New York attorney general says Trump Organization misled banks, tax officials

New York AG Letitia James has been investigating Trump Organization financials for roughly two years.
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President Donald Trump
President Donald Trump
(The Washington Post/Getty)

The office of New York Attorney General Letitia James told a court late Tuesday that its investigators had uncovered evidence that former President Trump's company used "fraudulent or misleading" asset valuations to get loans and tax benefits.

However, the court filing show state authorities have yet to decided whether to file a civil lawsuit in connection with the allegations, according to the Associated Press.

Investigators need to question Trump and his two eldest children, daughter Ivanka Trump and son Donald Trump Jr., also according to the wire service, which also says the submitting the detailed findings to the court was an attempt to get the two children to comply with subpoenas to give testimony.

Trump and his lawyers say the investigation is politically motivated. Lawyers have yet to respond to the Associated Press' request for comment. 

In the court documents, James' office give a detailed account on allegations that the Trump Organization exaggerated the value of assets to get favorable loan terms or overstated on IRS filings the value of land donations made in California and New York to justify millions of dollars in tax deductions.

Another allegation from the office, citing deposition testimony from longtime Trump financial chief Allen Weisselberg. He was charged last year with tax fraud in a related criminal investigation.