The accounting firm that prepared former President Donald Trump’s annual financial statements says the documents “should no longer be relied upon” after New York’s attorney general said they regularly misstated the value of assets.
NEW YORK — The accounting firm that prepared former President Donald Trump’s annual financial statements says the documents, used to secure lucrative loans and burnish Trump’s image as a wealthy businessman, “should no longer be relied upon” after New York’s attorney general said they regularly misstated the value of assets.
“While we have not concluded that the various financial statements, as a whole, contain material discrepancies, based upon the totality of the circumstances, we believe our advice to you to no longer rely upon those financial statements is appropriate,” Mazars General Counsel William J. Kelly wrote to his Trump Organization counterpart, Alan Garten.
Kelly also informed Garten that Mazars could no longer work with Trump because of a conflict of interest and urged him to find another tax preparer, distancing the firm from its highest-profile client and work that’s at the heart of the civil and criminal investigations. James’ office included a copy of the letter in a court filing as she seeks to enforce a subpoena to have Trump and his two eldest children testify under oath in her civil investigation into his business practices. The Manhattan district attorney’s office is running a parallel criminal investigation.
In fighting the subpoenas, Trump’s lawyers have argued that any testimony they give in her civil investigation could be used against them in a parallel criminal investigation being overseen by the Manhattan district attorney’s office. Deutsche Bank accepted Trump’s financial statements without objection in a deal for $300 million in loans for three of his properties and, in internal memoranda, emphasized Trump’s reported financial strength as a factor in lending to him, James’ office said.
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