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Trump financial statements not reliable, says accounting firm

The firm told the Trump organization, "we believe our advice to you to no longer rely upon those financial statements is appropriate."

Published: February 14, 2022 7:40pm

Updated: February 14, 2022 7:45pm

The documents used by former President Donald Trump for obtaining loans and showcasing his wealth "should no longer be relied upon," the accounting firm that prepared his annual financial statements said following accusations from Attorney General Letitia James (D-N.Y.) that the firm regularly misstated asset value.

The accounting firm, Mazars USA LLP, wrote a letter obtained by The Associated Press to the Trump Organization's attorney last week. The firm advised the former president's business to not use the statements when evaluating both the company's and Trump's finances.

Mazars General Counsel William J. Kelly told his Trump Organization counterpart, Alan Garten, that the accounting firm had worked on the financial statements "in accordance with professional standards," but Mazars can no longer defend the documents following James' report and its own investigation, AP reported.

"While we have not concluded that the various financial statements, as a whole, contain material discrepancies, based upon the totality of the circumstances, we believe our advice to you to no longer rely upon those financial statements is appropriate," Kelly wrote to Garten.

Attorney General James told a court last month that the Trump Organization used "fraudulent or misleading" valuations of assets to obtain loans and tax benefits.

The AP stated that Kelly also told Garten that Mazars is unable to work with Trump due to a conflict of interest.

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