New York’s top prosecutor alleges that long before the same name became president, the Trump Organization calculated the value of rent-stable apartments to be more than $49.5 million – 66 times more than that. for $750,000 that an outside appraiser believes they are worth.
New York Attorney General By Letitia James (D) the office that made that allegation in a compelling footnote to an appellate brief sought to maintain a order of the judge for the former President Donald Trump and two of his grown children to sit in her longstanding tax investigation. The civil investigation, which runs parallel to the criminal investigation, is looking into whether the Trump Organization fraudulently assessed corporate assets for tax benefits.
“To date, the investigation has uncovered substantial evidence that potentially indicates that, for more than a decade, these financial statements relied on misleading asset valuations and misrepresentations. other to secure economic benefits — including loans, insurance, and tax deductions — on conditions more favorable than appellate brief State court filing begins.
The allegation of flat rents reflects a considerable length of time in the investigation. It is based on statements made by the Trump Organization between 2010 and 2012.
“Severe Delay in Preservation of Trump Organization Documents”
In 2019, the attorney general’s civil investigation began with the congressional testimony of Trump’s former fixer Michael Cohen about the alleged book-making. Then-Manhattan District Attorney Cyrus Vance (D) began his criminal investigation that same year. Years later, the worlds collide when James’ group begins to aid Vance, who charge The Trump Organization and its former chief financial officer Allen Weisselberg July last year.
The criminal investigation seems to have come to a standstill under the management of Vance’s successor Alvin bragging (D), who recently saw two of the top prosecutors resign about his reported reluctance to charge Trump with any crimes.
From the appellate summary, James’ civil investigation appears to be moving very quickly. James reported interviews with more than 40 Trump Organization witnesses, including Weisselberg, the general counsel Alan Gartencontroller Jeffrey McConneyand vice president Eric Trumpwho invoked the Fifth Amendment right against self-incrimination in response more than 500 questions.
The Attorney General’s office said it had “received and reviewed hundreds of thousands of documents produced by the Trump Organization,” despite what the organization described as “serious flaws in the preservation and production of the documents.” documents of the Trump Organization and its compliance are placed under judicial oversight. ”
Many of its findings to date have been widely published. For example, from 2012 to 2016, Trump Organization statements indicate that the former president’s apartment in Trump Towers exceeded 30,000 square feet, giving that apartment a value of $327 million.
“However, in 2017, the Declaration slashed the value of the apartment by two-thirds, leaving the unit area at just under 11,000 square feet – the number specified in the building’s offering plan.” brief notes.
James previously alleged that the company failed to assign a value to the Trump brand and may have used “fraudulent or misleading” asset valuations on six properties to gain economic benefit. . Trump’s Attorney Alina Habba did not immediately respond to Law & Crime’s email requesting comment.
“Of course, that Principle applies to a President.”
To order the Trump family to pay, Manhattan Supreme Court Judge Arthur Engoron rejected their argument that James’ investigation was politically motivated.
Failing to investigate Trump would be a “flagrant dismissal of duty”, given the “rich evidence of possible financial fraud” prosecutors have uncovered since Cohen’s testimony from 2019, Engoron revealed last month
Trump’s lawyers argue that parallel civil and criminal proceedings make them binding when it comes to filings. If they do not assert their Fifth Amendment right against self-incrimination, their testimony could be used against them criminally. Affirming a person’s constitutional right to remain silent can’t hurt them in criminal proceedings, but it can be used against them in civil court.
James’s office says there’s nothing unique about this seemingly Catch-22.
“The New York government also recognizes that an investigation of potential misconduct may yield evidence for use in civil or criminal proceedings,” the appellate states.
Trump and his lawyers also attacked prosecutors James and Bragg, accusing them of bias and “racist. “The attorney general of New York and the district attorney are both Black. Some of their allegations of bias stemmed from James’ sizzling remarks about the campaign trail, labeling Trump an “illegitimate president” and rhetorically accusing him by stating: “We need to find out where he laundered.”
Trump’s lawyers have also attacked James for her familiar refrain: “Nobody is above the law.”
James’s attorneys say it is not an polemical sentiment. Two of the Supreme Court justices Trump appointed made similar remarks to him.
“In our system of government, as this Court has often stated, no one is above the law,” Brett Kavanaugh wrote in a concurring opinion about Trump and Vance, was joined by Neil Gorsuch. “Of course, that principle applies to a President.”
Read the appellate summary, below:
[Images via Drew Angerer/Getty Images, Nicholas Kamm/AFP/Getty Images]
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https://lawandcrime.com/high-profile/trump-organization-valued-rent-stabilized-units-more-than-66-times-higher-than-an-outside-appraiser-did-nyag/ Trump has inflated the value of stable rental units 66 times higher: NYAG