New Fraud Lawsuit Could Spell End for Trump's Real Estate Empire

Former President Donald Trump's real estate empire is in peril after New York attorney general Letitia James filed a civil fraud lawsuit against him and three of his adult children that may lead them getting banned from engaging in realty transactions for the next five years.

The suit alleges Trump and his family have been dishonest about their net worth by falsely inflating it by billions in order to secure favorable loans from banks and insurance companies.

It also alleges that the Trump family's minimizing their companies’ tax bills to be paid which has been going on for more than a decade.

The lawsuit seeks $250 million in allegedly illegal profits and to bar Trump, Donald Trump Jr., Ivanka Trump and Eric Trump from catering to their multi-million dollar executives in New York—a spell that could end the Trump’s empire.

“I’m announcing that today we’re filing a lawsuit against Donald Trump for violating the law as part of his efforts to generate profits for himself, his family, his company,” James announced during a press conference in Manhattan on Wednesday.

“The complaint demonstrates that Donald Trump falsely inflated his net worth by billions of dollars to unjustly enrich himself and to cheat the system, thereby cheating all of us. He did this with the help of the other defendants,” she added.

According to James, her office was able to disclose federal criminal violations.

Issuance of false statements to financial institutions and bank fraud were all uncovered by James’ office and were immediately directed to the southern district of New York and the Internal Revenue Service (IRS), says The Guardian.

The lawsuit states: “The number of grossly inflated asset values is staggering, affecting most if not all of the real estate holdings in any given year.”

James used to serve as New York City’s public advocate who, during her campaign, made it known that Trump would be her top target for investigations to pursue legal actions against the New York native.

This has left the former president to assert that she was “on a political vendetta," according to POLITICO.