Former President Donald Trump’s long time accounting firm said the financial statements made by the Trump Organization over the last nine years can no longer be viewed as reliable (Picture: AP)
Former President Donald Trump’s long-time accounting firm said the financial statements made by the Trump Organization over the last nine years can no longer be viewed as reliable, according to a letter made public on Monday by New York Attorney General Letitia James
The firm, Mazars USA, said in a letter that it will no longer work with the Trump Organization, citing a conflict of interest.
‘We have come to this conclusion based, in part, upon the filings made by the New York Attorney General on January 18, 2022, our own investigation, and information received from internal and external sources,’ Mazars Group General Counsel William Kelly wrote in a letter to the Trump Organization’s Chief Legal Officer Alan Garten.
In the letter, Kelly wrote that the firm’s work between 2011 and 2020 ‘should not be relied upon.’
‘While we have not concluded that the various financial statements, as a whole, contain material discrepancies, based upon the totality of the circumstances, we believe our advice to you to no longer rely upon those financial statements is appropriate,’ he said.
The company also advised the Trump Organization to inform any recipients of the statements, such as lenders or insurers, to not rely on the statements.
The financial statements, which were used to secure loans, are the focus of two separate investigations into the former president and his family company. Both the Manhattan district attorney’s office and the officer of the New York attorney general have been probing whether Trump used the statements to defraud his lenders into giving him more desirable loan terms.
The letter was included in a court filing by James’s office on Monday, which has been trying to enforce a subpoena for documents from Trump and get testimony from him, Donald Trump Jr and Ivanka Trump. A court hearing has been set for Thursday.
In a court filing last month, James’s office alleged it found evidence ‘indicating that the Trump Organization used fraudulent or misleading asset valuations to obtain a host of economic benefits, including loans, insurance coverage, and tax deductions,’ also noting that there were numerous ‘misleading statements and omissions,’ within financial statements.
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