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The accounting firm Mazars USA said a decade’s worth of financial statements from the Trump Organization can no longer be viewed as reliable, according to a letter made public Monday by New York Attorney General Letitia James as part of her civil probe into the former president’s company.
Mazars also said it will no longer work with the Trump Organization, meaning the company may have to get new financial statements that could complicate its ability to secure loans.
In a letter from Mazars Group General Counsel William J. Kelly to Trump Organization Chief Legal Officer Alan Garten, the auditing firm said its work from 2011 to 2020 “should not be relied upon.”
“We write to advise that the Statements of Financial Condition for Donald J. Trump for the years ending June 30, 2011 — June 30, 2020, should no longer be relied upon and you should inform any recipients thereof who are currently relying upon one or more of those documents that those documents should not be relied upon,” Kelly wrote in a letter released Monday by James.
Kelly said “this conclusion based, in part, upon the filings made by” James’ office and “our own investigation, and information received from internal and external sources.”
“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,” according to Kelly.
A Trump Organization representative could not be immediately reached for comment on Monday.
James has been engaged in a yearslong investigation of Trump’s company, trying to determine if the former president accurately represented his financial condition when either seeking loans or limiting his tax liability.
Mazars now says it’s reached a point where “there is a non-waivable conflict of interest with the Trump Organization” and they can no longer do any new work for the company.
With Trump’s longtime accounting firm cutting ties, the former president and reality TV star will now have to find new accountants to review his personal records in any future presentation to a bank or insurance company, a move that could make it harder to secure loans.
This is a developing story, please refresh here for updates.
David K. Li contributed.
Source: This post first appeared on NBC News
