In preparing financial statements, also known as compilations, accountants need only documentation used to determine the value of assets, like Trump’s skyscrapers, golf courses and other properties.
The firm cut ties with Trump last year and said his financial statements “should no longer be relied upon” after James raised concerns about their accuracy.
James, a Democrat, alleges Trump, his company and top executives exaggerated his wealth by billions of dollars on the financial statements by inflating property values.
On the stand Tuesday, Flemmons echoed Trump’s longstanding assertion that disclaimers on the financial statements insulated him from liability for discrepancies or misstatements.
Trump has argued that, if anything, his financial statements undervalued how much his properties were worth.
Persons:
— Donald Trump, Letitia James ’, Jason Flemmons, Donald Bender, Bender, he'd, —, “, Flemmons, James, Trump, Judge Arthur Engoron, “ It’s, ” Flemmons, Steven Witkoff, Trump’s, ” Engoron, Donald Trump Jr, Allen Weisselberg, ” Trump, Eric, Donald Trump, ”, Michael
Organizations:
USA, York, Trump Organization, U.S . Securities, Exchange Commission, Trump, Ankura Consulting, Mazars, Republican
Locations:
New York, Lago, Florida, Trump’s Doral , Florida, Michael Sisak, x.com