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D.A. Is Investigating Trump and His Company Over Fraud, Filing Suggests

The office of the district attorney, Cyrus R. Vance Jr., made the disclosure in a new court filing arguing Mr. Trump should turn over his tax returns.

President Trump has asked a federal judge to invalidate a subpoena asking for eight years of his personal and corporate tax returns.

 Credit...Doug Mills/The New York Times

By William K. Rashbaum and Benjamin Weiser

Aug. 3, 2020 Updated 1:14 p.m. ET

The Manhattan district attorney’s office suggested on Monday that it has been investigating President Trump and his company for possible bank and insurance fraud, a significantly broader inquiry than the prosecutors have acknowledged in the past.

The office of the district attorney, Cyrus R. Vance Jr., made the disclosure in a new federal court filing arguing Mr. Trump’s accountants should have to comply with its subpoena seeking eight years of his personal and corporate tax returns. Mr. Trump has asked a judge to declare the subpoena invalid.

The prosecutors did not directly identify the focus of their inquiry but said that “undisputed” news reports last year about Mr. Trump’s business practices make it clear that the office had a legal basis for the subpoena.

The reports, including investigations into the president’s wealth and an article on the congressional testimony of his former lawyer and fixer, Michael D. Cohen, said that the president may have illegally inflated his net worth and the value of his properties to lenders and insurers. Lawyers for Mr. Trump have said he did nothing wrong.

The clash over the subpoena comes less than a month after the Supreme Court, in a major ruling on the limits of presidential power, cleared the way for Mr. Vance’s prosecutors to seek Mr. Trump’s financial records.

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Trump insists grand jury subpoena for tax records is overbroad

Karen Freifeld
ReutersAugust 10, 2020, 12:04 PM
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U.S. President Donald Trump holds a news conference at his golf resort in Bedminster
U.S. President Donald Trump holds a news conference at his golf resort in Bedminster

By Karen Freifeld

(Reuters) - U.S. President Donald Trump on Monday insisted in court papers that a grand jury subpoena for his tax returns was overbroad and issued in bad faith.

Trump reiterated the argument in his latest court filing challenging the subpoena for eight years of his personal and corporate tax records.

The filing in federal court in Manhattan was in response to a motion by Manhattan District Attorney Cyrus Vance to dismiss the new challenge to the subpoena without delay.

 

The dispute already was subject to a ruling from the U.S. Supreme Court last month that the president was not immune from state criminal probes.

Grand jury deliberations are secret, and the public may not learn what the subpoena uncovers until after the Nov. 3 election.

But on Monday, Trump's lawyers argued the probe is about hush-money payments made in 2016 by Trump's former lawyer and fixer Michael Cohen.

"The president plausibly alleges that the grand jury investigation is about certain payments made in 2016 - not some murky inquiry into broader financial practices," Trump's lawyers wrote in opposition to the motion to dismiss.

Vance last week said in his papers that it was a "false premise" that the investigation was limited to the hush-money payments.

Rather, Vance hinted, it is part of an investigation of "possibly extensive and protracted criminal conduct at the Trump Organization," including alleged insurance and bank fraud.

Cohen pleaded guilty in 2018 to campaign violations tied to the payments to pornographic film actress Stormy Daniels and former model Karen McDougal, who said they had affairs with Trump, which he denies.

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