London Daily

Focus on the big picture.
Saturday, Feb 07, 2026

Trump created new company, possibly to offload assets, New York AG says

Trump created new company, possibly to offload assets, New York AG says

New York state Attorney General Letitia James said on Thursday that Donald Trump's family company created a new entity, "Trump Organization II LLC," in a possible attempt to offload assets before her civil fraud case against the former U.S. president and his family company goes to trial.

Trump Organization II was registered in New York state on Sept. 21, the same day James accused the Trump Organization, Trump and three of his adult children of overvaluing their real estate assets and Trump's net worth.

James is urging a New York state court in Manhattan to appoint an independent monitor to oversee the company to make sure that the Trump Organization does not dispose of assets without court approval and provides honest, clear financial statements to third parties.

Trump, a Republican, and his company have denied wrongdoing and called the case a politically motivated "witch hunt." James is a Democrat and is running for re-election in November.

"We have repeatedly provided assurance, in writing, that the Trump Organization has no intention of doing anything improper," Alina Habba, a lawyer for Trump, said in a statement, calling James' request a "stunt" to help her re-election campaign and an attempt to influence which judge gets assigned the case.

Lawyers for his children Donald Trump Jr., Eric Trump and Ivanka Trump did not respond to requests for comment.

James said the Trump Organization has not provided assurances it will not seek to move assets out of New York. The newly formed New York company was registered by a Delaware entity called The Trump Organization LLC, which itself was formed on Sept. 15, New York state records show.

She also asked to speed up the case and to seta trial date for October 2023. She said the company continued to use practices it knew to be improper.

"Since we filed this sweeping lawsuit last month, Donald Trump and the Trump Organization have continued those same fraudulent practices and taken measures to evade responsibility," James said in a statement.

The lawsuit accused Trump of scheming to fraudulently induce banks to lend money more cheaply, coax insurers into providing coverage for higher limits at lower premiums, and obtain tax benefits.

James said Trump pretended his Trump Tower apartment was 30,000 square feet, when it was actually 10,996 square feet, and that its $327 million valuation in 2015 was "absurd" because no New York City apartment had sold for even $100 million at the time.


'AN ABSOLUTE FOOL'


The Trump Organization manages hotels, golf courses and other real estate around the world, and had been under investigation by James for more than three years. The probe included a contentious court battle to get Trump to sit for a deposition.

Trump ultimately declined to answer questions during an interview in James' office on Aug. 10, citing his constitutional right against self-incrimination.

"Anyone in my position not taking the Fifth Amendment would be a fool, an absolute fool," Trump said at the start of the deposition, according to a partial transcript of the deposition filed in court by James' office on Thursday.

In a trial, jurors could take his silence into account. Politically, it also could give adversaries ammunition about whether Trump has something to hide as he mulls another presidential run in 2024.

Through the lawsuit, James is seeking to remove the Trumps from power at their company, prohibit Trump and the three adult children named in the case from serving as corporate officers or directors in New York, and to recoup at least $250 million of alleged improper gains.

Manhattan District Attorney Alvin Bragg has separately charged the Trump Organization with criminal tax fraud, and is preparing for an Oct. 24 trial. The company has pleaded not guilty.

Newsletter

Related Articles

0:00
0:00
Close
UK Confirms Imminent Increase in ETA Fee to £20 as Entry Rules Tighten
UK Signals Possible Seizure of Russia-Linked ‘Shadow Fleet’ Tanker in Escalation of Sanctions Enforcement
Epstein Scandal Piles Unprecedented Pressure on UK Prime Minister Keir Starmer’s Leadership
UK’s ‘Most Romantic Village’ Celebrates Valentine’s Day and Explores the Festival’s Rich History
The Implications of Expanding Voting Rights to Non-EU Foreign Residents in France
Ghislaine Maxwell to Testify Before US Congress on February 9
Al.com Acquired by Crypto.com Founder for $70 Million
Apple iPhone Lockdown Mode blocks FBI data access in journalist device seizure
Belgium: Man Charged with Rape After Faking Payment to Sex Worker
KPMG Urges Auditor to Relay AI Cost Savings
US and Iran to Begin Nuclear Talks in Oman
Winklevoss-Led Gemini to Slash a Quarter of Jobs and Exit European and Australian Markets
Canada Opens First Consulate in Greenland Amid Rising Geopolitical Tensions
China unveils plans for a 'Death Star' capable of launching missile strikes from space
NASA allows astronauts to take smartphones on upcoming missions to capture special moments.
Trump administration to launch TrumpRx.gov for direct drug purchases
Investigation Launched at Winter Olympics Over Ski Jumpers Injecting Hyaluronic Acid
U.S. State Department Issues Urgent Travel Warning for Citizens to Leave Iran Immediately
Wall Street Erases All Gains of 2026; Bitcoin Plummets 14% to $63,000
Epstein Case Documents Reignite Global Scrutiny of Political and Business Elites
Eighty-one-year-old man in the United States fatally shoots Uber driver after scam threat
UK Royal Family Faces Intensifying Strain as Epstein-Linked Revelations Rock the Institution
Political Censorship: French Prosecutors Raid Musk’s X Offices in Paris
AI Invented “Hot Springs” — Tourists Arrived and Were Shocked
Tech Mega-Donors Power Trump-Aligned Fundraising Surge to $429 Million Ahead of 2026 Midterms
UK Pharma Watchdog Rules Sanofi Breached Industry Code With RSV Vaccine Claims Against Pfizer
Melania Documentary Opens Modestly in UK with Mixed Global Box Office Performance
Starmer Arrives in Shanghai to Promote British Trade and Investment
Harry Styles, Anthony Joshua and Premier League Stars Among UK’s Top Taxpayers
New Epstein Files Include Images of Former Prince Andrew Kneeling Over Unidentified Woman
Starmer Urges Former Prince Andrew to Testify Before US Congress About Epstein Ties
Starmer Extends Invitation to Japan’s Prime Minister After Strategic Tokyo Talks
Skupski and Harrison Clinch Australian Open Men’s Doubles Title in Melbourne
DOJ Unveils Millions of Epstein Files, Fueling Global Scrutiny of Elite Networks
France Begins Phasing Out Zoom and Microsoft Teams to Advance Digital Sovereignty
China Lifts Sanctions on British MPs and Peers After Starmer Xi Talks in Beijing
Trump Nominates Kevin Warsh as Fed Chair to Reorient U.S. Monetary Policy Toward Pro-Growth Interest Rates
AstraZeneca Announces £11bn China Investment After Scaling Back UK Expansion Plans
Starmer and Xi Forge Warming UK-China Ties in Beijing Amid Strategic Reset
Tech Market Shifts and AI Investment Surge Drive Global Innovation and Layoffs
Markets Jolt as AI Spending, US Policy Shifts, and Global Security Moves Drive New Volatility
U.S. Signals Potential Decertification of Canadian Aircraft as Bilateral Tensions Escalate
Former South Korean First Lady Kim Keon Hee Sentenced to 20 Months for Bribery
Tesla Ends Model S and X Production and Sends $2 Billion to xAI as 2025 Revenue Declines
China Executes 11 Members of the Ming Clan in Cross-Border Scam Case Linked to Myanmar’s Lawkai
Trump Administration Officials Held Talks With Group Advocating Alberta’s Independence
Starmer Signals UK Push for a More ‘Sophisticated’ Relationship With China in Talks With Xi
Shopping Chatbots Move From Advice to Checkout as Walmart Pushes Faster Than Amazon
Starmer Seeks Economic Gains From China Visit While Navigating US Diplomatic Sensitivities
Starmer Says China Visit Will Deliver Economic Benefits as He Prepares to Meet Xi Jinping
×