New York Attorney General examines whether President Trump inflated assets for loans

The investigation was opened after Trump’s ex-lawyer Michael Cohen told Congress Trump inflated the value of his assets to get more favorable loans.

NEW YORK – The New York Democratic Attorney General on Monday asked a court to enforce subpoenas in an investigation into whether President Donald Trump and his companies inflated financial statement assets.

Attorney General Letitia James has filed a petition in New York City Magistrates’ Court to name the Trump Organization, a coordinating group for the Republican president’s holdings, as a defendant along with other business entities. The filing also named Eric Trump and Seven Springs, a New York estate owned by the Trump family.

The attorney general’s office is investigating whether the Trump organization and the president improperly inflated asset values ​​to secure loans and obtain economic and tax benefits. Investigators are investigating whether the Trump organization and its agents misinflated the value of the seven sources north of the city.

In court documents, the attorney general’s office wrote that “information regarding the Seven Springs appraisal is important” to the office’s investigation.

Emails seeking comment were sent to lawyers for the Trump organization and Eric Trump.

The investigation was opened in March 2019 after Trump’s longtime personal lawyer Michael Cohen told Congress that Trump had inflated the value of his assets for more favorable loan and insurance terms.

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Since then, the attorney general’s office has issued “a number of subpoenas and collected testimony seeking information on these matters,” the court file said. Investigators have yet to determine whether the law has been broken.

James’ office issued subpoenas to the Trump Organization and Seven Springs LLC in December 2019, seeking financial documents, according to the filing. Since then, both have “engaged in long, good faith discussions regarding the Trump organization’s compliance with subpoenas.”

The Attorney General’s office is also trying to collect information on several other Trump-related properties, including the Trump National Golf Club in Los Angeles, the Trump International Hotel and Tower in Chicago, and an office building on Wall Street in Manhattan where the Trump Organization “has a” land lease “relating to the property.”

Hill reported from Albany, NY Balsamo reported from Washington, DC


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About Christopher Easley

Christopher Easley

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