New York Attorney General Investigating Whether President Trump Falsely Inflated His Assets, Calls On Eric Trump To Testify

Court documents made public Monday indicate the Trump Organization is being investigated by New York Attorney General Letitia James over whether it falsely inflated assets to obtain loans and certain tax benefits.

James urged a judge to force President Donald Trump's son, Eric Trump, and the Trump Organization, to comply with subpoenas as part of the inquiry. James wants the judge to order Eric Trump to testify under oath and the Trump Organization to provide documents about four properties.

The filing said the subpoenas were part of an "ongoing confidential civil investigation into potential fraud or illegality." The filings were made last week in State Supreme Court in Manhattan.

James’ office has not yet determined whether Trump’s businesses have broken the law.

"For months, the Trump Organization has made baseless claims in an effort to shield evidence from a lawful investigation into its financial dealings," James said in a statement. "They have stalled, withheld documents, and instructed witnesses, including Eric Trump, to refuse to answer questions under oath. That’s why we've filed a motion to compel the Trump Organization to comply with our office’s lawful subpoenas for documents and testimony. These questions will be answered and the truth will be uncovered, because no one is above the law."

Separately, Manhattan District Attorney Cyrus Vance Jr. is investigating President Trump’s finances and whether he paid hush money to women with whom he had alleged affairs prior to the 2016 election. Vance has subpoenaed Trump’s longtime accounting firm, Mazars USA, for eight years of his tax returns and business records.

Trump’s former personal lawyer, Michael Cohen, has accused the president of lying about his assets to suit his needs. Cohen, who began a three-year prison sentence in May 2019 after pleading guilty to lying and to tax, bank and campaign finance crimes, said Trump inflated his net worth by $4 billion in a failed bid to buy the Buffalo Bills football team in 2014.

"It was my experience that Mr. Trump inflated his total assets when it served his purposes, such as trying to be listed among the wealthiest people in Forbes, and deflated his assets to reduce his real estate taxes," Cohen said in a testimony before the House Oversight Committee in February 2019.

In a 2007 deposition, Trump admitted his net worth fluctuates based on his feelings.

“My net worth fluctuates, and it goes up and down with markets and with feelings, even my feelings,” Trump said at the time.

In July 2015, Trump claimed to be worth more than $10 billion. Forbes currently estimates that Trump has a net worth of $2.1 billion.