New York Attorney General Letitia James Opens Investigation Into 2 Banks Associated With Trump Organization

by Matt ReisineMarch 15, 2019, 7:55 pmDaily Digest, Home Featured, News >

This week, the New York attorney general’s office issued subpoenas to Deutsche Bank and Investors Bank. According to The New York Times, the records concern “the financing of four major Trump Organization projects and a failed effort to buy the Buffalo Bills of the National Football League in 2014.”

Deutsche Bank is among the few lenders still willing to cooperate with Donald Trump and is currently under two other congressional investigations. It is currently cooperating with Democrats in their investigations. Deutsche Bank was also investigated last year by state banking regulators, although they took no action against the bank.

This newest investigation is being helmed by Attorney General Letitia James was inspired by testimony given last month by Michael Cohen, Trump’s former lawyer and “fixer.” When James was elected in November, she pledged to investigate Trump’s business dealings. “I will be shining a bright light into every dark corner of his real estate dealings, and every dealing, demanding truthfulness at every turn,” she said.

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James’ examination is currently a civil investigation and not a criminal one, but the exact nature of her probe is currently “unclear.” Notably, the attorney general has the capacity to investigate fraud, and can either fine or, in larger cases, take a business to court to dissolve it if it’s guilty of repeated criminality.

In 2014, Trump sought to purchase the Buffalo Bills and presented Deutsche Bank personal financial statements in preparation to make a bid on the team. Trump’s bid was beat out by Terry and Kim Pegula‘s, who bought the team for a reported $1.4 billon.

A United States-based branch of Deutsche Bank loaned Trump over $100 million in 2012, which he used to pay for the Doral golf resort, and $170 million more in 2015 to help transform the Old Post Office Building in Washington into a hotel. Meanwhile, Investors Bank, which is situated in New Jersey, helped with the Trump Park Avenue project.