Trump Organization accountants cut ties, calling years of filings unreliable | donald trump
Donald Trump’s longtime accounting firm cut ties with its firm last week, saying nearly a decade of documents filed by Trump should “no longer be relied upon”.
The move comes amid ongoing criminal and civil investigations to determine whether Trump unlawfully inflated the value of his assets.
In a letter to the Trump Organization dated Feb. 9, William Kelly, U.S. general counsel for accounting firm Mazars, said Trump’s financial statements for the period June 30, 2011 through June 30, 2020 “should no longer be answered and that you should advise any recipient who currently relies on one or more of these documents that these documents should not be relied upon”.
Mazars added that he would “no longer provide any new work products to the Trump Organization.”
The statement was disclosed in new court documents filed Monday by New York Attorney General Letitia James, who, along with the Manhattan District Attorney’s Office, is investigating whether Trump used false financial statements to defraud corporations. lenders.
James cited the letter as his office asked a state judge to order the Trump Organization, Donald Trump Jr, Ivanka Trump and others to comply with subpoenas seeking documents and testimony.
“Although we have not concluded that the various financial statements, taken together, contain material differences, based on the totality of the circumstances, we believe that our advice to no longer rely on these financial statements is appropriate. Mazars said in his letter to Alan Garten, the Trump Organization’s top lawyer.
Last month, James’ office told a court that its investigators had uncovered evidence that Trump’s company had used “fraudulent or misleading” asset valuations to secure loans and tax benefits.
Using statements from Mazars, the New York Attorney General’s office claimed, among other things, that the company misreported the size of Trump’s Manhattan penthouse, saying it was nearly 30,000 square feet, or nearly three times its actual size, and had inflated Trump’s value. golf clubs in Westchester County, New York and Scotland.
In 2019, Michael Cohen, Trump’s former personal attorney and former vice president of the Trump Organization, told Congress that Trump regularly tampered with his assets. In an interview with The Guardian last month, Cohen said: “We are seeing individuals who have continually escaped accountability for their actions finally being held accountable.
In a statement given to CNN, a spokesperson for the Trump Organization said: “While we are disappointed that Mazars has chosen to separate, their letter dated February 9, 2022 confirms that after conducting a further review of all prior statements of financial position, Mazars’ work was in accordance with all applicable accounting standards and principles and that these statements of financial position do not contain any material misstatement. This confirmation effectively renders the investigations carried out by the DA and the AG moot. »