Lawsuit alleges $250 million fraud, seeks to bar the Trumps from serving as executives of any company operating in New York
NEW YORK — New York Attorney General Letitia James filed a lawsuit Wednesday accusing former president Donald Trump, three of his grown children and executives at his company of flagrantly manipulating property valuations to deceive lenders, insurance brokers and tax authorities into giving them better rates on bank loans and insurance policies and to reduce their tax liability.
The 222-page civil complaint asks the New York Supreme Court to bar Trump, as well as Donald Trump Jr., Ivanka Trump and Eric Trump, from serving as executives at any company in New York, and to bar the Trump Organization from acquiring any commercial real estate or receiving loans from any New York-registered financial institution for five years.
It seeks to recover more than $250 million in what James’s office says are ill-gotten gains received through the alleged deceptive practices. While the lawsuit itself is not a criminal prosecution, James (D) said she has referred possible violations of federal law to the Justice Department and the IRS.