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The accounting firm that prepared former President Donald Trump’s annual tax returns says these documents, used to secure large loans and enhance his image as a wealthy entrepreneur, “should no longer be considered credible.” , after the New York attorney general said they had regularly reported the wrong value of the assets.
In a letter to Trump’s lawyer on February 9, Mazars USA LLP advises informing anyone who has received these documents that they should not be used to assess the financial condition of the company and the former president.
The letter came just weeks after New York Attorney General Letitia James said her office had found evidence that Mr. Trump and company used the “false and misleading” assessment of the value of golf clubs, towers and other property. with the intention of obtaining loans and tax cuts.
“Although we have not concluded that the various financial statements, in their entirety, contain material discrepancies, based on the entirety of the circumstances we believe that our advice not to rely on these financial statements is appropriate,” writes Mazars lawyer William J. Kelly, in the letter to his Trump counterpart Alan Garten.
Mr Kelly said Mazars had done its job on the financial statements “in line with professional standards”, but could no longer support the documents following recent findings by Ms James and the company’s own investigations.
Mr. Kelly also informed Mr. Garten that Mazars could no longer continue to work with Mr. Trump because of a conflict of interest and that he had encouraged him to seek another company to prepare the tax return.
Mazars says its findings relate to Mr. Trump’s financial statements for the period 2011-2020. According to court records, his 2021 tax return was prepared by another accounting firm.
Ms. James’s office included a copy of Mr. Kelly’s letter in a lawsuit Monday in which she seeks the execution of a summons for Mr. Trump and two of his children to testify as part of a civil investigation she is conducting. The arguments will be heard by Judge Arthur Engoron on Thursday.
The Manhattan District Attorney’s Office is also conducting a parallel criminal investigation into Mr. Trump’s business practices.
Mr. Trump has submitted Financial Statements, which serve to present the status of his assets, to banks to obtain hundreds of millions of dollars in property loans, e.g. an office building on Wall Street and a golf course in Florida, as well as in financial magazines to justify his ranking among the richest people in the world.
In a statement, the Trump Organization stated that Mr. Kelly’s letter “confirms that after a review of all previous statements of financial position, Mazars’s work has been performed in accordance with all accounting standards and principles and that these statements financial condition does not contain substantial discrepancies. This confirmation raises questions about the investigations of the regional prosecutor and the general prosecutor “./ VOA /
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