New York attorney general is investigating Trump projects - NY Times

14 March, 2019, 07:37 | Author: Sue Mclaughlin
  • Donald Trump and Andrew Cuomo

Deutsche Bank has been one of the few major banks willing to regularly lend to Trump, whose past financial troubles scared off large NY banks.

The attorney general's office issued subpoenas late Monday to the banks, which opens an additional line of inquiry into Deutsche Bank's dealings with Trump, the newspaper reported, citing one unnamed source.

During his testimony before Congress, former Trump fixer Michael Cohen said that Trump gave false financial statements to Deutsche Bank. Trump also made attempts to raise portraits of his worth in order to obtain a loan in an attempt to purchase the Buffalo Bills, Cohen explained. Letitia James was recently elected to be New York's attorney general - and she campaigned explicitly on holding Trump legally accountable.

A person familiar with the matter says Monday's subpoenas seek loan applications, mortgages and other records.

The U.S. -based unit, which works with ultra-wealthy clients, lent Trump more than $270 million from 2012 to 2015 for his Doral golf resort outside Miami and the luxury hotel revamp of the Old Post Office Building in Washington, the Times writes.

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Investors Bank was subpoenaed for records relating to Trump Park Avenue, a project it had backed, the Times reported.

Deutsche Bank said in a statement that it remains "committed to cooperating with authorized investigations". Trump Organization spokeswoman Amanda Miller didn't immediately respond to a request for comment.

Mr Cohen told a House committee it was common for Mr Trump to overstate his wealth when dealing with the news media or banks, but understate it when it came time to pay his taxes. The next month, before taking office, she told NBC that "we will use every area of the law to investigate President Trump and his business transactions and that of his family". Trump has referred to him as "sleazebag AG Eric Schneiderman" and "Shady Eric". Deutsche Bank is President Trump's largest lender and loaned hundreds of millions of dollars to Trump Organization for real estate projects even as other banks refused to do so.

House Democrats are also probing Trump's ties with Deutsche Bank, one of the few institutions to lend to Trump after a series of bankruptcies in the 1990s.

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