Donald Trump and the Trump Organization’s longtime accounting firm has dropped him as a client because they say statements of his financial condition cannot be “relied upon.”
CNBC reports the news came in a court filing on Monday:
The accounting firm Mazars has fired the Trump Organization as a client after saying that a decade’s worth of statements of ex-President Donald Trump’s financial condition “should no longer be relied upon,” the New York Attorney General’s office revealed in a court filing Monday.
Mazars, which for years prepared Trump’s income tax returns and financial statements used to obtain loans for his company, told the Trump Organization’s top lawyer Alan Garten that it would no longer represent the company due to the lack of reliability of the financial statements in a letter last Wednesday.
The letter was cited by AG Letitia James’ office on Monday as it asked a state judge to order the Trump Organization, Donald Trump Jr. and his sister Ivanka Trump, and others to comply with subpoenas seeking documents and testimony.
Mazars also noted in their letter:
The firm said it based on its decision about the past work’s reliability, “as well as the totality of circumstances, we have also reached the point such that there is a non-waivable conflict of interest with the Trump Organization.”
The information from the accounting firm would seem to confirm accusations made against the Trump Organization that Trump and his company have repeatedly inflated the value of their assets in order to obtain larger loans which they then devalued when it came time to pay taxes.
Attorney Luppe B. Luppen had this to say about the move by Mazars:
“The determination by Mazars that Trump’s financial statements over a full decade are not reliable through no fault of its own amounts to a declaration that it has been repeatedly misled by its client.”
