According to a new report from Business Insider, life just got a little worse still for the one-term, twice-impeached former president today after the longtime accounting firm for the Trump Organization formally informed the ex-president and real estate “mogul’s” company that a staggering decade’s worth of financial statements that are supposed to show the Trump Organization’s monetary worth “should no longer be relied upon.”
The firm’s stunning revelation comes hot on the heels of New York Attorney General Tish James’ office’s announcement just last month, revealing that the “Statements of Financial Condition” from the accounting firm that worked for the Trump Organization for 10 years, related to the former president’s company, “misstated objective facts.” This includes but is not limited to a misrepresentation of the size of his Trump Tower penthouse; heavily overvalued liquidity; a failure to adhere to general accounting principles in an effort to reach favorable property valuations; “failed to use fundamental techniques of valuation”; and failed to disclose the fact that many of the property valuations included in the financial statements had been artificially inflated for the purpose of helping to pad Donald Trump’s brand, per the Business Insider report.
The accounting firm, Mazars USA, says they reached this conclusion based on various different things, including Attorney General Tish James’ bombshell revelations from her investigation, their own internal investigation of the matter, and other pertinent information they received from “internal and external sources.”
In a letter penned to the ex-president’s company, Mazars wrote:
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.”
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The accounting firm went on to note that because of their decision based upon the new information regarding the Trump Organization’s financial statements, in addition to “the totality of the circumstances,” the firm will no longer be willing or able to “provide any new work product to the Trump Organization.”
The firm went on to recommend that the Trump Organization “inform any recipients thereof who are currently relying upon one or more of those documents that those documents should not be relied upon.”
Basically, Trump just got fired.
You can read the full report from Insider here.
