The New York Attorney General’s investigation into the Trump Organization’s potentially misleading business practices has “uncovered significant evidence” that the company’s financial statements relied on misrepresentations to secure economic benefits
into the Trump Organization’s potentially misleading business practices has “uncovered significant evidence” that the company’s financial statements relied on misrepresentations to secure economic benefits for more than a decade, the attorney general’s office said in a court filing on Tuesday....
In another example, the company’s financial statements from 2012 to 2016 listed former President Donald Trump’s triplex apartment in Trump Tower in Manhattan as more than 30,000 square feet and “valued the apartment at up to $327 million based on those dimensions,” though the company’s 2017 statement “slashed the apartment’s value by two-thirds, sizing the residence at just under 11,000 square feet,” according to the filing.
Trump Organization Controller Jeffrey McConney and former Chief Financial Officer Allen Weisselberg “played a role in crafting the financial statements at the crux of this investigation,” the filing alleges. James wrote in the filing that the attorney general’s office has interviewed more than 40 witnesses and has received hundreds of thousands of documents as part of the probe—despite “serious lapses” of document preservation from the Trump Organization.Big Number
$49.5 million. That’s how much the Trump Organization listed the collective value of rent-stabilized units it owned in statements from 2010 to 2012, or about 66 times their appraised amount, James wrote in the filing. The same units had been appraised for $750,000 each in 2010, according to the filing.
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