Trump’s Accounting Firm Says 9 Years Of Ex President’s Financial Statements ‘Should No Longer Be Relied Upon’
Former President Donald Trump‘s accounting firm, Mazars USA, said that it was severing ties with the Trump Organization as it could no longer attest to the financial documents it prepared amidst the criminal and civil investigations into the organization’s finances.
New York Attorney Gen. Letitia James said last month that she has been able to uncover “significant evidence indicating that the Trump Organization used fraudulent and misleading asset valuations on multiple properties to obtain economic benefits including loans, insurance coverage and tax deductions for years.”
In a February 9 letter to the Trump Organization, Mazars notified the company that they couldn’t stand behind the annual financial statements that they compiled using the information the Trump Organization had given them. In 2019, former Trump lawyer Michael Cohen testified that the company’s valuations did not match the “data and documentation” submitted to Mazars.
“We write to advise that the Statements of Financial Condition for Donald J. Trump for the years ending June 30, 2011 — June 30, 2020, should no longer be relied upon and you should inform any recipients thereof who are currently relying upon one or more of those documents that those documents should not be relied upon,” William Kelly, who is the general counsel for Mazars, wrote in the Feb. 9 letter.
“While we have not concluded that the various financial statements, as a whole, contain material discrepancies, based upon the totality of the circumstances, we believe our advice to you to no longer rely upon those financial statements is appropriate,” Kelly added.
Mazars has been cooperating in the investigation, but it could still be difficult to use the new information against the Trump Organization due to numerous disclaimers in the statements. James seeks to question Trump and his two adult children Donald Trump Jr. and Ivanka Trump to testify in her probe of the Trump Organization’s finances.