Trump’s accounting firm resigns, saying its financial information should ‘no longer be relied upon’

The firm informed Trump in a letter sent last week, according to a court filing.

Former President Donald Trump’s accounting firm, Mazars USA, severed ties with Trump last week, saying its financial disclosures from 2011 to 2020 could no longer be relied upon, according to a letter the firm sent to Trump. Organization.

The letter was included in a court document filed Monday by the New York Attorney General’s Office, which is conducting a civil investigation into how the Trump Organization valued its real estate portfolio.

“We are writing to advise you that Donald J. Trump’s Statements of Financial Disposition for the years ending June 30, 2011 – June 30, 2020 should no longer be relied upon and you should advise all recipients who currently rely on one or more of these documents that these documents should not be relied upon,” the letter to Trump’s eponymous company reads.

“We have reached this conclusion based, in part, on documents filed by the New York Attorney General on January 18, 2022, our own investigation, and information received from internal and external sources,” the letter said. “Although we have not concluded that the various financial statements, taken together, contain material differences, based on the totality of the circumstances, we believe that our advice to no longer rely on these financial statements is appropriate. .”

Mazars effectively resigned as the Trump Organization’s accountant, saying, “Partly as a result of our decision on the financial statements, as well as the totality of the circumstances, we have also reached a point where there is an irrevocable conflict of interest with the Trump Organization.As a result, we are unable to provide any new work product to the Trump Organization.

The letter said the former president and his wife still had tax returns to file by February 15.

“We believe the only information remaining to supplement these statements is information regarding Matt Calimari Jr.’s apartment,” the letter said. “As you know, Donald Bender has been requesting this information for several months but has not received it. Once this information is provided to your new tax preparers, the returns can be completed.”

A spokesperson for the Trump Organization refuted the company’s characterization of the organization’s financial statements as unreliable.

“While we are disappointed that Mazars has chosen to separate, their letter dated February 9, 2022 confirms that after conducting a subsequent review of all prior financial statements, Mazars’ work has been carried out in accordance with all standards and applicable accounting principles and that these financial disclosure statements do not contain any material misstatements,” the spokesperson said. “This confirmation effectively renders the investigations conducted by the DA and AG moot.”

However, the New York Attorney General seized on the letter as reason why a judge should order compliance with a series of subpoenas issued to the company and personally to Trump, his eldest son Donald Jr. and his daughter eldest Ivanka.

“This development further reinforces what previous OAG submissions have already shown: the Court should order defendants to comply with the OAG’s document and subpoenas,” the attorney general’s office said in a Monday filing. .

The Trumps have fought to reject the subpoenas on the grounds that they are too broad and the investigation is politically motivated.

Monday’s GA filing also makes mention of the recent flap over Trump’s alleged destruction of documents, as claimed by the House committee investigating the Jan. 6 Capitol attack.

“Given reports of Mr. Trump’s destruction of documents covered by the Presidential Archives Act, he should be ordered to comply with Instruction 3 of the subpoena titled ‘Documents No Longer in Your Possession,’ requiring a sworn statement regarding how the documents were destroyed and by whom,” the filing said.

ABC News

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button