On Wednesday morning, after a years-long investigation into the ex-president and the business he owns and runs with his children, New York Attorney General Letitia James dropped a bomb that is likely still reverberating through the halls of Mar-a-Lago: a massive, unprecedented lawsuit against Donald Trump, Ivanka Trump, Donald Trump Jr., Eric Trumpand the Trump Organizationfor allegedly spending years lying to lenders and insurers, fraudulently inflating assets, and violating state criminal laws.
In addition to reportedly Seeking $250 million in penalties, James hopes to bar the entire Trump family from ever running a business in New York again. “The number of grossly inflated asset values is staggering, most affecting if not all of the real estate holdings in any given year,” the suit reads. While Trump has long been suspected of inflating his own net worth for ego purposes, according to James, the lies her office uncovered were part of an bigger, organized plot.
per the New York Times:
In announcing the action against the company, James said Wednesday the ex-president didn’t just “cheat the system” he cheated “all of us.” On Twitter, she wrote: “There aren’t two sets of laws for people in this nation: former presidents must be held to the same standards as everyday Americans.”
While James does not have the power to indict Trump on criminal charges, the teams notes that in “a footnote in the lawsuit said she provided her findings to the office of the United States Attorney for the Southern District of New York, noting that the detailed conduct in the complaint appears to violate federal law, specifically bank fraud and false statements to the bank.”