Shubham Banerjee on February 14, 2022
Donald Trump has often been smacked into controversy. It appears that the former President is once again talk of the town after his organization’s longtime accounting firm that used to prepare his annual financial statements quit.
The accounting firm said that the financial statements that were used to secure lucrative loans and burnish Trump’s image as a wealthy businessman, should no longer be relied upon after New York’s attorney general said they regularly misstated the value of assets. The firm now asserts that it has a ‘conflict of interest’ with the company.
The firm determined as a part of it’s own investigation that while there are not ‘as a whole, material discrepancies’ in the documents, that it is their ‘advice’ to no longer ‘rely’ on them. New York AG Letitia James, who has cited the company’s Statements of Financial Condition in her probe of the Trump Organization, included the letter in a filing Monday.
The firm’s exit comes as shocking news as it has been at the center of years worth of lawsuits regarding Trump’s financial information, including a fight that went all the way to the Supreme Court. They also said, Donald and Melania Trump’s returns are due Tuesday – and that they face a filing penalty of $10,000 per return if they miss the deadline.
The firm wrote a letter to the company’s chief legal officer, Alan Garten on Feb. 9 wherein they said, ‘We are not able to provide any new work product to the Trump Organization,’ The letter which ended the long-term financial relationship between Trump’s company and the accounting firm comes amidst an investigation where the AG accused Trump’s organization of using ‘fraudulent or misleading asset valuations to obtain a host of economic benefits.’
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February 14, 2022 10:14 pm
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