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Investor Alert

Jan. 19, 2022, 6:38 a.m. EST

New York attorney general accuses Trump Organization of using fraudulent and misleading asset valuations

By Mike Murphy

New York Attorney General Letitia James on Tuesday filed a motion for a court order compelling the appearance of Donald Trump and two of his children to testify as part of her office’s investigation into the Trump Organization’s financial dealings.

According to a court filing , James sought a court order enforcing subpoenas issued to the former president, his son Donald Trump Jr., and his daughter Ivanka Trump, claiming all three possess pertinent information.

In a series of tweets Tuesday night, James said: “No one in this country can pick and choose if and how the law applies to them.”

“We have uncovered significant evidence indicating that the Trump Organization used fraudulent and misleading asset valuations on multiple properties to obtain economic benefits, including loans, insurance coverage, and tax deductions for years,” James tweeted. “Donald Trump, Donald Trump, Jr., and Ivanka Trump have all been closely involved in the transactions in question, so we won’t tolerate their attempts to evade testifying in this investigation.”

Also read: Trump lawyers Giuliani, Ellis, Powell targeted in latest set of Jan. 6 committee subpoenas

James recently subpoenaed the Trumps , who have sought to have the court orders quashed, claiming the probe is politically motivated and unconstitutional.

“Subpoenas to current and former top company officials — such as those at issue here — are routine in complex financial investigations and are amply warranted here,” James said in the filing.

James’ office has been investigating the Trump Organization for more than two years over whether it misled banks and tax officials over the value of its assets, resulting in lower tax rates and more favorable loan terms.

Link to MarketWatch's Slice.