Beautiful Virgin Islands

Tuesday, Jun 24, 2025

Trump created new company, possibly to offload assets, New York AG says

Trump created new company, possibly to offload assets, New York AG says

New York state Attorney General Letitia James said on Thursday that Donald Trump's family company created a new entity, "Trump Organization II LLC," in a possible attempt to offload assets before her civil fraud case against the former U.S. president and his family company goes to trial.

Trump Organization II was registered in New York state on Sept. 21, the same day James accused the Trump Organization, Trump and three of his adult children of overvaluing their real estate assets and Trump's net worth.

James is urging a New York state court in Manhattan to appoint an independent monitor to oversee the company to make sure that the Trump Organization does not dispose of assets without court approval and provides honest, clear financial statements to third parties.

Trump, a Republican, and his company have denied wrongdoing and called the case a politically motivated "witch hunt." James is a Democrat and is running for re-election in November.

"We have repeatedly provided assurance, in writing, that the Trump Organization has no intention of doing anything improper," Alina Habba, a lawyer for Trump, said in a statement, calling James' request a "stunt" to help her re-election campaign and an attempt to influence which judge gets assigned the case.

Lawyers for his children Donald Trump Jr., Eric Trump and Ivanka Trump did not respond to requests for comment.

James said the Trump Organization has not provided assurances it will not seek to move assets out of New York. The newly formed New York company was registered by a Delaware entity called The Trump Organization LLC, which itself was formed on Sept. 15, New York state records show.

She also asked to speed up the case and to seta trial date for October 2023. She said the company continued to use practices it knew to be improper.

"Since we filed this sweeping lawsuit last month, Donald Trump and the Trump Organization have continued those same fraudulent practices and taken measures to evade responsibility," James said in a statement.

The lawsuit accused Trump of scheming to fraudulently induce banks to lend money more cheaply, coax insurers into providing coverage for higher limits at lower premiums, and obtain tax benefits.

James said Trump pretended his Trump Tower apartment was 30,000 square feet, when it was actually 10,996 square feet, and that its $327 million valuation in 2015 was "absurd" because no New York City apartment had sold for even $100 million at the time.


'AN ABSOLUTE FOOL'


The Trump Organization manages hotels, golf courses and other real estate around the world, and had been under investigation by James for more than three years. The probe included a contentious court battle to get Trump to sit for a deposition.

Trump ultimately declined to answer questions during an interview in James' office on Aug. 10, citing his constitutional right against self-incrimination.

"Anyone in my position not taking the Fifth Amendment would be a fool, an absolute fool," Trump said at the start of the deposition, according to a partial transcript of the deposition filed in court by James' office on Thursday.

In a trial, jurors could take his silence into account. Politically, it also could give adversaries ammunition about whether Trump has something to hide as he mulls another presidential run in 2024.

Through the lawsuit, James is seeking to remove the Trumps from power at their company, prohibit Trump and the three adult children named in the case from serving as corporate officers or directors in New York, and to recoup at least $250 million of alleged improper gains.

Manhattan District Attorney Alvin Bragg has separately charged the Trump Organization with criminal tax fraud, and is preparing for an Oct. 24 trial. The company has pleaded not guilty.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
×