Major News Out Of New York, As NY Attorney General Letitia James Makes Major Announcement Against Donald Trump

(Credit: Newsweek)

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New York Attorney General Letitia James hit former President Donald Trump with a $250 million lawsuit on Wednesday, accusing him and his children of defrauding investors through the Trump Organization.

The suit alleges that Trump misled investors in the Trump SoHo hotel project by inflating sales figures and using false marketing materials to secure more than $100 million in loans.

“The Trumps cheated hardworking people out of their life savings,” James said in a statement. “While many Americans were struggling to make ends meet, the Trumps allegedly lied to them, saying they would make millions of dollars by investing in luxury skyscrapers.”

The suit also names Trump’s children Ivanka, Donald Jr., and Eric as defendants. It seeks to recoup damages for the investors, as well as to bar Trump from serving in any leadership role in any New York business.

The suit: “Mr. Trump made known through Mr. Weisselberg that he wanted his net worth on the Statements to increase — a desire Mr. Weisselberg and others carried out year after year in their fraudulent preparation of the Statements,” the lawsuit said. “The scheme to inflate Mr. Trump’s net worth also remained consistent year after year.”

“As a result, using values for the golf course ranging between $123 million and $126.8 million based on employing the Fixed Asset Scheme is materially false and misleading; the golf course should have been valued at a much lower figure.”

“The magnitude of financial benefit derived by Mr. Trump and the Trump Organization by means of these fraudulent and misleading submissions was considerable.”

This is not the first time James has taken legal action against the Trump family. In October, she filed a suit against the Trump Foundation, accusing it of violating state and federal laws.

The Trump Organization has released a statement in response to the lawsuit, calling it “politically motivated” and “meritless.”

“This is a totally ridiculous suit filed by the very corrupt New York Attorney General in order to harass the President and advance her own political ambitions,” a spokesperson for the Trump Organization said. “The Attorney General has zero evidence to support her wild allegations, which are completely baseless and have already been disproven by 16 different courts.”

The Trump family has long been accused of using their businesses to defraud investors and lenders. In 2016, a class action lawsuit was filed against Trump University, alleging that it defrauded students out of tens of thousands of dollars. The case is still pending.

This latest lawsuit is likely to add to the legal woes of the Trump family, who are already facing several lawsuits and investigations. It also raises questions about whether the Trump family will be able to continue to do business in New York, where they have long been based.

The suit was filed in the Supreme Court of the State of New York.