Beautiful Virgin Islands

Monday, Sep 01, 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
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
Federal Reserve Independence Questioned Amid Trump’s Push to Reshape Central Bank
British Politics Faces Tumultuous Autumn After Summer of Rebellions and Rising Farage Momentum
US Appeals Court Rules Against Most Trump-Era Tariffs
UK Sought Broad Access to Apple Users’ Data, Court Filing Reveals
UK Bank Shares Dive Over Potential Tax on Sector
Germany’s Auto Industry Sheds 51,500 Jobs in First Half of 2025 Amid Deepening Crisis
Bruce Willis Relocated Due to Advanced Dementia
French and Korean Nuclear Majors Clash As EU Launches Foreign Subsidy Probe
EU Stands Firm on Digital Rules as Trump Warns of Retaliation
Getting Ready for the 3rd Time in Its History, Germany Approves Voluntary Military Service for Teenagers
Argentine President Javier Milei Evacuated After Stones Thrown During Campaign Event
Denmark Confronts U.S. Diplomat Over Covert Trump-Linked Influence in Greenland
Starmer Should Back Away from ECHR, Says Jack Straw
Trump Demands RICO Charges Against George Soros and Son for Funding Violent Protests
Taylor Swift Announces Engagement to NFL Star Travis Kelce
France May Need IMF Bailout, Warns Finance Minister
Chinese AI Chipmaker Cambricon Posts Record Profit as Beijing Pushes Pivot from Nvidia
After the Shock of Defeat, Iranians Yearn for Change
Ukraine Finally Allows Young Men Aged Eighteen to Twenty-Two to Leave the Country
The Porn Remains, Privacy Disappears: How Britain Broke the Internet in Ten Days
YouTube Altered Content by Artificial Intelligence – Without Permission
Welcome to The Definition of Insanity: Germany Edition
Just a reminder, this is Michael Jackson's daughter, Paris.
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
×