The firm that spent ten years accounting for the Trump Organization, a holding company owned by the former president, no longer stands behind its financial statements. In a letter, the firm, Mazars, advises the attorney for Trump’s organization not to use the documents anymore.
The advisory follows New York Attorney General Letitia James’ disclosure that Trump and his organization have acted fraudulently and deceptively in valuing golf clubs, skyscrapers and other real estate. Mazar will also no longer do any new work for Trump.
Mazars does not endorse in so many words that fraud has taken place, but advice not to rely on the financial statements is “in order”. The Trump Organization emphasizes in a response that it has acted according to accounting standards, and that the judiciary has no case with this.
Prosecutor James says Trump’s accountant’s statement shows the importance of her investigation. That investigation focuses, among other things, on whether Trump’s organization passed on incorrect real estate values in order to obtain loans and economic and tax benefits.
In addition, there is also a criminal investigation into Trump’s business dealings.
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