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Accounting firm: Trump financial statements aren't reliable

Trump Legal Troubles
Posted at 6:14 PM, Feb 14, 2022
and last updated 2022-02-14 18:16:06-05

NEW YORK (AP) — The accounting firm that prepared former President Donald Trump’s annual financial statements says the documents “should no longer be relied upon” after investigators said they found evidence he and his company regularly misstated the value of assets.

The documents were used to secure lucrative loans and burnish Trump’s image as a wealthy businessman.

Mazars USA LLP disclosed its findings and cut ties with the Trump Organization in a letter on Feb. 9.

Weeks earlier, New York Attorney General Letitia James said her office uncovered evidence Trump and the company used “fraudulent or misleading” valuations of its golf clubs, skyscrapers and other property to get loans and tax benefits.

According to CNN, a Trump Organization spokesperson said claims the financial statements were properly recorded.

"While we are disappointed that Mazars has chosen to part ways, their February 9, 2022 letter confirms that after conducting a subsequent review of all prior statements of financial condition, Mazars' work was performed in accordance with all applicable accounting standards and principles and that such statements of financial condition do not contain any material discrepancies," the spokesperson said.