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US: NY Attorney Asks for Legal Action to Stop Donald Trump’s Alleged Business Fraud

New York Attorney Demands Prevent Transfer of Assets to Trump Organization | Font: AFP

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Attorney General of New York Letitia James, He asked the judge to impose measures to prevent former US President Donald Trump and his company from continuing their alleged fraudulent activities, as well as to prevent them from transferring the assets of the new company, fearing that he would use this to avoid possible punishment from justice.

James sued the mogul last month and Trump Organization for fraudulently obtaining loans, insurance benefits and underpayment of taxes – a long-standing case awaiting trial.

Suspicious restructuring

According to the prosecutor, on the same day that this lawsuit was filed, the former president’s company carried out a restructuring, through which it seems to be trying to “get away from the scale” of this government action.

Among other things, Trump Organization registered a new organization in Delaware called the Trump II Organization, and the company has so far refused to give guarantees that it will not withdraw assets from New York in order to avoid possible sanctions.

James wants the judge in the case, Arthur Engoronrules that a company may not transfer assets to any other entity without prior court approval.

In addition, the New York Attorney accuses the Trump Organization of “continuing the same fraudulent activities” of which it is accused.

“Today, we are committed to immediately stop these actions, because Mr. Trump should not be able to play by other rules,” he said. James this is a statement.

Required measures

In particular, the prosecutor’s office wants the judge to ban Trump Organization submit financial reports to banks and insurance companies that do not properly report on the methods used to value their assets.

On demand Jamesfor years, the company devoted itself to “illegally inflating and devaluing” its assets in order to obtain loans on better terms or to get insurers to give it more coverage for lower fees.

The prosecutor’s office today asked the judge to appoint an independent observer while waiting for the trial to analyze all the messages that Trump Organization represent creditors and insurers.

“There is every reason to believe that the defendants will continue such fraudulent activities throughout the trial, unless they are supervised by order of this court,” the report says. James in his letter to Engoron. (EFE)


Source: RPP

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