Donald Trump rails against New York AG Letitia James for $250M ‘vicious campaign’ lawsuit

‘How do you pay something if you’re not guilty?’ Trump rails against New York AG Letitia James for ‘vicious’ $250M campaign against his family business and says he was expecting her to SETTLE the case – as he chats with Sean Hannity at Mar-a-Lago

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Former President Donald Trump revealed on Wednesday he had thought New York Attorney General Letitia James would settle her case against him, which he said he had problems with because he is not guilty.

The remarks came as the ex-president railed against James’ $250 million lawsuit, claiming Trump lied about his property values when applying for loans to expand his real estate empire.

Speaking with Sean Hannity from his home in Mar-a-Lago on Wednesday, Trump doubled down on his assertion that his property values are high, pointing to the decadence of Mar-a-Lago.

That is when he revealed: ‘I actually never thought that she would bring a case, and she brought it. And the reason I thought was because she didn’t have a case. 

‘I was of the impression that she wanted to settle,’ he claimed. ‘But I had a problem because how do you pay something even if it’s a small amount of money if you’re not guilty.’

The former president also noted that in his loan applications, he puts in a disclaimer telling creditors to appraise the values themselves — an apparent defense against the suit. 

He then went on to refer to the lawsuit as ‘just a continuation of a witch hunt that began when I came down the escalator of Trump Tower,’ and suggested that James had been after him since she first ran for office.

Former President Donald Trump revealed on Wednesday he had thought New York Attorney General Letitia James would settle her case against him

Former President Donald Trump revealed on Wednesday he had thought New York Attorney General Letitia James would settle her case against him

His remarks came in an interview with Sean Hannity from his Mar-a-Lago home

His remarks came in an interview with Sean Hannity from his Mar-a-Lago home

‘She campaigned on it four years ago, it was a vicious campaign,’ Trump said. ‘And she just talked about Trump and “We’re going to get him, we’re going to indict him, we’re going to get him.”

‘She knew nothing about me,’ he claimed. ‘I never heard of her, but I saw this woman, I saw this statement she was putting out without knowing anything.’

‘She said, “We’re gonna get him,” her whole campaign was based on that,’ Trump continued. ‘Then she came after us, we have been going over this for years.’ 

‘We came down the escalator and it started,’ Trump claimed.

The FOX News host then asked the former president whether he ever filled out a loan application when he was running the Trump Organization, to which Trump replied: ‘Well, you know, we make loans, but I have very little debt.’

He added: ‘They have demeaned me for years with this stuff, and now they find out that I have very little debt, very, very little, a lot of cash — we have a great company and we have among the best assets anywhere in the world. 

‘I went through, they were demeaning me constantly these people. There is something wrong with them,’ he said, apparently referencing Letitia James.

‘I really believe that they hate our country.’

Hannity seemed to offer the former president a defense at one point, noting that loaners have 'a fiduciary responsibility to determine what the value' of each property is

Hannity seemed to offer the former president a defense at one point, noting that loaners have ‘a fiduciary responsibility to determine what the value’ of each property is

The former president then noted that he has a disclaimer on each of his loan applications saying the estimates were done by Trump Organization management, and creditors should get their own appraisals

The former president then noted that he has a disclaimer on each of his loan applications saying the estimates were done by Trump Organization management, and creditors should get their own appraisals

 At that point, Hannity seemed to offer Trump a defense — saying loaners have ‘a fiduciary responsibility to determine what the value’ of each property is.

In response, the former president claimed that he has a disclaimer on each of his loan applications.

‘It basically says, “Get your own people, you’re at your own risk. This was done by management. So don’t rely on the statement that you’re getting.”

‘It basically says to an institution: “You’re going to loan money, you’re going to have to go out and get your own appraisers, your own lawyers, everything.’

Trump added that he does not have a mortgage on most of his properties, but if he did, appraisers would come in and compare it with nearby homes. 

New York AG Letitia James announced Wednesday that her office is suing former President Donald Trump and his adult children

Trump quickly hit back against the Attorney General, accusing her of being 'racist'

Trump quickly hit back against the Attorney General, accusing her of being ‘racist’

Trump’s remarks on Hannity come just hours after he called James, who is black, ‘racist’ and accused her of bringing forward the lawsuit to help her ‘really bad poll numbers.’  

‘Another Witch Hunt by a racist Attorney General, Letitia James, who failed in her run for Governor, getting almost zero support from the public, and now is doing poorly against Law & Order A.G. candidate, highly respected Michael Henry,’ Trump wrote in a post on Truth Social. 

‘I never thought this case would be brought – until I saw her really bad poll numbers. She is a fraud who campaigned on a “get Trump” platform, despite the fact that the city is one of the crime and murder disasters of the world under her watch!’ 

In a follow-up post minutes later, Trump added: ‘Attorney General Letitia “Peekaboo” James, a total crime fighting disaster in New York, is spending all of her time fighting for very powerful and well represented banks and insurance companies, who were fully paid, made a lot of money, and never had a complaint about me, instead of fighting murder and violent crime, which is killing New York State.

‘She is a failed A.G. whose lack of talent in the fight against crime is causing record numbers of people and companies to flee New York. Bye, bye!’

At a news conference on Wednesday, James said her suit comes after she reviewed 'millions of documents' with a team of investigators

At a news conference on Wednesday, James said her suit comes after she reviewed ‘millions of documents’ with a team of investigators

She claimed that the president and his three adult children, Eric, Ivanka and Don Jr 'persistently' inflated the value of assets

She claimed that the president and his three adult children, Eric, Ivanka and Don Jr ‘persistently’ inflated the value of assets

James had said earlier in the day Wednesday that Trump and his children engaged in ‘numerous acts of fraud’ in a dramatic press conference as she announced the suit against the former president.

She cited documents that accuse Trump and his three adult children of pumping up property values when seeking lending to expand his real estate empire. 

‘Claiming you have money that you do not have does not amount to the “Art of the Deal. It’s the art of the steal,’ James said, referencing Trump’s famous book. 

The New York Attorney General specifically named Trump and his three adult children, Don Jr., Eric, and Ivanka Trump, and said they ‘persistently’ inflated the value of assets. 

She said she reviewed ‘millions of documents’ with a team of investigators, and told reporters she was suing Trump for ‘violating the law as part of his efforts to generate profits for himself, his family and his company.’

James said he did so ‘to cheat the system and to cheat all of us,’ and is seeking $250 million – while asking a judge to bar Trump and his adult children from serving on boards, obtaining lending in the state, or engaging in real estate purchases for a period of five years. 

Trump would maintain his financial interest in the property even if a judge rules against him in the suit.

And although her suit is only a civil matter, James said she would refer evidence she uncovered to other authorities. 

She said Trump inflated his net worth to 'deceive banks' when seeking lending to expand his real estate empire

She said Trump inflated his net worth to ‘deceive banks’ when seeking lending to expand his real estate empire

James said Trump’s financial statements were ‘greatly inflated, grossly exaggerated, and objectively false,’ and went on to detail many of those valuations that he claimed.

She accused them of creating ‘more than 200’ false and misleading asset valuations.

Among his alleged misdeeds, she accused Trump of ‘intentional and deliberate fraud’ by tripling the size of his Trump Tower penthouse apartment, thereby goosing its value.

She Trump claimed the apartment was 30,000 square feet. ‘In reality, the apartment had an area of less than 11,000 square feet.’ Based on the inflated square footage, the apartment was valued at $327 million.

‘To this date, no other apartment in New York City has ever sold for that much,’ she said.

 

Mar-a-Lago at $730M when it should be $75M, apartments inflated by 65 times and $127 M for a golf course losing money: The breakdown of properties New York AG claims Trump inflated and how he did it – as he claims SHE is the fraud

By Morgan Phillips, Politics Reporter For Dailymail.com

After a three-year probe into the former president’s finances New York attorney general Letitia James filed a civil lawsuit against Donald Trump on Wednesday for alleged ‘numerous acts of fraud.’ 

Following a review of ‘millions of documents’ with a team of investigators, she told reporters she was suing Trump for ‘violating the law as part of his efforts to generate profits for himself, his family and his company.’  James specifically named Trump and his three adult children, Don Jr., Eric, and Ivanka Trump, and said they ‘persistently’ inflated the value of assets. 

The attorney general, who is running for reelection in November, claimed the financial benefit from the scheme in total was $250 million, including interest savings and transaction profits, and came in financial statements from 2001 to 2021. The former president, in turn, claimed James, who is black, is ‘racist’ and she herself is the ‘fraud.’

Here’s a breakdown of the lawsuit’s biggest accusations: 

Trump claimed his Trump Tower penthouse apartment was three times its actual size – and worth a whopping $327 million

According to James, Trump claimed his penthouse in Trump Tower in Manhattan was 30,000 square feet when in reality the place was only a third of that size – 11,000 square feet. Based on the inflated square footage, Trump valued the apartment at $327 million, a price which James called ‘absurd.’ 

‘To this date, no other apartment in New York City has ever sold for that much,’ she said.

Trump valued Mar-a-Lago at nearly 10 times what it was worth at $739 million

Trump’s Florida golf resort was valued at $739 million ‘based on the false premise that it was unrestricted property and could be developed for residential use,’ according to James. Her office pointed out that Trump donated the residential development rights of the property and sharply restricted making any changes. She claims that the property should have been valued at $75 million and brings in about $25 million in revenue per year. 

Trump valued his Park Avenue based on the units’ market value, though they were rent stabilized and worth far less at a total of $84.5 million

The Trump Organization received a valuation for Trump Park Avenue, a 32-story condo building with 120 apartments and eight penthouses, in 2020 at $84.5 million. 

On a 2020 statement of Trump’s financial condition he listed the property being worth $135.8 million. 

James’ team found that in 2011 and 2012, Trump ‘ignored legal restrictions’ listed 12 rent-stabilized units in the building by what they would be worth if they could be rented out at market value. Trump claimed the units were worth $50 million, over 65 times the $750,000 those units were appraised at in 2010. 

Trump valued his Seven Springs estate nearly ten times what it was appraised for only a few years prior at up to $291 million

In 1995 Trump purchased his 213-acre estate in Westchester County, New York  for $7.5 million. Two decades later in 2006 it was found to be worth $30 million, but Trump’s statements of financial condition from 2011 to 2021 found the property to be worth $261 million and $291 million.  

In 1995 Trump purchased his 213-acre estate in Westchester County, New York for $7.5 million

In 1995 Trump purchased his 213-acre estate in Westchester County, New York for $7.5 million

Trump tears into ‘racist’ New York Attorney General Letitia ‘Peekaboo’ James after she files suit against him 

‘Another Witch Hunt by a racist Attorney General, Letitia James, who failed in her run for Governor, getting almost zero support from the public, and now is doing poorly against Law & Order A.G. candidate, highly respected Michael Henry,’ Trump wrote in a post on Truth Social. 

‘I never thought this case would be brought – until I saw her really bad poll numbers. She is a fraud who campaigned on a “get Trump” platform, despite the fact that the city is one of the crime and murder disasters of the world under her watch!’ 

Trump added in a followup post: ‘Attorney General Letitia “Peekaboo” James, a total crime fighting disaster in New York, is spending all of her time fighting for very powerful and well represented banks and insurance companies, who were fully paid, made a lot of money, and never had a complaint about me, instead of fighting murder and violent crime, which is killing New York State. She is a failed A.G. whose lack of talent in the fight against crime is causing record numbers of people and companies to flee New York. Bye, bye!’ 

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Trump listed the value of 40 Wall Street at over $300 million what it was found to be worth at $530 million

The Trump building at 40 Wall Street, where Trump owns the ground lease was valued at $220 million in 2012. The Trump Organization listed the property’s value at $530 million in 2013. 

Trump told Nevada tax authorities Trump International Hotel and Tower in Las Vegas was worth far less than what his financial statement showed at $108 million

 Trump owns a 50 percent stake in a hotel condominium tower together with businessman Phillip Ruffin. In 2015 the Trump Organization submitted a $24,950,000 valuation to contest taxes they owed to Nevada, but the same year his statement showed the property to be worth $108 million. 

Trump did not factor in escalating rent expenses for his Niketown valuation in the mid-$400 million range

Trump owns two ground leases for a space that adjoins Trump Tower that for many years he rented to Nike. In 2020 and 2021 Trump reported the value of the property was in the mid-$400 million range, while James’ office found the property to be worth $225-$250 million range, arguing that Trump had not factored in ‘escalating scheduled rent expenses.’ 

Trump used ‘deceptive techniques’ to list the value of his golf and social clubs 

James’ office found that Trump used a number of ‘deceptive techniques’ to estimate the value of his 12 clubs. The first is a ‘fixed asset scheme,’ where she says Trump valued the clubs based on fixed assets without factoring in any depreciation. Others schemes listed involved factoring the value of memberships into the valuation while listing Trump’s liability for those memberships as zero. A ‘brand premium scheme’ entailed the Trump Organization adding a premium to inflate the value of golf courses and clubs, often up to 30% for the ‘Trump Brand,’ while claiming that brand premiums were not included. 

Trump valued his Turnberry golf course on a fixed asset scheme at $127 million even though it has been operating at a loss 

In 2017, Trump’s golf course in Turnberry, Scotland, was valued at nearly $127million. But James insists it has operated as a loss since then, and says it was ‘false and misleading’ of Trump to use a valuation of the course based on a fixed asset scheme. 

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