3.9k Share this

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.

Feb. 11, 202202:03

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.

Feb. 10, 202202:24

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

3.9k Share this
You May Also Like
Rolando Reyes, 74, says he had no idea his grandson bought two AR-15s last week

Uvalde shooter’s grandpa says family had ‘no idea’ he had two legally purchased AR-15s

Uvalde school shooter Salvador Ramos’s grandfather has revealed the family had no…

Elon Musk accuses Bill Gates of funding his critics as feud between the billionaires deepens

Elon Musk has deepened his feud with fellow billionaire Bill Gates, tweeting…
Savador Ramos first shot his grandmother at her house, before driving half a mile to Robb Elementary and crashing a truck outside the school. He stormed the building and killed 21 before he was shot dead

Texas school shooting: How massacre at Robb Elementary unfolded

New details are emerging in the horrific school shooting in Uvalde, Texas…
Chicago's "Walking Man" set on fire in River North; image of suspect released

Chicago’s “Walking Man” set on fire in River North; image of suspect released

CHICAGO (CBS)– A homeless man known to Chicagoans as “The Walking Man”…

PICTURED: Mother-of-three who died at cold water therapy camp popular with celebrities

A mother-of-three who died at a £200-a-session cold water therapy camp used…

Mother hits out at police as teenage girl ‘was searched while on her period’ 

Mother hits out at police as it emerges second teenage girl ‘was…
18 students dead, at least 1 teacher killed after Uvalde elementary school shooting

18 students dead, at least 1 teacher killed after Uvalde elementary school shooting

UVALDE, Texas (CBSDFW.COM/AP) — The death toll in a Texas school shooting…

4,000 People Fined for Not Wearing Masks on London’s Public Transport

Nearly 4,000 people were handed £200 ($250) fines for not wearing masks on…