According to recent court documents, former president Donald Trump is opposed to Letitia James’ request for an impartial monitor to watch over the Trump organization’s submission of financial disclosures to outside parties.
While the litigation is underway, James has asked the court to appoint a watchdog who will examine the financial records of the Trump company and anyone connected to it, including lenders, insurers, and accountants.
Trump, three of his adult children, their corporation, and others are charged with ten years of fraud in the September complaint.
In response to the request, Trump’s attorneys claimed it was “an attempt to nationalize a highly successful private enterprise that is politically motivated.”
James’ lawsuit claims that the former president and the Trump Organization lied about the value of various real estate assets and his net worth on financial records that were used to approve loans for him as well as to get insurance policies and tax advantages.
She asserts that Trump exaggerated his wealth by billions of dollars, and she is now pleading with the IRS and Manhattan’s federal prosecutors to investigate the issue for potential federal offenses. James claimed that during her three-year civil investigation of Trump, she gathered significant information that pointed to possible crimes such bank fraud and making false claims to financial organizations.
Penalties of $250 million are sought by the attorney general.
According to the lawsuit, James is “making a bill of complaints based on nothing more than a massive exaggeration of regular valuation disagreements between counterparties to sophisticated commercial credit transactions,” according to Trump’s attorneys.
According to the filing, the requested monitor would have “staggeringly overbroad” authority because they would have access to “all of the financial records of the Trump Parties, compel the Trump Parties to make onerous informational disclosures to the monitor, and grant the monitor operational oversight over the financial affairs of private business.”
James’ desire for such monitoring, according to Trump’s attorneys, “would effectively permit the NYAG to nationalize the Trump economic enterprise.”
