Donald Trump's Longtime Accountants Now Want Nothing To Do With Him
Donald Trump's longtime accounting firm, Mazars USA, may have just thrown the former president under the bus. As reported by The New York Times, the firm made a shocking revelation that Trump's financial records, which were previously used to secure the best loan terms and favorable tax deductions, "should no longer be relied upon." This move comes off the heels of New York State Attorney General Letitia James claiming that Trump and the Trump Organization have used "fraudulent or misleading" asset valuations in order to meet their bottom line.
On January 19, the New York attorney general revealed that her office has collected substantial evidence of Trump using fraudulent means to obtain loans and tax benefits. The office alleged that his company inflated the value of their slate of properties to become more attractive to lenders (and guarantee Trump's inclusion in wealthy people lists) and subsequently deflated them when it's time to face the IRS. Lawyers for the attorney general confirmed that they have yet to file a lawsuit, but her camp insists that Trump and two of his children, Ivanka Trump and Donald Trump Jr., should still testify under oath as part of their active participation in the civil probe.
Meanwhile, the Trump Organization offered a rebuttal, calling the investigation "baseless" and will be "vigorously defended." But now that Trump's accounting firm has chosen to distance itself from him and his company, it would be interesting to see how the whole case will play out.
Trump's accounting firm advised everyone to stop relying on his previous financial statements
On top of breaking their ties with Donald Trump and the Trump Organization, accounting firm Mazars USA alleged that ten years' worth of his financial statements cannot be trusted, per NPR. The firm's attorney notes that everyone should render Trump's financial statements from 2011 to 2020 essentially void and that the Trump organization should notify recipients of these statements to disregard them completely. Additionally, considering that they had worked on those files using information that Trump had given them, the firm warns that the public should not give any of the statements any weight.
On the other hand, the Trump Organization stated that they are disappointed that Mazars had parted ways with them, but they are not worried, arguing that the 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," according to The New York Times. Their camp also used it to confirm that all claims made against them are invalid.
Though Trump has seemingly come out unscathed whenever he's faced with legal charges, this move by Mazars may just be what implicates him.