Donald Trump’s principal accounting firm has QUIT Trump…..
In addition?
The firm now admit’s some of the numbers it has for Trump businesses cannot be verified as correct and true…..
This revaluation goes to the heart of the NYS AG’s civil case and the Manhattan DA’s criminal case…..
This is NOT a good look for Donald Trump…..
Former President Donald Trump‘s long-time accounting firm informed the Trump Organization last week that it should no longer rely on nearly 10 years’ worth of financial statements and that they would no longer be their accountants, citing a conflict of interest.
“We have come to this conclusion based, in part, upon the filings made by the New York Attorney General on January 18, 2022, our own investigation, and information received from internal and external sources,” Mazars wrote in a letter to the Trump Organization chief legal officer, advising them to no longer rely on financial statements ending June 2011 through June 2020.
“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.”
The company also advised the Trump Organization to inform any recipients of the statements, such as lenders or insurers, to not rely on the statements….
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Some lawyers say it’s likely Mazars issued the warning since they had previously signed off on the financial statements, and with recent allegations that they are inaccurate, they would want to protect themselves and sound an alarm that they shouldn’t be relied on anymore.
The New York attorney general and Manhattan district attorney’s office have been investigating the accuracy of Trump’s financial statements to determine whether any insurers, lenders or others were misled. Trump has previously said in depositions in civil investigations that he would give his opinion about the values of certain properties and it was “predominantly” Trump Organization’s chief financial officer Allen Weisselberg who decided the final number.
Mazars compiled the statements and included a two-page introduction that stated Trump was responsible for valuations, but they noted that in many ways they did not comply with US accounting rules….
Opinion: Trump’s luck may finally be running out
…Now the man who long has had trouble finding decent legal representation might find it all but impossible to find new auditors and tax preparers. It’s hard to imagine that any reputable accounting firm will touch his tax returns, let alone fix and bless his financials for a decade or more.
Even if lenders don’t exercise any rights they might have to call in their loans, Trump apparently still needs to refinance hundreds of millions’ worth of them soon. As Trump biographer Timothy L. O’Brien of Bloomberg Opinion puts it, “Good luck refinancing your debt when the accountants” — who have just declared a decade of your financials utterly worthless — have “just walked out the door.”
Opinion by George T. Conway III | Trump’s new reality: Ex-president, private citizen and, perhaps, criminal defendant
So Trump would face a heap of problems even if the New York attorney general (and the Manhattan district attorney she’s working with) closed up shop tomorrow. No wonder Trump’s son Eric was all but crying when he mentioned the prosecutors this week on Fox News….
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(Knowing his history?….I’d bet on Trump coming out a little poorer but intact….)
Oh, and there is this….$$$$…
Former president Donald Trump’s company is angling to host events at his golf courses for the controversial Saudi golf league, according to three people familiar with the matter, potentially handing Trump a lucrative business partnership with an oppressive regime he defended as president.
At least two of Trump’s courses in Bedminster, N.J., and Doral, Fla., could be named as sites for the nascent tour, according to the people familiar with the talks, who like others spoke on the condition of anonymity to discuss internal deliberations. Officials from LIV Golf Investments, the apparatus funded by the Saudis to host the tour, have held conversations with the Trump Organization, these people said..
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