Good morning. Following *** comprehensive three-year investigation by my office, including witnesses, interviews with more than 65 witnesses and review of millions of documents that were submitted by Mr Trump and others. I am announcing that today we are filing *** lawsuit against Donald trump for violating the law as part of his efforts to generate profits for himself, his family and his company. The complaint demonstrates that Donald trump falsely inflated his net worth by billions of dollars to unjustly enrich himself and to cheat the system, thereby cheating all of us. He did this with the help of the other defendants. His Children Donald trump JR Ivanka trump and eric trump and former trump organization, CFO Alan Weissberg and trump. Organization controller Jeffrey Makani, Mr trump and the trump organization repeatedly and persistently manipulated the value of assets to induce banks to lend money to the trump organization on more favorable terms than would otherwise have been available to the company to pay lower taxes to satisfy continuing loan agreements and to induce insurance companies to provide insurance coverage for higher limits and at lower premiums. His conduct was all in violation of executive law section 63 12, which gives the attorney general broad special powers to go after persistent and repeated fraud and illegality as part of demonstrating illegality under that section of law 63 12, we show that they violated several state criminal laws including falsifying business records, issuing false financial statements, insurance fraud and engaging in *** conspiracy to commit each of these state law violations. We believe the conduct alleged in this action also violates federal criminal law, including issuing false statements to financial institutions and bank fraud. And we are referring those criminal violations that we've uncovered to the United States Attorney for the Southern District of new york and the Internal Revenue Service. As *** result of these violations, we are asking the court to, among other things, permanently bar mr trump. Donald trump Jr Ivanka trump eric trump, serving as an officer or director in any corporation or similar, similar entity registered and are licensed in new york to bar mr trump and the trump organization from entering into any new york state commercial real estate acquisition or from applying for loans from any financial institution in new york for five years to pay for the financial benefits obtain As *** result of the persistent fraudulent practices at an estimated $250 million dollars towards the end of my my rock. My remarks, I will go into the other relief that we are seeking at the center of this, of the year long financial scheme were the statements of financial condition that were prepared annually by and for mr trump Specifically from 2011 to 2021. These statements were compiled by the trump organization executives and were issued as *** compilation report by Mr trump's accounting firm. The statements are explicit that the preparation was the responsibility of mr trump. We're starting in 2016. The trustees of his trust Donald Trump jr and Alan Weissberg for the sole beneficiary gary for the sole benefit of Mr Donald trump. Each statement was personally certified as accurate by Mr trump or by one of his trustees as part of the loan process. With the intent that the information in the statement would be relied upon by banks and insurers. Mr trump. And Mr Weisberg would meet to review and approve the final statement every year. Mr trump made known through Alan Weisberg that he wanted his net worth reflected on the statements to increase *** desire Mr Weisberg and others carried out year after year in their fraudulent preparation of the statements and when asked about these meetings under oath as part of our deposition. Both men Mr trump and Mr Weisberg invoked their Fifth Amendment privilege against self incrimination and they refused to answer when asked under oath if he Mr Trump, continued to review and approve the statements after becoming president of the United States in 2017, Mr trump again Invoked his 5th amendment privilege and refused to answer over the course of our investigation. We found that Mr trump his Children trump organization created and used more than 200 false and misleading asset valuations on his statement of financial condition over that 10 year period issued statements that were in clear violation of general accepted principles in the general accounting principles in the United States. Despite representing that these statements were prepared in accordance with these principles. Some of the common tactics they used include representing that mr trump. Had cash on hand that he did not have, ignoring critical restrictions that would significantly impact property values when setting valuations. Changing the methodology used to value properties from year to year without reason or notice and using vastly different methods to value different properties even in the same year. And including tangible items such as brand premiums, the trump premium when calculating an asset's value. Despite the fact that they ignored the advice of outside professionals, they also ignored the advice and uh and and appraisals of outside professionals despite claiming those individuals provided certain figures. For example, They received *** series of bank ordered appraisals for the commercial property at 40 Wall Street In New York City that calculated the value of the property at $200 million August 2010 And $220 million November 2012. Yet In his 2011 statement Mr Trump listed 40 Wall Street With *** value of $524 million, which increased to $530 million dollars over the next two years, more than twice the value calculated by the professionals. Even more egregious. The $500 million dollar plus valuation was attributed To information from the Appraiser who valued the building at just over $200 million. Another deceptive strategy they employed was to use objectively false numbers to calculate property values take mr trump's triplex, You know, the triplex apartment in Trump tower on 5th Ave Mr Trump represented that his apartment spanned more than 30,000 square feet which was the basis for valuing the apartment. In reality The apartment had an area of less than 11,000 square feet, something that Mr Trump was well aware of And based on that inflated square footage, the value of the apartment in 2015 and 2016 was $327 million dollars to this date. No apartment in new york city has ever sold for close to that amount. Tripling the size of the apartment for purposes of the valuation was intentional and deliberate fraud, not an honest mistake. Mr trump was intimately familiar with the layout of both the building and the apartment. Having personally overseen the construction of both. Despite his foreign testimony before invoking his Fifth Amendment privilege, Mr Weisberg conceded that using the false square footage improperly inflated the value of the apartment almost threefold. Mr Weisberg admitted that this amounted to *** overstatement of give or take $200 million dollars misrepresenting the size of the apartment was only one of the many ways that mr trump intentionally miss valued his asset for the purposes of increasing his net worth and inducing banks to offer more favorable terms. Mr trump. Also routinely ignored legal restrictions on development rights and marketability on properties that would significantly decrease property values. For example, let's take trump park Avenue in New york. This building contains both commercial and residential space. The unsold residential condo units owned by Mr trump and the trump organization represented the lion's share of the reported value for this property. Mr trump and his Children intentionally ignored legal restrictions on some of the units that would have had. That would have drastically changed the valuation. Specifically The 1212 of those units were actually rent stabilized apartments. *** professional appraiser valued those 12 units at around $750,000, noting that the rent stabilized units cannot be marketed as individual units for sale because the current tenants cannot be forced to leave. Despite this professional evaluation and Mr Trump knowing full well the legal restrictions, the 12 rent stabilized units were valued. He valued them collectively on his statements at $49 million. That is about 65 times the appraised valuation Mr trump. Also blatantly ignored legal restrictions at mar *** Lago mar *** Lago was valued on the false premise that it sat on unrestricted property and could be developed for residential use. However, Mr trump knew that MAr *** Lago was subject to *** host of onerous restrictions and limitations. Mr trump himself signed deeds sharply restricting changes to the property and donating his residential development rights in an effort to get *** tax deduction and later to lower his property taxes on the property. The deeds also require Mr trump to donate over 23% of mar *** Lago has value to the historic trust for historic preservation if he ever sold it. Despite these significant restrictions, Mr Trump valued the property based on the false premise that it was an unrestricted residential 18 acre plot of land that could be sold and used as *** private home. In fact, the valuations represent that these restrictions don't even exist. The club generated annual revenues of less than $25 million dollars and should have been valued at more than valued at about $75 million. However, mar *** Lago was valued as high as $739 million. Mr trump used inappropriate schemes to inflate the value of his other golf clubs. He valued the clubs based on their fixed assets. In other words, the money spent to acquire and to maintain them. Despite being informed by evaluation professionals that this practice was inappropriate for *** club operating as an ongoing business. He again added *** brand premium when determining the value of the club, but claimed in his statements that he did not and he inflated the value of unsold memberships, often by hundreds of thousands of dollars per membership, even in situations where the memberships were given away for free at Mr trump's direction. Inflating his reported net worth was just the first part of the scheme. He then used these false statements of financial condition for his own personal gain. Mr trump and the trump organization have obtained hundreds of millions of dollars in real estate loans and insurance coverage. Using these statements Mr trump was able to secure much more favorable loan terms by personally guaranteeing the loans based on his reported net net worth. As reflected on his statements of financial condition. These statements were key integral to Mr trump and the trump organization's ability to secure loans for *** number of properties including the old Post office in Washington, D. C. Mr trump's statements were first submitted to the federal government to demonstrate his financial status. His net worth. He then engaged with Deutsche Bank to obtain *** loan to redevelop the property Mr trump was able to obtain much more favorable loan terms by personally guaranteeing the loans. So in 2014 he secured *** loan from Deutsche Bank for $170 million. And as you know in May of 22 the mr trump and the trump organization, they sold the post office the old Post Office property for $375 million resulting in *** $100 million net profit, which was the result of *** loan he was able to obtain through the use of false and misleading statements of financial condition Separately. Mr Trump and the Trump Organization saved an estimated $150 million dollars by receiving favorable interest rates that were only provided based on the false and misleading statements of financial condition. We also believe that he illegally saved millions of dollars in federal tax benefits conservation easement donations related to seven springs in Westchester and the Trump National Golf Club in Los Angeles. And this conduct is not the subject of this action, but we are referring it to the I. R. S. And to the southern district of new york. The examples I laid out just barely scratched the surface of the misconduct that we have uncovered. The complaint which all of you should have *** copy is more than 280 pages long. It includes examples from 23 assets that were grossly and fraudulently inflated and those inflated values were used on Mr trump's statements almost every year. All told we uncovered more than 200 examples of false and misleading asset valuations that were used on his statements. The pattern of fraud and deception that was used by Mr trump and the trump organization for their own financial benefit is astounding inflating the values of assets by whatever means necessary to increase Mr trump's purported net worth. And then that network net Worth was used to further enhance his financial standing, intentionally misrepresenting his financial, his financials to obtain incredible economic benefit. It was *** scheme that by its very nature became more profitable over time and it is all in stark violation of the law. As I mentioned earlier, the relief that we are seeking specifically, we are asking the court again to permanently bar mr trump. Donald trump eric trump ivanka trump from serving as an officer or director in any corporation or similar business entity registered or licensed in new york state. We are borrowing mr trump and his organization from entering into any new york state commercial real estate acquisition for five years. We are borrowing Mr trump and the trump organization from applying for any loans from any financial institution registered with the new york Department of Financial Services. For five years. We are requiring Mr trump and the trump organization to to disgorge the financial benefits obtained through the persistent fraudulent practices. An estimated baseline At the minimum of $250 million. And to an appoint an independent monitor at the trump organization to oversee compliance, financial reporting, evaluations and disclosures to lenders, insurers and tax authorities. For no less than five years. We are requiring the trump organization to prepare on an annual basis for the next five years. *** gap *** generally accepted accounting practices, compliant, audited statement of financial condition showing Mr trump's net worth to be distributed to all the recipients of his prior statements of financial condition to replace the current trustees of the Donald J trump revocable trust with new independent trustees or require similar independent governance. If *** new trust is created and to permanently bar Alan Weissberg and Jeffrey Makani from serving in the financial control of any new york corporation. Last thing to cancel. Any certificate filed under And by virtue of the provisions of Section 130 of the general business law for the corporate entities named as defendants and any other entity controlled by or beneficially owned by Donald Trump, which participated in or benefited from the ongoing financial scheme. In other words, permanently prohibit any of these companies from doing business in the state of new york. I want to be clear, white collar financial crime is not *** victimless crime when the well connected break the law to taking more money that they are entitled to, it reduces resources to working people to regular people, to small businesses and to tackle all taxpayers everyday people cannot lie to *** bank about how much money they have in order to get *** favorable loan to buy *** home or to send their kids to college and if they did, the government would throw the book at them. Why should this be any different? It is *** tale of two justice systems, one for everyday working people and one for the elite, the rich and the powerful mr trump and his allies may say that these penalties are too harsh or that this is part of *** witch hunt. I will remind everyone that this investigation only started after Michael koman, the former lawyer, his former lawyer testified before congress and shed light on this misconduct and the remedies are consistent with what we have sought for other businesses that committed the same misconduct. This investigation revealed that Donald trump engaged in years of illegal conduct to inflate his net worth to achieve to deceive banks and the people of the great state of new york 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 and there cannot be different rules for different people in this country or in this state and former presidents are no different and so today we are making good on that promise on our commitment because no one, No one is above the law and I would like for them to stand this investigation was led by senior enforcement counsel Kevin Wallace, Senior counsel Andrew Assistant Attorney general Colleen flaherty. Assistant Attorney general Alex Finkelstein. Assistant Attorney general will Handley Assistant Attorney general Stephanie Tour Assistant Attorney general Austin Thompson special counsel to the solicitor general eric Herron enforcement section. Chief Louis Solomon legal support analyst Samantha Stern. Additional support was provided by *** data analyst, Anusha chaudhary. Senior data analyst *** Akram Hasson off data scientists chun Su song. Deputy director of research and analytics. Megan Rosenfeld director of research and analytics, Jonathan White Warburg as well as information technology specialists using Chin and information technology specialist. Page. Um paul dani information technology specialist, john roach appellate support was provided by Deputy solicitor general judy vale Assistant solicitor general eric del pozo All under the oversight of 1st Deputy Attorney General Jennifer Levi. I thank you for your service. Let me have *** seat