It’s been a long time coming, but the first formal charges against Donald Trump by New York Attorney General Letitia James have been filed. They are wide ranging and carry serious penalties, including a permanent ban on Trump and his children serving on any corporate board, being prohibited for five years from running any corporation or similar business in New York or applying for business loans, and $250 million in restitution.
The action taken by James was the result of a “comprehensive, three-year investigation” that involved “interviews with more than 65 witnesses and review of millions of documents.” In the press conference announcing the lawsuit, James charged Trump with “violating the law as part of his efforts to generate profits for himself, his family and his company.”
The lawsuit alleged that Trump and his co-defendants – Eric Trump, Donald Trump Jr. and Ivanka Trump – “falsely inflated his net worth by billions of dollars to unjustly enrich himself and to cheat the system, thereby cheating all of us.” Then she elaborated saying that…
“Mr. Trump and the Trump Organization repeatedly and persistently manipulated the value of assets to induce banks to lend money to the Trump Organization on more favorable terms than would otherwise have been available to the company to pay lower taxes, to satisfy continuing loan agreements, and to induce insurance companies to provide insurance coverage for higher limits and for lower premiums.”