New York Attorney General Letitia James (D) has issued a subpoena for President Donald Trump to sit for questioning in her ongoing probe of whether Trump manipulated the values of his assets – both upwards and downwards. This is just the latest in a series of state investigations into Trump’s financial dealings and possible crimes. As New York State Attorney General, James can ask questions that could expose wrongdoing by Trump while also producing material that could be used against him by other prosecutors. In addition, she can use this information to pursue civil penalties, which are likely to be assessed against the president in any case where he has violated the law. The study may take years because the scope is so wide; it includes allegations of multiple violations going back almost a decade. However long it takes, it looks like New York will continue to be where many legal assaults on Donald Trump’s wealth originate.
Trump must sit for questioning under oath within 30 days
The subpoena seeks accounting and tax records dating to 2011, according to a copy of the subpoena released by New York Attorney General Letitia James. The investigation alleges that Trump misstated the values of assets in financial statements and omitted liabilities from his personal financial disclosure statement filed with New York State.
In addition, AG James alleges in her complaint that Trump transferred assets between public companies during his campaign and presidency “without obtaining consent from shareholders” and omitted to disclose those transfers as required by law.
Civil subpoena seeks accounting and tax records dating to 2011
The subpoena, issued by New York Attorney General Letitia James on Wednesday, seeks accounting and tax records dating to 2011.
James alleges in the investigation that Trump misstated the values of assets in financial statements provided to Deutsche Bank and Allstate Insurance Co., according to court documents. The attorney general also claims Trump transferred assets between public companies during his campaign and presidency without providing accurate information about those changes.
New York Attorney General Letitia James (D) is investigating whether President Donald Trump inflated his assets to lenders and insurance companies — and deflated them to reduce real estate taxes. This probe could go on for years, meaning Trump may be facing a barrage of subpoenas and depositions the entire time he’s in office. The president has a long history of bullying, belittling and deceiving people around him, from partners in business deals to campaign aides to White House officials. He might be about to learn there are some opponents who won’t back down.
President Trump is being targeted by New York Attorney General Letitia James (D) as part of a sweeping investigation into whether he inflated his assets to lenders and insurance companies — and deflated them to reduce real estate taxes.
The probe could go on for years, meaning Trump may be facing a barrage of subpoenas and depositions the entire time he’s in office. The president has a long history of bullying, belittling and deceiving people around him, from partners in business deals to campaign aides to White House officials. He might be about to learn there are some opponents who won’t back down.
James has jurisdiction over financial crimes committed by any New York resident — including the president. Though the state’s attorney general doesn’t have authority over federal investigations like Mueller’s Russia probe or related ones by U.S attorneys’ offices, she can still use her subpoena power if she determines that evidence collected during those investigations might relate back to any kind of crime within her jurisdiction (like tax evasion).
In addition, state charges carry longer sentences than federal ones — including up to 25 years behind bars if someone is convicted under New York’s Tax Law Section 1120(b), which prohibits persons from filing false returns with intent “to evade or defeat” tax liabilities—and James may choose not only how hard she goes after Trump but also how much time those involved spend behind bars before trial begins; unlike federal prosecutors who would likely seek pre-trial release for an accused defendant pending trial proceedings for most cases involving felony charges like these potential infractions could result.”
AG James alleges in the investigation that Trump misstated the values of assets in financial statements. Trump transferred assets between public companies during the campaign and presidency, but not all assets are presented at fair value. In addition, the AG is probing alleged self-dealing with the funds of a non-profit – the Eric Trump Foundation (which was forced to change its name) – by treating events at one of his golf clubs as charitable donations while charging hundreds of thousands of dollars in fees.
In a report released by the New York Attorney General’s office on Tuesday, it was alleged that President Donald Trump and his family engaged in “instances of self-dealing” while running their businesses.
The investigation was conducted by the office of Attorney General Letitia James, who has been in office since January 1st. It focused on the Trump Organization and its subsidiaries, as well as the Donald J. Trump Foundation. The investigation found that President Trump had engaged in “instances of self-dealing,” as well as other violations of state law.
The probe also looked into the Eric Trump Foundation and how it operated. The AG alleges in the investigation that Trump misstated the values of assets in financial statements. Trump transferred assets between public companies during the campaign and presidency, but not all assets are presented at fair value. In addition, the AG is probing alleged self-dealing with the funds of a non-profit – the Eric Trump Foundation (which was forced to change its name) – by treating events at one of his golf clubs as charitable donations while charging hundreds of thousands of dollars in fees.
The New York probe could last years, extending well beyond Trump’s presidency.
The New York probe could last years, extending well beyond Trump’s presidency.
Trump has a long history of bullying, belittling and deceiving people around him. He has lied about his finances to get ahead in business and used dubious tax schemes to build wealth. He also bullied his way into the White House by breaking rules and fudging facts on the campaign trail.
Trump may be facing a barrage of subpoenas and depositions the entire time he’s in office.
Conclusion
Here are the bottom lines: Trump will have to testify under oath. He’ll be deposed and won’t be able to hide behind the lawyers in his White House. He will be asked tough questions by a skilled prosecutor who has been waiting years for this moment. And he won’t be able to spin or lie his way out of them, because there’s an entire team of prosecutors ready with evidence that disproves him. The President may not be worried about criminal probes anymore, but he should definitely be worried about this civil one.
