“Show me the man and I’ll show you the crime.”
New York Attorney General Letitia James on Thursday asked a judge to bar Trump from moving his businesses to a new holding company amid a lawsuit she filed last month.
Letitia James last month announced a new lawsuit against Trump and his family.
AG James has been investigating whether the Trump Organization inflated values of some of its properties.
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“Today, I filed a lawsuit against Donald Trump for engaging in years of financial fraud to enrich himself, his family, and the Trump Organization.” Letitia James said on September 21.
Letitia James said her office is seeking to:
- Make Trump pay $250 million.
- Ban the Trumps from running NY businesses for good.
- Ban Trump and Trump Org from buying commercial real estate in NY for 5 yrs.
- We’re making a criminal referral to the US Department of Justice
On Thursday, Letitia James asked Judge Arthur Engoron to bar Trump from moving his businesses to a new holding company he formed in Delaware last month called “Trump Organization II LLC.”
“Beyond just the continuation of its prior fraud, the Trump Organization now appears to be taking steps to restructure its business to avoid existing responsibilities under New York law,” Letitia James’ lawyers wrote in a filing in Manhattan Supreme Court, according to CNBC.
CNBC reported:
The New York attorney general’s office on Thursday asked a judge to bar former President Donald Trump from moving his businesses to a new holding company he formed amid a pending civil lawsuit accusing him, three of his children, and the Trump Organization of widespread fraud.
That request is spurred by concerns that the AG’s office would have difficulty getting Trump to pay a fine, if he loses the suit, as a result of his assets being held by a company that is not named as a defendant in the case.
James, who on Thursday accused Trump and the Trump Organization of engaging in an “ongoing fraudulent scheme,” wants the Trump Organization blocked from moving any material assets to another entity.
James in that filing also asked Judge Arthur Engoron to order Trump not to use a new statement of his business’ financial conditions in dealings with lenders and insurers — either to satisfy existing obligations or to obtain new loans or insurance coverage — without adequately disclosing the assumptions and methods used to calculate the valuations of assets.
The attorney general in the new court filing also is seeking the appointment of an independent monitor who would oversee the submission by Trump of financial statements to any accounting firm, as well as their disclosure to lenders and insurers.
“There is every reason to believe that the Defendants will continue to engage in similar fraudulent conduct right up to trial unless checked by order of this Court,” James’ office said in the filing.