Business

Trump makes new claim to his wealth after accountants release him

“The Mazars’ decision to withdraw is clearly the result of malicious intimidation tactics by the AG and DA – also against other members of the Trump Organization,” Trump said in his statement. “The Mazars, who fear beyond belief, have made it clear in their conversations with us that they are willing to do or say anything to stop the ongoing threat that has been against them for many years.”

He pointed out that, in its letter informed the Trump Organization that the organization’s financial statements from 2011 to 2020 “should no longer be relied upon”, Mazars also said it had not concluded that the overall reports contained “material differences”. weak”. However, the company did say that “a total of circumstances,” including an investigation of its own financial statements, led it to conclude that they were unreliable.

Mazars did not respond to a request for comment.

The somewhat confusing nature of Mazars’ explanation makes it difficult to assess the motives and potential legal implications behind the decision to part with Mr. Lynn Turner, a former chief accountant at the Securities and Exchange Commission, said new information Mazars learns could require revisions to the company’s previous financial statements. While those initial statements contained many disclaimers, having significant new facts could leave the company vulnerable to litigation.

“They wouldn’t have released that letter otherwise,” he said.

In addition to signing statements about Mr. Trump’s financial status, which are used primarily when seeking bank loans or other credit, Mazars also prepares his tax returns, though although the company did not raise doubts about those things in its letter.

It is an offense to knowingly falsely file taxes with the government and there is no indication that prosecutors are pursuing that route. As a result, Mr. Trump’s tax returns have long been considered perhaps the most accurate depiction of his financial well-being.

The New York Times in 2020 obtained decades of tax information Trump and his companies, revealing that for all his claims of stellar business acumen and high net worth, he has actually lost money over the years, has Huge bank loans come due and face a lengthy IRS audit that could cost him. 100 million dollars. He usually pays little or no federal income tax.

https://www.nytimes.com/2022/02/16/business/trump-wealth-mazars.html Trump makes new claim to his wealth after accountants release him

Fry Electronics Team

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