Asset formula

Trump and two children set to testify July 15 in assets investigation

(June 9): Donald Trump and two of his children have agreed to testify from July 15 as part of a New York investigation into potentially fraudulent asset appraisals at their real estate company, even as a judge ruled that the former president was still in contempt of court.

Trump, Donald Trump Jr. and Ivanka Trump’s agreement to testify was outlined in a document filed Wednesday in Manhattan State Court, where New York Attorney General Letitia James sued in 2020 to enforce a series of subpoenas.

James, a Democrat, is investigating whether the Manhattan-based Trump Organization manipulated asset valuations to secure more favorable terms for bank loans and insurance as well as tax breaks.

The programming became inevitable after an intermediate appeals court upheld a ruling that subpoenas for the Trumps’ testimony were valid and not politically motivated. Family members could still avoid depositions if the state’s highest court grants a stay, which they agreed to seek by June 13 if they opt for that remedy, according to the filing.

If the depositions are not suspended, they will take place just as Trump prepares to be questioned under oath for seven hours in a fraud lawsuit brought by investors in a multi-level marketing company he endorsed for a decade on her reality TV show. Donald Jr., Ivanka and Eric Trump are also scheduled to testify for seven hours each in the case.

Trump in contempt

Hours after the deal was struck, Judge Arthur Engoron ruled that Trump was still contemptuous for failing to comply with James’ subpoena for documents in his possession. The judge said Trump would only be in compliance once he turned over copies of his company’s record retention policies.

“I just want this done, and I think this is the best way to do it,” Engoron said during a remote hearing, in which he denied Trump’s request to lift the ban. contempt order. “I understand that we have a slight difference of opinion.”

Trump lawyer Alina Habba told the judge she thought a different client would be treated differently, suggesting the judge’s decision was politically motivated.

“I just think the opinion is very much based on who my client is, and that’s concerning,” Habba said.

“I’m trying to get myself out of the equation,” Engoron said. “It has nothing to do with me.”

Cohen’s testimony

James launched the investigation into the valuations at the Trump Organization after former Trump lawyer and fixer Michael Cohen testified before Congress in 2019 that the company released fraudulent financial statements.

A primary focus of his investigation was the Trump Organization’s valuation of Seven Springs, a 212-acre estate in Westchester County. His office attempted to determine whether the company had given an accurate valuation of the property as it served as the basis for approximately US$21.1 million in tax deductions for the donation of a conservation easement for the year of tax 2015.

Trump’s 40 Wall Street skyscraper and Chicago hotel also came under scrutiny.

The case is New York v. Trump Organization, 2022-00814, Supreme Court of the State of New York (Manhattan).


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