Donald Trump and family members formally charged with financial fraud

Donald Trump and family members formally charged with financial fraud
Donald Trump and family members formally charged with financial fraud

After a lengthy investigation, Letitia James, the New York Attorney General, revealed that former President Donald Trump is being formally charged with fraud. He and his family members are said to have systematically misreported the value of his properties for years.

Donald Trump, his family business The Trump Organization and his three children Donald Trump Junior, Eric and Ivanka Trump were officially charged with fraud Wednesday night. Senior executives of The Trump Organization were also subpoenaed. New York Public Prosecutor Letitia James made the announcement during a press conference.

According to James, the company’s family and other executives lied to lenders and insurers for more than a decade. The family allegedly overvalued the company’s assets by billions for years so that banks would lend money to the Trump Organization on more favorable terms and to enjoy various tax benefits. Trump got the help of his children and executives within his company.

The attorney general is demanding $250 million from the Trumps. She also asks that the Trump Organization be banned for five years from engaging in the purchase of commercial real estate in New York and that Trump or any of his children be banned from serving as an officer or director of any corporation in the state. .

‘Witch Hunt’

James has been leading investigations against Trump’s corporate empire for years. The Attorney General spoke to 65 witnesses and analyzed millions of documents. Trump denied the allegations. On Wednesday, Trump’s spokesman reiterated that the former president is being prosecuted “for political reasons.”

Trump has already faced several lawsuits. The indictment comes on top of an investigation into presidential files that led to an August 8 FBI search of his home in Mar-a-Lago, Florida.

The article is in Dutch

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