Donald Trump, his business, and his three oldest children were sued by the New York Attorney General.
James wants to prevent the Trumps from doing business in New York. For at least five years, the state attorney general's office is seeking the appointment of an independent monitor to "oversee compliance, financial reporting, valuations, and disclosures to tax authorities at the Trump Organization."
The New York Attorney General said that Trump inflated his net worth by billions of dollars to further enrich himself and cheat the system.
She said that the Trump Organization's fraudulent activity allowed it to get more favorable loan terms, pay less taxes, and lower insurance premiums.
"Claiming to have money that you don't have is not the art of the deal," James said. The art of the steal is what it is.
According to James' office, the conduct outlined in the civil suit violates federal criminal law, including issuing false statements to financial institutions. The matter will be referred to the US attorney's office for the Southern District of New York.
James has been investigating Trump and his New York-incorporated real estate and golf resort empire for the last three years.
After finding that Trump had failed to comply with subpoenas for his personal business documents, the supreme court justice fined him $110,000 a day.
Trump and his two oldest children were required to comply with her subpoena. Trump was deposed by James and her team of lawyers last month.
The Trump Organization's financial statements were in violation of accepted accounting principles, according to James.
She said that the common tactics they used included representing that Mr. Trump had cash on hand that he did not have.
Ten years of Trump's statements of financial condition are the subject of many of the lawsuit's allegations. Annual listings of the value of Trump's individual sky scrapers, hotels, golf resorts, branding deals and the like are used to impress banks and other interests.
The truth of these statements, which were signed by both Trump and Eric Trump, have been questioned since Michael Cohen testified before Congress in 2019.
According to James, Cohen's testimony about the statements was the catalyst for her investigation. Mazars USA said in February that the documents should no longer be relied upon.
Mazars walked away from the statements after they were found to have lied.
The size of his Trump Tower apartment was one of the facts.
Trump overstated his cash on hand and artificially inflated some of his valuations, even though he said in his statements that the brand value had not been taken into account.
Trump has accused the attorney general's office of conducting a "witch hunt" and has insisted that he has not committed financial wrongdoing.
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