NY Accuses Trump Of Forming New Company To Hide Assets, Motions To Block

The New York Attorney General’s Office moved Thursday to stop former President Donald Trump moving his assets to a different company. This was in the context of an investigation led by Leticia James, New York attorney general (AG).

CNBC reported that James asked Arthur Engoron, a judge at the New York Supreme Court’s 1st Judicial District, to stop Trump from moving his holdings into his Delaware-based company “Trump Organization II LLC.” This LLC was allegedly founded Sept. 21. It is believed that he formed it the same day James sued Trump and his family. According to James, if Trump loses the lawsuit brought by the New York AG against him, it would be difficult to impose a fine on the Trump Organization if the company’s holdings are not in the defendants case.

“The Trump Organization appears to be more than just a continuation of its frauds, it seems.
The outlet reported that James’ lawyers claimed that the firm was taking steps to restructure itself to avoid New York law responsibilities.

She tweeted that James had asked for the court to grant a motion to hold and to “appoint an impartial monitor to supervise any new financial disclosures made by banks or insurers in order to ensure they aren’t fraudulent.”

James charged Trump, his oldest children, the Trump Organization and former Trump Organization CFO Allen Weisselberg with manipulating asset values in order to pay lower taxes, fulfill loan agreements and secure better insurance and loans. James’ lawsuit seeks to ban Trump Jr., Eric, Ivanka, and any other New York-registered or license corporation, as well as prohibit the former president and Trump Organization from applying for loans or starting new acquisitions.