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‘Significant’ evidence suggests Trump Org misstated asset values for more than a decade, AG says

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Former U.S. President Donald Trump speaks during a rally at the Iowa States Fairgrounds in Des Moines, Iowa, October 9, 2021.
Rachel Mummey | Reuters

The New York Attorney General Office’s probe of the Trump Organization has “uncovered significant evidence” suggesting that the company’s financial statements for more than a decade relied on misleading valuations of its real estate assets, the office said Tuesday in a court filing.

Those potentially misleading valuations “and other misrepresentations” were used “to secure economic benefits — including loans, insurance coverage, and tax deductions — on terms more favorable than the true facts warranted,” the office said in the filing.

AG Letitia James’ office said that of the more than 40 witnesses interviewed in the civil probe, Trump Organization Chief Financial Officer Allen Weisselberg and Controller Jeffrey McConney “played a role in crafting the financial statements at the crux of this investigation.”

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