New York Attorney General Letitia James filed a lawsuit on Wednesday accusing former president Donald Trump, three of his adult children, and executives at his business empire of fraudulent financial practices that she claims occurred over the course of more than a decade.
The lawsuit seeks some $250 million in allegedly illegal profits and to bar the defendants from real estate transactions for the next five years. trump and his associates are accused of manipulating property valuations to mislead lenders, insurance brokers, and tax authorities in order to receive better rates on bank loans and insurance policies and to reduce their tax liability.
"I'm announcing that today we're filing a lawsuit against Donald Trump for violating the law as part of his efforts to generate profits for himself, his family, his company," the Democratic attorney general announced at a press conference on Wednesday. "The complaint demonstrates that 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."
"The pattern of fraud that was used by Mr. Trump and the Trump organization was astounding," she added.
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