Local attorney explains what New York's lawsuit could mean for Trump, family company
PHILADELPHIA (CBS) -- Charges have been announced in New York state against former President Donald Trump and the Trump organization. The attorney general is alleging the former president deceived banks by inflating the values of properties.
Trump's three oldest children and some company executives have also been charged. An attorney for Trump called this filing a "political witch hunt" that is neither focused on facts nor the law.
"No one, no one is above the law," New York Attorney General Letitia James said.
Earlier Wednesday, James filed a 220-page complaint alleging the former president and his children: Donald Jr, Ivanka and Eric took part in a yearslong scheme that made money for them by deceiving banks.
"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 and in this state," James said.
"I think she's uncovered a big can of worms in terms of his practices over the past 16 years at least," attorney Keir Bradford-Grey said.
Bradford-Grey is a Philadelphia-based attorney focusing on white-collar crimes. She is not connected to this case.
It's alleged the former president and his company padded his net worth by billions of dollars and lied about the value of properties in New York, Washington D.C. and Chicago.
James is seeking $250 million and an end to their operations in the state.
"He's able to get all these collateral benefits, he's able to get higher coverage for insurance, he's able to pacify his ongoing laws because he is misrepresenting how much money has actually has," Bradford-Grey said.
Bradford-Grey also expects Allen Weisselberg, the former chief financial officer of the Trump organization to help the state's case. He pleaded guilty to defrauding federal and state tax authorities. He agreed to five months in jail and to testify at trial.