Attorney General Letitia James’ office has been investigating how the Trump Organization valued certain real estate assets in applications for loans, insurance policies, and tax-related issues.
James for several years has been investigating how the Trump Organization valued certain real estate assets in applications for loans, insurance policies, and tax-related issues.
Trump’s former personal lawyer Michael Cohen has told Congress that the company manipulated the value of those assets depending on the circumstance to obtain better financial terms and to lower its tax obligations.
James’ office said last month that it had determined that statements of Trump’s financial condition described his valuation process “in broad terms and in ways which were often inaccurate or misleading when compared with the supporting data and documentation that the Trump Organization submitted to its accounting firm.”
Mazars told Trump Organization attorney Alan Garten in a letter last week that he should inform any recipients that the statements of Trump’s financial condition for 2011 through 2020 “should not be relied upon.”
The firm told Garten that its conclusion was based on filings made by the AG’s office, “our own investigation,” and other information from different parties.
“While we have not concluded that the various financial statements, as a whole, contain material discrepancies, based on the totality of the circumstances, we believe our advice to no longer rely upon those financial statements is appropriate,” Mazars said in its letter to Garten.
Mazars also said in its letter that it would no longer “provide any new work product to the Trump Organization.”