NY attorney general probing whether Trump inflated his assets

NEW YORK (Reuters) - New York state's attorney general is investigating whether the Trump Organization and Donald Trump improperly inflated the value of the U.S. president's assets on annual financial statements in order to secure loans and obtain economic and tax benefits, according to a court filing. The disclosure was made in a filing with a New York state court in Manhattan, where the office of Attorney General Letitia James is seeking to compel the Trump Organization and several other defendants to comply with subpoenas it issued.

Reuters August 25, 2020 00:10:27 IST
NY attorney general probing whether Trump inflated his assets

NY attorney general probing whether Trump inflated his assets

NEW YORK (Reuters) - New York state's attorney general is investigating whether the Trump Organization and Donald Trump improperly inflated the value of the U.S. president's assets on annual financial statements in order to secure loans and obtain economic and tax benefits, according to a court filing.

The disclosure was made in a filing with a New York state court in Manhattan, where the office of Attorney General Letitia James is seeking to compel the Trump Organization and several other defendants to comply with subpoenas it issued.

The attorney general's office said the subpoenas were issued as part of its "ongoing confidential civil investigation into potential fraud or illegality."

Eric Trump, one of the president's sons, is among the parties from whom the attorney general is seeking documents and testimony, according to a court filing.

(Reporting by Jonathan Stempel in New York, Editing by Jonathan Oatis and Bill Berkrot)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Guinea president 'captured', govt dissolved, claim army putschists'; attack on presidential palace repulsed, say authorities
World

Guinea president 'captured', govt dissolved, claim army putschists'; attack on presidential palace repulsed, say authorities

Reports suggest that they captured President Alpha Conde and dissolved the government, bust the ground situation remains unclear

Cryptocurrency prices tumble and exchange trading falters as snags crop up
News & Analysis

Cryptocurrency prices tumble and exchange trading falters as snags crop up

NEW YORK (Reuters) -The price of cryptocurrencies plunged and crypto trading was delayed on Tuesday, a day in which El Salvador ran into snags as the first country to adopt bitcoin as legal tender. Shares of blockchain-related firms also fell as crypto stocks were hit by trading platform outages. But the major focus was on El Salvador, where the government had to temporarily unplug a digital wallet to cope with demand.

Ford poaches Apple's car project chief Doug Field
News & Analysis

Ford poaches Apple's car project chief Doug Field

By Joseph White and Sanjana Shivdas (Reuters) -The head of Apple Inc's car project, Doug Field, is going to work for Ford Motor Co to lead the automaker's advanced technology and embedded systems efforts, a hiring coup for Ford Chief Executive Jim Farley.