New York attorney general Letitia James filed a civil fraud lawsuit against former President Donald Trump, his real estate business, and his adult children on Wednesday.
“We are filing a lawsuit against Trump for violating the law as part of his efforts to generate profits for himself, his family, and his company,” James said at a press conference on Wednesday.
“Donald Trump falsely inflated his net worth by billions of dollars to unjustly enrich himself and to cheat the system, thereby cheating all of us,” she added, saying Trump was aided in his crimes by his adult children, Donald Trump Jr., Eric Trump and Ivanka Trump.
James said the Trump Organization made more than 200 false valuations of assets over a period of 10 years. One example: Trump falsely claimed his own triplex apartment in Trump Tower was worth $327 million, three times what it was actually worth, James said. Inflation like that amounts to “intentional and deliberate fraud, not an honest mistake,” the attorney general added.
James is seeking $250 million in penalties and to permanently bar Trump and the other defendants from running businesses in New York.
“The remedies are consistent with what we have sought for companies that committed the same misconduct,” James said.
CNN reported, just ahead of a planned press conference from James, that the lawsuit appeared on court records and included both Trump and his children as defendants.
Trump and his
New York’s attorney general, a Democrat up for re-election in November, is also suing Trump’s children who have worked at the Trump Organization.
CNN reported a partial list of defendants: “Donald J. Trump, Donald Trump Jr., Eric Trump, Ivanka Trump, Allen Weisselberg, Jeffrey Mcconney, The Donald J. Trump Revocable Trust, The Trump Organization, Inc., and other businesses associated with Trump.”
Earlier this month, James rejected a settlement offer from Trump’s lawyers, setting the stage for a lawsuit.
A lawsuit could have serious consequences for Trump and his business. Per the New York Times:
If the case goes to trial and Mr. Trump loses, a judge could impose financial penalties and restrict the former president’s business operations in New York — all potentially in the midst of a 2024 presidential campaign that he is expected to join.
“Everyday people cannot lie to a bank about how much money they have,” James said, “and if they did the government would throw the book at them. Why should this be any different?”
Trump is set to appear for an interview on Fox News show Hannity Wednesday night.
The probe in New York is one of several major investigations Trump is facing. There’s the
Early Wednesday, James said her office was planning to make a “major announcement” later in the morning.
This story is breaking and will be updated.