Donald Trump is potentially facing a $250m fine and being banned from running a business in New York City.
Letitia James, the New York State attorney-general, is seeking to bar the former president from serving as a company officer or director in the state for life, along with his three eldest children, Donald Jr, Ivanka and Eric, and two senior staff.
Her 280-page lawsuit, released yesterday, accuses them of more than 200 examples of manipulating property values and making numerous false financial statements over a 10-year period from 2011.
The properties range from offices to golf courses and even Trump’s New York apartment.
James has said she will share the details with the criminal authorities who are carrying out a parallel investigation.
In her civil suit, James has accused Trump of committing criminal acts including falsifying business records, issuing false financial statements, insurance fraud, conspiracy and bank fraud.
She gave the example of Trump’s property at 40 Wall Street where independent valuers put its worth at around $200m in 2010 and $220m in November 2012. In Trump’s 2011 financial statement, he listed it at $524m.
Trump has accused James of a “racist witch hunt”.
