Manhattan District Attorney Cy Vance’s investigation into Trump’s organization may be on the rise.
Vance’s office has summoned the New York Tax Commission, which is reviewing the assessment of real estate tax, as part of a criminal investigation into the company of former President Donald Trump, Reuters reported.
The subpoena would likely force the agency to provide Vance’s office with documents that the Trump Organization filed with the agency in an effort to reduce tax estimates for its portfolio, including Trump Tower and Trump Plaza.
The action suggests this Vance may be looking at the assigned values on the business characteristics of the company and whether there has been fraud or forgery of records.
Vance, who declined to comment on the summons, did not reveal the focus of the investigation.
Daniel J. Horwitz, the administration’s lawyer, told Reuters that if Trump demanded a significantly lower property value in his tax applications than in documents he submitted to creditors, the discrepancy could help support allegations of fraud.
Vance summoned at least two creditors – Deutsche Ban and Ladder Capital – to help finance Trump’s holdings.
Manhattan DA today scored another victory against the former president: the Supreme Court rejected Trump’s efforts to protect his tax return from Vance, effectively ending the legal battle for his financial records. According to a Washington Post report, Vance responded with three words: “Work continues.”
Attorney General of the State of New York Letitia James runs a separate civilian probe to determine whether Trump ‘s company misrepresented property values to secure loans and obtain economic and tax benefits. [Reuters] – Akiko Matsuda