Accounting firm refuses to continue working with Trump because it questions his financial records for 9 years

The accounting firm that for years produced annual financial statements for Donald Trump and his business cuts ties with his company and says the decade's accounts "can no longer be relied upon," reports CBS.

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Mazars USA wrote to Trump Organization chief counsel Alan Garten on Feb. 9 to inform him of its decision. The letter was included in a document filed Feb. 14 by the New York Attorney General's Office, which is seeking testimony from Trump and his two children, Donald Jr. and Ivanka Trump, as part of an ongoing fraud investigation.

In the letter, the Mazars executive cites the revelations of the Attorney General's investigation as one of the reasons the accounting firm is no longer confirming its financial statements for the years from June 30, 2011 to June 30, 2020, and is abandoning the Trump Organization.

“This conclusion is based in part on documents filed by the New York Attorney General on January 18, 2022, our own investigation, and information obtained from internal and external sources,” wrote Mazars General Counsel William Kelly.

In the letter, Kelly wrote that Mazars "carried out her job to professional standards" and compiled a report based on information provided by the Trump Organization.

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A spokesman for the Trump Organization stated in an email: "While we are disappointed that the Mazars have decided to part ways with us, their letter dated February 9, 2022 confirms that, after conducting a subsequent review of all previous financial statements, Mazars' work has been carried out in accordance with all applicable accounting standards and principles, and that such statements of financial position do not contain any material discrepancies.”

"This confirmation effectively renders the District Attorney's investigations moot," the spokesman said.

Ronald Fischetti, a lawyer representing Trump, declined to comment.

The financial statements were used to secure loans for the Trump Organization and are the subject of at least two investigations. An ongoing criminal investigation into Trump and the company last year led to the indictment of the company and its chief financial officer, Allen Weisselberg. New York Attorney General Letitia James is leading a parallel civil investigation. Her office indicated in court documents that the investigation is trying to determine whether financial statements were used to defraud creditors.

James's office subpoenaed Trump, Donald Trump Jr. and Ivanka Trump in December 2021, according to court documents, prompting a furious backlash from Trump lawyers who are fighting James's demand that Trump's children testify under oath.

The subpoenas seek "testimony and documents" in connection with an investigation into the valuation of property owned or controlled by Donald J. Trump or the Trump Organization or any matter the Attorney General deems appropriate, the court filing said.

Trump and his lawyers have repeatedly accused James that the investigation against him is being conducted as a political ploy. This allegation is at the heart of the lawsuit filed by Trump on Dec. 21. In a phone call to CBS News that day, he described himself as "the injured and innocent party" and called the James investigation a "hoax".

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James said on February 14 that "evidence continues to mount that Donald J. Trump and the Trump organization used fraudulent and misleading financial statements for economic gain."

“There should be no doubt that this is a legitimate investigation and that we have legitimate grounds for requesting testimony from Donald J. Trump, Donald J. Trump, Jr., and Ivanka Trump,” James said.

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