Bad news for the Trump crime family:
The accounting firm Mazars has fired the Trump Organization as a client after saying that a decade’s worth of statements of ex-President Donald Trump’s financial condition “should no longer be relied upon,” the New York Attorney General’s office revealed in a court filing Monday.
Mazars, which for years prepared Trump’s income tax returns and financial statements used to obtain loans for his company, told the Trump Organization’s top lawyer Alan Garten that it would no longer represent the company due to the lack of reliability of the financial statements in a letter last Wednesday.
The letter was cited by AG Letitia James’ office on Monday as it asked a state judge to order the Trump Organization, Donald Trump Jr. and his sister Ivanka Trump, and others to comply with subpoenas seeking documents and testimony.
James for several years has been investigating how the Trump Organization valued certain real estate assets in applications for loans, insurance policies, and tax-related issues.
The pressure is building on the Trump crime family to testify under oath and provide documents that would now appear, to the extent they were Mazars- involved, "no longer [to] be relied upon" (translation: fraudulent). They're increasingly being caught between the proverbial rock and hard place.
In the meantime, perhaps the Trump crime family will be able to find another sucker accounting firm to handle his tax and financial statements (is there a Four Seasons Tax and Landscaping Consultants out there?).
BONUS:
For any business (including a privately-held one) that has outside financing or investors, having your financial statements (let alone 10 years' worth!) pulled by your accountants is just about the most calamitous thing that could happen to it, other than perhaps being indicted.
— George Conway (@gtconway3d) February 14, 2022
And from the prosecutor on the successful Trump University fraud case:
The Mazars accounting letter may now result in Trump being considered in material breach of one or more of these lending agreements.
— Tristan Snell (@TristanSnell) February 14, 2022
So the lenders, like DeutscheBank, could potentially call the loans early, change the interest rates, impose penalties or fees, etc.
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