Former president Donald Trump and three of his grown children were slapped with a sweeping new lawsuit on Wednesday, alleging that they flagrantly misrepresented the value of some of their properties and other assets to get tax breaks and better terms on bank loans and insurance policies. The civil complaint filed by New York Attorney General Letitia James (D) seeks to recover $250 million and prohibit Trump, Eric Trump, Donald Trump Jr. and Ivanka Trump from serving as executives at any company in New York. It also would bar the Trump Organization from acquiring any commercial real estate or receiving loans from any New York-registered financial institution for five years.
James, who has been investigating Donald Trump’s business practices since 2019, used witness testimony and financial records to allege that the former president himself played a central role in the alleged scheme. The Trump family and their lawyers have accused James of coming after them as part of a political witch hunt.
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