The New York Prosecutor’s Office has sued former United States President Donald Trump, his three eldest children and his company -the Trump Organization- for “illegally deflating his assets” on Wednesday. for get loans, get discounts on insurance rates, and pay less in taxes.
The prosecutor, Letitia James, has accused Trump of committing “tax fraud” for years, with the help of Donald Jr., Eric, Ivanka and other defendants, a crime for which the State is now seeking a compensation of 250 million dollars. It has also requested the veto to your business and restriction on the purchase of commercial real estate in the next five years, as reported in Twitter.
For his part, Trump has once again expressed that the legal actions against him are a “witch hunt” and has accused James, a Democrat, of being “a fraud”, without commenting on the specific crimes he is charged with. The former Republican president has other open investigations for trying to reverse the results of the 2020 elections, the assault on the capitol and the classified documents that remained in his possession after leaving office.
The “machining” behind the tax fraud
The prosecutor has detailed the “machining” of the Trump family and its companies for their benefit. “They used fraudulent and misleading asset valuations about 200 times over 10 years in their annual financial statements. Those statements were used to obtain hundreds of millions of dollars in loans and insurance coverage,” he explained. “In short, he lied to make huge financial gains for himself.”
For example, James alleges that he sold a Trump Tower apartment valuing it for the value of 9,100 square meters, when in reality the surface was 3,300. A) Yes, was able to set the price at $327 million. “An apartment in New York City has never sold for this much,” he said.
He also “inflated” the value of other properties, such as Mar-a-Lago, which he said was worth almost ten times more: 739 million dollars instead of the 75 million that the prosecutor defends.
In addition, for years, the former president reported being in disposal of the money of a company as liquid cash, when in reality he was a minority partner with no control of the money, and used fraudulent securities to inflate net worth and make a profit. “For example, she saved about $150 million by receiving favorable interest rates based on his statement.”
In his statement, James recalled that the “victims” of the tax fraud of the powerful are “workers, small businesses and taxpayers”, that their available resources are reduced.