did not disclose the inclusion of those inflated liabilities in the price of the club and in fact took the opposite position that his potential liability for those membership deposits was zero. <\/span><\/li>\n<li><span style=\"font-size: 24px;\">Additionally, the Trump Organization overstated the value of this golf course by adding an additional 30% for the Trump brand in 2013 and 2014 and 15% from 2015 through 2020 \u2013 even though the statements disclaimed that any of the valuations included a brand premium.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"><strong>False and Misleading Statements of Financial Condition Were Used to Secure and Maintain Financial Benefits on Favorable Terms<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">The statements were used to obtain and maintain favorable loans over at least an 11-year period. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">All told, the financial benefit realized from this scheme was approximately $250 million, including interest savings and transaction profits, because of the favorable loan terms they were able to obtain using his false and misleading statements.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"><strong>Trump National Doral:<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">The Trump Organization executed a $150 million purchase and sale agreement for this property in 2011. Mr. Trump\u2019s statements were used to secure a $125 million loan from Deutsche Bank and were regularly submitted to the bank to fulfill the financial reporting requirements of Mr. Trump as guarantor on the loan. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">In multiple instances, the loan agreement required that Mr. Trump certify the truth and accuracy of his statements as a condition of the guaranty and the continuing loan covenants.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"><strong>Trump International Hotel &amp; Tower, Chicago:<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Since 2009, this property\u2019s value has been excluded from the statements because, according to sworn testimony, Mr. Trump did not want to take a position that would conflict with his contention to tax authorities that the property had become worthless, and thus formed the basis of a substantial loss under the federal tax code. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">However, in 2012, using the building or its components as collateral, Mr. Trump and the Trump Organization obtained a $107 million loan on the building from Deutsche Bank. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">The loan received a $45 million expansion in 2014. Mr. Trump\u2019s supposed net worth of $4 billion, reflected in his statement, was used to personally guarantee the initial loan at an interest rate approximately four percentage points lower than it would have been without his guaranty.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"><strong>Trump Old Post Office, Washington, D.C.:<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">In 2013, the Trump Organization obtained a ground lease from the federal General Services Administration to redevelop this property into a luxury hotel. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">This project was captained by Ivanka Trump, and Mr. Trump\u2019s statements were central to their effort to win the bid to redevelop this site. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">They were able to obtain a $170 million loan for construction from Deutsche Bank on much more favorable terms by personally guaranteeing the loans using Mr. Trump\u2019s statements. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">The loan agreement required that Mr. Trump certify the accuracy of his statements annually and included a provision that made him guarantee that the materials provided to the bank to obtain the loan did not include any misleading information. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Any misrepresentation of those statements would constitute a default under the loan&#8217;s terms. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">In May 2022, the Trump Organization sold the Old Post Office property for $375 million. As a result, Mr. Trump obtained more than $100 million in net profit, which was the result of the loan he obtained by using his false and misleading statements.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"><a href=\"https:\/\/ag.ny.gov\/sites\/default\/files\/tto_release_properties_addendum_-_final.pdf\" target=\"_blank\" rel=\"noopener\">Here is the link to the full addendum<\/a>.\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"><strong>Defendants<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">The 16 defendants in this case include: <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Donald Trump<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"> Donald Trump, Jr.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"> Ivanka Trump<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"> Eric Trump<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Also, the Trump Organization Inc., the Trump Organization LLC, the Donald J. Trump Revocable Trust, DJT Holdings LLC, DJT Holdings Managing Member, Allen Weisselberg, Jeffrey McConney, as well as the entities that received the loans that are the subject of the action, including: Trump Endeavor 12 LLC, 401 North Wabash Venture LLC, Trump Old Post Office LLC, 40 Wall Street LLC, and Seven Springs LLC.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"><strong>Causes of Action<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">The OAG alleges fraud and illegality under 63(12) in connection with the defendants\u2019 conduct in preparing the statements and submitting those statements to financial institutions to obtain financial benefits. As part of demonstrating illegality under 63(12), OAG alleges that Mr. Trump and the other defendants violated state laws, including:<\/span><\/p>\n<ul style=\"text-align: center;\">\n<li style=\"text-align: left;\"><span style=\"font-size: 24px;\">Falsification of business records in violation of Penal Law \u00a7 175.10;<\/span><\/li>\n<li style=\"text-align: left;\"><span style=\"font-size: 24px;\">Issuing a false financial statement in violation of Penal Law \u00a7 175.45;<\/span><\/li>\n<li style=\"text-align: left;\"><span style=\"font-size: 24px;\">Engaging in insurance fraud by submitting false and misleading information in a written application for insurance and to obtain other insurance benefits in violation of Penal Law \u00a7 176.05;<\/span><\/li>\n<li style=\"text-align: left;\"><span style=\"font-size: 24px;\">Engaging in a conspiracy to commit each of the aforementioned state law violations.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: left;\"><span style=\"font-size: 24px;\">The conduct alleged in this complaint also violates federal criminal law, including issuing false statements to financial institutions and bank fraud.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\"><strong>Relief<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">As a consequence of this persistent and repeated fraud and illegality, OAG is asking the court to:<\/span><\/p>\n<ul style=\"text-align: center;\">\n<li><span style=\"font-size: 24px;\">Permanently bar Mr. Trump, Donald Trump, Jr., Ivanka Trump, and Eric Trump from serving as an officer or director in any New York Corporation or similar business entity registered and\/or licensed in New York state;<\/span><\/li>\n<li><span style=\"font-size: 24px;\">Bar Mr. Trump and the Trump Organization from entering into any New York state commercial real estate acquisitions for a period of five years;<\/span><\/li>\n<li><span style=\"font-size: 24px;\">Bar Mr. Trump and the Trump Organization from applying for loans from any financial institution registered with the New York Department of Financial Services for a period of five years;<\/span><\/li>\n<li><span style=\"font-size: 24px;\">Award disgorgement of all financial benefits obtained through the persistent fraudulent practices of an amount to be determined at trial and estimated to total at least two hundred and fifty million dollars ($250 million).<\/span><\/li>\n<li><span style=\"font-size: 24px;\">Permanently bar Allen Weisselberg and Jeffrey McConney from serving in the financial control function of any New York Corporation or similar business entity registered and\/or licensed in New York state;<\/span><\/li>\n<li><span style=\"font-size: 24px;\">Appoint an independent monitor to oversee compliance, financial reporting, valuations, and disclosures to lenders, insurers, and tax authorities at the Trump Organization for a period of no less than five years;<\/span><\/li>\n<li><span style=\"font-size: 24px;\">Replace the current trustees of the Donald Trump Revocable Trust with new independent trustees, and require independent governance in any newly formed trust should the Revocable Trust be revoked and replaced with another trust structure;<\/span><\/li>\n<li><span style=\"font-size: 24px;\">Require the Trump Organization to prepare, on an annual basis for the next five years, a GAAP-compliant, audited statement of financial condition showing Mr. Trump\u2019s net worth, to be distributed to all recipients of his prior Statements of Financial Condition; and,<\/span><\/li>\n<li><span style=\"font-size: 24px;\">Cancel any certificate filed under and by virtue of the provisions of section 130 of the General Business Law for the corporate entities named as defendants and any other entity controlled by or beneficially owned by Donald Trump which participated in or benefitted from the foregoing fraudulent scheme.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">This investigation has been conducted by Senior Enforcement Counsel Kevin Wallace, Special Counsel Andrew Amer, Assistant Attorney General Colleen K. Faherty, Assistant Attorney General Alex Finkelstein, Assistant Attorney General Wil Handley, Assistant Attorney General Stephanie Torre, Assistant Attorney General Austin Thompson, Special Counsel to the Solicitor General Eric R. Haren, Enforcement Section Chief Louis M. Solomon, and Legal Support Analyst Samantha Stern. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Additional support was provided by Data Analyst Anushua Choudhury, Senior Data Analyst Akram Hasanov, Data Scientist Chansoo Song, Deputy Director of Research and Analytics Megan Thorsfeldt, and Director of Research and Analytics Jonathan Werberg; as well as Information Technology Specialist Hewson Chen, Information Technology Specialist Paige Podolny, and Information Technology Specialist John Roach. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">Appellate support was provided by Deputy Solicitor General Judith Vale and Assistant Solicitor General Eric Del Pozo. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 24px;\">The investigation was overseen by First Deputy Attorney General Jennifer Levy.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"right-rail\" style=\"text-align: center;\">\n<div id=\"sidebar-second\" class=\"column sidebar\">\n<div class=\"section\">\n<div>\n<div class=\"region region-sidebar-second\">\n<div id=\"block-block-74\" class=\"block block-block\">\n<div class=\"content\">\n<div class=\"translate-block\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"region region-footer\">\n<div id=\"block-block-52\" class=\"block block-block\">\n<div class=\"content\">\n<p style=\"text-align: center;\">\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u2014 Donald Trump Falsely Inflated His Net Worth by Billions of Dollars to Further Enrich Himself and Cheat the System \u2014 Trump, Donald Trump Jr., Ivanka Trump, and Eric Trump Used Fraudulent&#8230;<\/p>\n","protected":false},"author":1,"featured_media":13638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-50886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AG&#039;s $250 Million Lawsuit Alleges Donald Trump Inflated His Net Worth by Billions of Dollars, Cheated the System and Others<\/title>\n<meta name=\"description\" content=\"\u2014 Donald Trump Falsely Inflated His Net Worth by Billions of Dollars to Further Enrich Himself and Cheat the System \u2014 Trump, Donald Trump Jr., Ivanka\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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