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Trump is SUED by New York’s Democratic AG Letitia James

New York Attorney General Letitia James has sued former President Donald Trump and accused him of engaging in ‘numerous acts of fraud,’ in a legal move that follows a three-year probe.

James was to announce the suit at a Wednesday press conference, in a suit that accuses Trump and his three adult children of pumping up property valuations of his real estate empire, and low-balling values when dealing with tax authorities.

She said following a review of ‘millions of documents,’ and told reporters it was for ‘violating the law as part of his efforts to generate profits for himself, his family and his company.’

She said he did so ‘to cheat the system and to cheat all of us,’ and is seeking $250 million while asking a judge to bar Trump and his children from serving on boards, obtaining lending in the state, or engaging in real estate purchases for a period of five years. Trump would maintain his financial interest in the property.

James said Trump’s financial statements were ‘greatly inflated, grossly exaggerated, and objectively false.’

‘Claiming you have money that you do not have does not amount to the “Art of the Deal. It’s the art of the steal,’ she said, referencing Trump’s famous book. 

There cannot be different rules for different people, she said. ‘Former presidents are no different,’ she added, acknowledging Trump’s station.

Her suit comes after a three year probe, and comes less than two months before the November elections, where Trump isn’t on the ballot but many of his preferred candidates are. 

She specifically named Trump and three of his adult children, Don Jr., Eric, and Ivanka Trump, and said they ‘persistently’ inflated the value of assets.

New York AG Letitia James announced Wednesday that her office is suing former President Donald Trump and his adult children

The total ‘fraud’ was in the amount of $250 million, she claimed. 

She referred specifically to ‘statements of financial condition’ prepared for Trump by his accountants and executives. 

Trump vouched to the accuracy of those statements when submitting them to banks and insurance companies.

‘We show that they violated several state criminal laws, including falsifying business records, showing false financial statements, insurance fraud, and engaging in a conspiracy to commit each of these state law violations,’ she said.

Donald Trump Jr. hit back immediately, tweeting a picture of James and writing: 'The bull**** Dem witch hunt continues.'

Donald Trump Jr. hit back immediately, tweeting a picture of James and writing: ‘The bull**** Dem witch hunt continues.’

James' suit also names three Trump children: Don Jr., Ivanka, and Eric

James’ suit also names three Trump children: Don Jr., Ivanka, and Eric

She said Trump inflated his net worth to 'deceive banks'

She said Trump inflated his net worth to ‘deceive banks’

She accused them of creating ‘more than 200’ false and misleading asset valuations.

She accused Trump of ‘intentional and deliberate fraud’ by tripling the size of his Trump Tower penthouse apartment, thereby goosing its value.

She Trump claimed the apartment was 30,000 square feet. ‘In reality, the apartment had an area of less than 11,000 square feet.’ Based on the inflated square footage, the apartment was valued at $327 million.

‘To this date, no other apartment in New York City has ever sold for that much,’ she said.

Donald Trump Jr. hit back immediately, tweeting a picture of James and writing: ‘The bull**** Dem witch hunt continues.’ 

Eric Trump also took to Twitter to hit back. ‘Not a political “witch hunt?!” What a joke…’ he wrote. 

Both ran the Trump Organization as executives along with CFO Allen Weisselberg while Trump was in the White House. 

She also brought up Trump properties including 40 Wall Street. 

James said he ‘blatantly ignored legal restrictions’ at Mar-a-Lago by stating it could be developed for residential use, when in fact it was subject to numerous limitations. He valued the property based on a ‘false premise’ that it could be sold and used at a private home, and said it should have been valued at $75 million, when the Trumps valued it as high as $739 million.

Trump properties AG James says were improperly valued 

Trump Tower penthouse 

40 Wall Street

Mar-a-Lago

Financial states to obtain lease on the Old Post Office in Washington, D.C.

Seven Springs in Westchester County, NY

Trump National Golf Club in LA. 

During her extended remarks, James mentioned a series of Trump properties including: Trump Tower, 40 Wall Street, Mar-a-Lago, the lease on the Old Post Office in Washington, D.C., Seven Springs in Westchester County, NY, and Trump National Golf Club in LA.

She said he submitted ‘false and misleading statements of financial condition’ when engaging in lease negotiations with the federal government during the Obama Administration when he obtained a long-term lease for the Old Post Office Building, a landmark building in Washington D.C.

Her complaint runs to 280 pages, and said her remarks ‘barely scratch the surface of the misconduct we uncovered.’

She is asking a court to serve the Trumps for serving as an officer of any company int he state, from entering into any commercial real estate acquisition for five years, or applying for any loans for the same period.

Claiming you have money that you do not have does not amount to the “Art of the Deal. It’s the art of the steal,’ she said, referencing Trump’s famous book.

James said her office would present evidence to prosecutors in the Southern District of New York, the IRS, and the Manhattan DA.

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