NY AG probes if Trump inflated assets for loans

Attorney General Letitia James filed a petition in state trial court in New York City naming the Trump Organization, an umbrella group for the Republican president's holdings, as a respondent along with other business entities. The filing also named Eric Trump and Seven Springs, a New York estate owned by the Trump family.

New York: New York's Democratic attorney general asked a court Monday to enforce subpoenas into an investigation into whether President Donald Trump and his businesses inflated assets on financial statements.

In the court filings, the attorney general's office wrote that "information regarding the valuation of Seven Springs is significant" to the office's investigation.

The investigation was launched in March 2019 after Trump's longtime personal lawyer Michael Cohen told Congress that Trump had inflated the value of his assets to obtain more favourable terms for loans and insurance coverage.

Since then, the attorney general's office has issued "a number of subpoenas and has taken testimony seeking information material to these matters," the court filing said. Investigators have not yet determined whether the law was broken.

AP