Trump’s Long-Term Finance Firms Break Relationships Through Financial Statements

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Trump's Long-Term Finance Firms Break Relationships Through Financial Statements

In a statement, the accounting firm said that “under our standards of professional ethics, we cannot comment on any client services or relationships.”

A spokesman for the district attorney, Alvin Bragg, declined to comment.

Another disclaimer notes that Mazars did “not express an opinion or provide any assurance about” the statements, a common caveat in statements of financial condition. The firm also disclosed that, while compiling the information for Mr. Trump, they had “become aware of departures from accounting principles generally accepted in the United States of America.”

Both investigations still face obstacles. While the statements may contain exaggerated estimates of Mr. Trump’s property values, those same documents also include a number of disclaimers, including acknowledgments that Mr. Trump’s accountants had neither audited nor authenticated his claims.

Story Highlights

  • A spokeswoman for Ms. James declined to comment beyond the filing.

  • It is unclear whether Mazars’ break with the Trumps will have any bearing on the district attorney’s criminal investigation into Mr. Trump. The firm has been cooperating with that investigation, and Mr. Trump’s main accountant at Mazars has already testified before a grand jury hearing evidence about Mr. Trump.

Understand the New York A.G.’s Trump InquiryCard 1 of 6

An empire under scrutiny. The New York State attorney general is currently conducting a civil investigation into former president Donald Trump’s business practices. Here’s what to know:

The origins of the inquiry. The investigation started after Michael D. Cohen, Mr. Trump’s former personal lawyer and fixer, testified to Congress that Mr. Trump and his employees had manipulated his net worth to suit his interests. The potential impact. Because the investigation is civil, the attorney general cannot file criminal charges and would have to sue Mr. Trump. Ms. James could seek financial penalties and try to shut down certain aspects of Mr. Trump’s business.

Mr. Trump’s response. Mr. Trump has filed a lawsuit against Letitia James, the New York attorney general, seeking to halt the inquiry. The suit argues that the attorney general’s involvement in the inquiry was politically motivated. Mr. Trump’s lawyers would likely argue that his lenders, sophisticated financial institutions like Deutsche Bank, would not have relied on the statements when providing him loans.

Still, in her court filing last month, Ms. James highlighted potential misleading statements about the value of at least six Trump properties, including golf clubs in Westchester County, N.Y., and Scotland, as well as Mr. Trump’s own penthouse home in Trump Tower.