- Authorities are investigating whether Donald Trump has manipulated the value of his assets for loans and tax benefits.
- The Manhattan DA office subpoenaed a property tax agency as part of the criminal investigation.
- It is just one of the many legal challenges Trump has faced since he stepped down last month.
- Visit the Insider Business section for more stories.
The Manhattan district attorney’s office subpoenaed a property tax agency as part of a criminal investigation into former President Donald Trump’s business, Reuters reported on Friday.
The New York City Tax Commission confirmed that it had received the subpoena, which could likely result in detailed Trump Organization income and expense statements being delivered to the prosecutor’s office.
Prosecutor Cyrus Vance Jr. is conducting an ongoing investigation into Trump’s company to see if it is inflating his property values to cut taxes.
Last year, The New York Times reported that Trump valued properties at significantly different values at different times.
For example, his property in Seven Springs, located north of New York City, was purchased in 1995 for $ 7.5 million. When trying to get a loan in 2014, Trump’s company valued at $ 291 million. In a 2019 ethics disclosure form, it was listed at $ 50 million.
Manhattan prosecutors had already summoned Deutsche Bank, Trump’s main creditor for decades, in search of documents that could point to possible fraud.
They also interviewed Michael Cohen, a former Trump lawyer, on Thursday as part of the investigation, Reuters reported.
A separate investigation is also being conducted by a New York state official, Attorney General Letitia James. James is also examining Trump’s company, as well as his personal finances, as part of an ongoing civil investigation into whether the former president manipulated the value of his assets for lending and tax purposes.
Although there is overlap in what the two investigations are analyzing, they are being conducted independently.
They are also just a fraction of the legal problems that Trump faces now that he has stepped down, insider Dave Levinthal said.
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