London Daily

Focus on the big picture.
Thursday, Mar 12, 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
Release of Mandelson Files Raises Tensions as UK Seeks Stable Relations With Donald Trump
UK Documents Reveal Starmer Was Warned About Mandelson’s Epstein Links Before Ambassador Appointment
Nearly Five Hundred UK Mortgage Deals Withdrawn in Two Days as Market Volatility Forces Lenders to Reprice
Three Cargo Ships Hit Near Iran as Attacks Spread to Strategic Strait of Hormuz
Why British Police Repeatedly Declined to Investigate Jeffrey Epstein’s UK Links
UK Parliament Ends Hereditary Seats in House of Lords, Closing Chapter on Centuries of Aristocratic Lawmaking
EU and UK Urge Israel to Act Against Rising West Bank Settler Violence Amid Regional Tensions
US Senator John Kennedy Says Keir Starmer Should Not Be Trusted for Military Advice Amid Iran War Debate
UK High Court Rejects Attempt to Revive Terrorism Charge Against Kneecap Rapper
Revolut Secures Full UK Banking Licence After Multi-Year Regulatory Wait
Kentucky’s Bench Boost Powers Wildcats Past LSU in SEC Tournament Opener
British Couple Die After Being Pulled From Water at Australian Beach During Family Visit
Global Energy Agency Announces Record Release of 400 Million Barrels to Stabilize Oil Markets Amid Hormuz Disruption
British Airways Suspends UK Repatriation Flights as Middle East Travel Disruption Deepens
US Forces Prepare Ordnance at RAF Fairford as Strategic Bombers Deploy for Middle East Operations
Nigel Farage Faces Criticism After Saying Britain Should Stay Out of Iran War
Landmark UK Trial Begins Over Sony’s PlayStation Store Pricing
UK High Court Rejects Bid to Challenge Britain’s Chagos Islands Agreement With Mauritius
Finnish Duo Triumphs in England’s Annual Wife-Carrying Race, Winning a Barrel of Ale
How U.S. and UK National Security Strategies Are Reshaping the Global Business Landscape
Green Party Gains Momentum as Labour Shifts Toward the Political Centre
Royal Navy Destroyer HMS Dragon Sets Sail for Eastern Mediterranean as Regional Tensions Rise
UK Homebuilder Persimmon Warns Iran Conflict Could Dent Property Buyer Confidence
Roman Abramovich Signals Legal Fight if UK Seeks to Seize Chelsea Sale Funds
UK Ready to Back Emergency Oil Reserve Release as Middle East Conflict Pushes Prices Higher
Study of 40,000 Articles Sparks Debate Over Alleged Anti-Muslim Bias in UK Media
US and UK Army Chiefs Strengthen Cooperation on the Future of Armored Warfare
Britain’s Search for the Next ARM Intensifies as Startups and Investors Target the Semiconductor Frontier
Three US Strategic Bombers Arrive at RAF Fairford as Iran Conflict Intensifies
Cancer Death Rates in the UK Fall to the Lowest Level on Record
UK Government Bond Yields Retreat Slightly After Sharp Spike Triggered by Middle East Conflict
UK Chancellor Warns Middle East War Could Push Inflation Higher
UK Prime Minister Warns Iran Conflict Could Drive Up Prices and Threaten Economic Stability
Trump Declines UK Offer to Deploy Aircraft Carriers to Middle East Amid Iran Conflict
Prince Harry and Meghan Markle to Return to Australia After Seven Years for Philanthropic and Business Engagements
UK Government Signals Independence From Washington as Cooper Says Britain Does Not Agree With Trump on Every Issue
UK Experts Warn AI Chatbots Are Fueling Surge in Claims of Organised ‘Satanic’ Ritual Abuse
UK Political Parties Divided Over Strategy as Iran Conflict Reshapes Foreign Policy Debate
Britain Discloses Secret Military Repair Hubs Operating Inside Ukraine
Trump Says US No Longer Needs UK Carrier Support After Delayed Offer Amid Iran Conflict
Why Britain Has Become Involved in the US-Israel Military Campaign Against Iran
UK Gas Storage Falls to Under Two Days as Iran Conflict Jolts Global Energy Markets
UK Warned to Brace for Economic Shock as Iran War Drives Global Energy Price Surge
Starmer and Trump Hold First Call After Public Dispute Over Iran Conflict
UK Dentists Returned £1.3 Billion to Government as Shift Toward Private Care Accelerates
Expert Warns UK Must Build Emergency Food Stockpiles to Prepare for Climate Shocks or War
UK Plans Charter Flight to Evacuate British Nationals from Gulf as Regional Conflict Disrupts Air Travel
Families of Zimbabwe’s Liberation Fighters Call on Britain to Help Locate Skulls Taken During Colonial War
Iran’s Ambassador Warns Britain to ‘Be Very Careful’ Over Deeper Role in Expanding Middle East War
UK Military Leadership Defends Britain’s Defensive Role in Expanding Middle East Conflict
×