New York prosecutors are examining whether Donald Trump and his associates defrauded lenders and insurance companies by exaggerating the value of Trump properties on loan applications.
before Congress. During his appearance, he released a partial copy of a June, 2011, Mazars statement that estimated the value of the Trump assets at nearly $4.6 billion, and his net worth at nearly $4.3 billion, far higher than outside estimates at the time. In its recent letter, Mazar said that it decided to disavow the statements from 2011 to 2020 “based, in part, upon the filings made by the New York Attorney General . . .
Unless they appeal Thursday’s ruling, all three Trumps face the prospect of answering detailed questions from James’s investigators regarding their knowledge of various financial documents that her office has zeroed in on, and what role they may have played in preparing them. Among the transactions mentioned in last month’s filing were three involving a combined three hundred million dollars of loans that Deutsche Bank issued to Trump subsidiaries.
How far does the about-face by Mazars help the government’s case? “Due in part to our decision regarding the financial statements, as well as the totality of the circumstances, we have also reached the point such that there is a non-waivable conflict of interest with the Trump Organization,” the accounting firm said in its letter. “As a result, we are not able to provide any new work product to the Trump Organization.
No surprise there.
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