Course offers training in English language, interviewing skills, resume writing, and job search tips
business2 hours ago
The accounting firm that prepared former President Donald Trump’s annual financial statements said the documents, used to secure lucrative loans and burnish Trump’s image as a wealthy businessman, “should no longer be relied upon” after New York’s attorney general said they regularly misstated the value of assets.
In a letter to the Trump Organization’s lawyer on February 9, Mazars USA LLP advised the company to inform anyone who had gotten the documents not to use them when assessing the financial health of the company and the former president.
The letter came just weeks after New York Attorney General Letitia James said her office uncovered evidence Trump and the company used “fraudulent or misleading” valuations of its golf clubs, skyscrapers and other property to get loans and tax benefits.
“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,” Mazars General Counsel William J. Kelly wrote to his Trump Organization counterpart, Alan Garten.
Kelly said Mazars performed its work on the financial statements “in accordance with professional standards” but that it could no longer stand by the documents in light of James’ findings and its own investigation.
Kelly also informed Garten that Mazars could no longer work with Trump because of a conflict of interest and urged him to find another tax preparer.
Mazars said its conclusions applied to Trump’s financial statements for 2011 to 2020. Another accounting firm prepared his financial statement for 2021, according to court filings.
James’ office included a copy of Kelly’s letter in a court filing Monday as she seeks to enforce a subpoena to have Trump and his two eldest children testify in her civil investigation. A state court judge, Arthur Engoron, is scheduled to hear arguments in the dispute on Thursday.
The Manhattan district attorney’s office is running a parallel criminal investigation into Trump’s business practices.
Trump has given his Statement of Financial Condition — a yearly snapshot of his holdings — to banks to secure hundreds of millions of dollars worth of loans on properties such as a Wall Street office building and a Florida golf course, and to financial magazines to justify his place on the list of the richest people in the world.
In a statement, the Trump Organization said Kelly’s letter “confirms that after conducting a subsequent review of all prior statements of financial condition, Mazars’ work was performed in accordance with all applicable accounting standards and principles and that such statements of financial condition do not contain any material discrepancies. This confirmation effectively renders the investigations by the DA and AG moot.”
Course offers training in English language, interviewing skills, resume writing, and job search tips
business2 hours ago
Beloved to tourists as well as residents, these spots not only fulfil your food and shopping cravings, but also provide experiences in nature
uae2 hours ago
It means that residents are within a quarter-hour walk or bike ride from everything they need to a lead a good life
world2 hours ago
The Minister of Youth shared some exercises — from walking to fitness and balance training — integral to his reconditioning programme
uae2 hours ago
Pezeshkian's remarks came as the Islamic republic marked the anniversary of the September 2022 death of 22-year-old Iranian Kurd Mahsa Amini in police custody
world3 hours ago
Agents opened fire on a gunman who was spotted with an assault-style rifle hiding in bushes at one of Trump's Florida golf courses
americas3 hours ago
The superfans stumping for Kamala Harris are not formally affiliated with the artist who unites them
world4 hours ago
From choosing secure connections to avoiding risky pop-ups, here's how you can protect your privacy
uae4 hours ago