New York Attorney General Letitia James will announce her office's findings in the investigation into fraud at the Trump Organization Wednesday.
Through "persistent and repeated business fraud," the Trumps convinced banks to lend money to the Trump Organization on more favorable terms than deserved, according to the lawsuit, which named the former president, three of his adult children, the company, and two of its executives, Allan Weisselberg and Jeff McConney.
Weisselberg has pleaded guilty to tax charges brought by the Manhattan District Attorney's office, which has been conducting a parallel investigation. The Attorney General's investigation began in March 2019, after Trump's former lawyer, Michael Cohen, testified before Congress that Trump's annual financial statements inflated the values of Trump's assets to obtain favorable terms for loans and insurance coverage, while also deflating the value of other assets to reduce real estate taxes
"The magnitude of financial benefit derived by Mr. Trump and the Trump Organization by means of these fraudulent and misleading submissions was considerable," the lawsuit said.
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