New York state's attorney general Letitia James on Wednesday filed a civil suit against Donald Trump and his family for overstating asset valuations and deflating his net worth by billions for tax and insurance benefits.
Donald Trump stands with his children Eric, Ivanka, and Donald Jr. at Trump Tower in New York January 11, 2017 Timothy A. Clary/ AFP
James told journalists her office is seeking that the former president pay $250 million in penalties, as well as banning his family "from running NY business for good" and barring him and his company from purchasing property in the state for five years.The lawsuit, filed in Manhattan, accuses the Trump Organization of wrongdoing in preparing Trump's annual statements of financial condition from 2011 to 2021.
"With the help of his children and senior executives at the Trump Organization, Donald Trump falsely inflated his net worth by billions of dollars to unjustly enrich himself and cheat the system," James said in a statement.
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