Trump’s longtime accounting firm cuts ties on financial statements

It’s unclear whether Mazars’ breakup with the Trumps will affect the district attorney’s criminal investigation of Mr. Trump. The firm has cooperated with this investigation, and Mr. Trump’s senior accountant at Mazars has previously testified before a grand jury hearing evidence relating to Mr. Trump.

District Attorney Alvin Bragg’s office declined to comment.

Both investigations still face obstacles. While the statements may contain inflated estimates of the value of Mr. Trump’s properties, those same documents also include a number of disclaimers, including acknowledgments that Mr. Trump’s accountants had neither audited or authenticated its claims.

Another disclaimer notes that Mazars “did not express an opinion or provide assurance on” the statements, a common disclaimer in financial disclosure statements. The company also revealed that in compiling the information for Mr. Trump, it “became aware of departures from generally accepted accounting principles in the United States of America”.

Mr. Trump’s lawyers would likely argue that his lenders, sophisticated financial institutions like Deutsche Bank, did not rely on the statements to make loans to him.

Yet in her court filing last month, Ms James pointed to potential misrepresentations about the value of at least six Trump properties, including golf clubs in Westchester County, NY and Scotland, as well as his own Mr. Trump’s penthouse at Trump Tower. .

According to that filing, Mr. Trump claimed the triplex apartment was 30,000 square feet, giving it a staggering $327 million worth. In truth, the apartment was 10,996 square feet.

Mr. Trump’s longtime chief financial officer, Allen H. Weisselberg, later admitted to investigators that the company had overvalued the apartment by $200 million.

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