Donald Trump and his children are sued for alleged fraud

•  Will they end up behind bars?
• The New York Attorney General filed the lawsuit.
• Donald and his children are named in the suit.

New York’s attorney general sued former President Donald Trump and his company on Wednesday, accusing them of financial fraud regarding some of their most prized properties, including buildings in Manhattan, Chicago and Washington, DC.

According to AP, the lawsuit was filed in state court by Attorney General Letitia James. It is the culmination of a three-year investigation into Trump and the Trump Organization. Trump’s three oldest children — Donald Jr., Ivanka and Eric Trump — are also named in the lawsuit.

Is Trump as rich as he claims?

Two company executives, Allen Weisselberg and Jeffrey McConney are also named in the suit, according to The Associated Press. The litigation sheds some light on the image of wealth that Trump has projected for decades.

He was known first as a real estate developer, then as the star of reality shows The Apprentice and Celebrity Apprentice, and finally as president. James, who is a Democrat, announced the details of the lawsuit at a news conference on Wednesday. The case appeared in a court filing Wednesday morning.

Why are Donald Trump and his children being investigated?

James said that Trump «artificially inflated his net worth by billions of dollars.» She added that Trump did this to bolster his image as a billionaire and for business advantage, but that when it came to paying taxes, Trump lowered the value of his properties.

«This investigation revealed that Donald Trump engaged in years of illegal conduct to inflate his net worth, to deceive banks and the people of the great state of New York,» James said at the news conference, according to AP.

They seek to prevent Trump from controlling his companies

«Claiming you have money that you do not have does not amount to the art of the deal. It’s the art of the steal,» added the Attorney General, referring to the title of the book written by Trump. James wants to separate the Trumps from the businesses involved in the alleged fraud.

In addition to assigning a monitor for five years to ensure that the company is correctly reporting and evaluating its value to creditors, insurers and tax authorities. She also wants to replace the current holders of the Trump trust. Filed Under: Donald Trump sued

What could the former US president lose?

This trust controls his business interests, with an independent trustee, prohibiting Trump and the Trump Organization from acquiring real estate properties for five years. In addition to prohibiting them from obtaining loans from banks in New York for five years.

It also considers permanently barring Trump or his three eldest children from serving as directors or deputy directors of any company registered in the state of New York, The Associated Press reported. It also seeks to permanently bar Weisselberg and McConney from holding any position of financial control over any business registered in New York State. Filed Under: Donald Trump sued