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NY AG Reveals More Details About Trump’s Alleged Property Value Falsifications

NY AG Reveals More Details About Trump’s Alleged Property Value Falsifications

New York Attorney General Letitia James shared new details on Tuesday about how the Trump Organization allegedly falsified the value of various New York City properties for years in their efforts to secure favorable loan terms and reduce tax payments to the government.

The filing by AG James was made in response to the Trump Organization and Donald Trump’s appeal of a Manhattan state court judge’s order last month that Trump and two of his adult children, Donald Trump Jr. and Ivanka Trump, had to submit to interviews under oath by James’ investigators. The Trumps had demanded that James recuse herself from her own investigation into them.

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The AG’s probe of the Trump Organization “uncovered significant evidence” suggesting the company’s financial statements for more than a decade relied on misleading valuations of its real estate assets, according to court filings. Those potentially inaccurate valuations were used “to secure economic benefits — including loans, insurance coverage, and tax deductions — on terms more favorable than the true facts warranted,” the office said in the court filing.

In one glaring example, the financial statements for the Trump Organization from 2010 to 2012 “collectively valued” rent-stabilized apartment units it owned at $49.59 million, which was “over sixty-six times the $750,000 total value the outside appraiser had assigned to these units,” the filing said in a footnote.

Attorney General James has said she is conducting both a civil investigation and a criminal probe related to the company. “Mr. Trump personally certified the accuracy of the Statements for the years prior to 2016, at which point his assets were placed in a revocable trust,” while Donald Jr. “was responsible for the Statements for the years 2016 to 2020,” James noted in the filing.

From 2012 through 2016, the company’s financial statements said that Trump’s triplex apartment in Trump Tower in Manhattan “exceeded 30,000 square feet and valued the apartment at up to $327 million based on those dimensions,” the filing noted. But in 2017, the company’s statement “slashed the apartment’s value by two-thirds, sizing the residence at just under 11,000 square feet,” which is the figure specified in the offering plan for the building, the filing said. 2017 was also Trump’s first year in office.

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