Reuters: New York State Attorney General Letitia James is suing Donald Trump and the Trump Organization for engaging in “numerous acts of fraud and misrepresentation” in preparing annual financial statements between 2011 and 2021, Reuters reports.
The lawsuit says the fraud was approved at the highest levels of the Trump Organization, including by Donald Trump himself.
The fraud and misrepresentation grossly inflated Mr Trump’s personal net worth, as reported by statements, by billions of dollars.
According to the lawsuit, Mr Trump and the Trump Organization used false and misleading statements to “repeatedly and persistently” induce banks to lend money on favourable terms.
The lawsuit says Mr Trump and his company also used the false and misleading statements to satisfy loan covenants and to induce insurers to provide coverage for higher limits and lower premiums.
This conduct violated a state law against persistent and repeated business fraud, and also “violated a host of state criminal laws”.
Read more: NY attorney general details possible fraud at Donald Trump’s family business