“Today I filed a lawsuit against Donald Trump for engaging in years of financial fraud to enrich himself, his family and the Trump Organization. There are no two sets of laws for people in this nation,” the attorney general said.

The attorney general of New York, Letitia James, gave a conference this Wednesday, where she revealed that the lawsuit accuses the former president of profiting from an “astounding” fraud. Donald J. Trump, his business, and three of his adult children lied to lenders and insurers for more than a decade, fraudulently overvaluing his assets by billions of dollars in a sprawling scheme.

“Today I filed a lawsuit against Donald Trump for participating in years of financial fraud to enrich himself, his family and the Trump Organization. There are not two sets of laws for people in this nation, ”said prosecutor James during a press conference.

“Former presidents must meet the same standards as ordinary Americans. Mr. Trump and his family business violated various state criminal laws and plausibly violated federal criminal laws as well,” she added.

The prosecutor noted that her office in this case lacks the authority to bring criminal charges, but she referred the findings to federal prosecutors in Manhattan; although it is not clear whether the federal prosecutor would immediately investigate.

Trump and his family used fraudulent assets for 10 years

“Trump’s crimes are not without victims, when the powerful and well-connected break the law to obtain more money than they are entitled to, the resources available to workers, small businesses and taxpayers are reduced,” the president specified in front of a podium. fiscal.

“We found that Trump, his family and the Trump Organization used fraudulent and misleading asset valuations more than 200 times in 10 years in their annual financial statements. These statements were then used to obtain hundreds of millions of dollars in loans and insurance coverage,” she stated in reading her.

According to the lawsuit against Donald J. Trump, he could face significant financial penalties. Eleven of Trump’s annual financial statements included more than 200 false and misleading asset valuations.

“We are seeking to make Trump pay $250 million, plus ban the Trumps from running businesses in New York forever, ban Donald Trump and the Trump Organization from buying commercial real estate in New York for five years. We are doing a criminal review to the US Department of Justice.”

“He lied to make huge profits”

Letitia James confirmed that the Trump family inflated their wealth for the purpose of obtaining loans and other benefits.

“With the help of Donald Jr, Eric, Ivanka, and other defendants, Trump illegally inflated and deflated his net worth by billions to obtain and pay off loans, other insurance benefits, and pay lower taxes. In short, he lied to obtain enormous financial benefits for himself, ”she pointed out.

The lawsuit also alleges that the Trump Organization provided the fraudulent financial statements to lenders and insurers to obtain beneficial financial terms, including lower interest rates and lower premiums. He was able to make $250 million in ill-gotten gains, money he now wants the company to lose.

Prosecutor James cannot dissolve the Trump Organization, but she will seek to close some operations in New York, “they will be permanently prohibited from serving as officers or directors in any New York company,” she argued.

The New York attorney general’s office rejected Trump’s attorney’s plea offer regarding the investigation and filed the lawsuit alleging fraud.

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