Trump org Accountants dump the the company because the financials can't be trusted

2lion70

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Not a good thing when your accountants say you can't be trusted. This could impact a couple of ongoing investigations concerning bank, insurance, and tax fraud. Felony crimes are not to betaken lightly - felons can't vote and can't hold elected office either, especially if they are in jail.


The Trump Organization’s trusted outside accounting firm has taken the unprecedented step of ditching its client, explaining that the former president’s family company has a decade of financial statements that can’t be trusted.

The bombshell move by Mazars USA—the accounting firm that has long worked with former President Donald Trump’s family and friends—was revealed in court filings in New York on Monday.

The decision to drop Trump follows last month’s aggressive move by New York Attorney General Letitia James to publicly file documents detailing accounts of what it called “significant evidence” of financial fraud.

The AG’s office is in the midst of two similar investigations of the Trump empire: A civil lawsuit exploring potential bank fraud by the company, and a joint criminal probe with the Manhattan District Attorney into alleged tax dodging and financial fraud.

While the criminal case is proceeding quietly before a grand jury in New York City, Monday’s revelations stem from the AG’s civil lawsuit, which seeks to force Trump and two of his adult children to testify about business dealings.

In a letter to the Trump Organization on Feb. 9, the U.S. branch of the global accounting firm Mazars told the company that “the statements of financial condition for Donald J. Trump” ranging between 2011 and 2020 “should no longer be relied upon and you should inform any recipients thereof… that those documents should not be relied upon.” The firm explained that the decision was made in light of the AG’s revelations as well as “our own investigation.”

The letter goes on to sever all future business ties. “We have also reached the point such that there is a non-waivable conflict of interest with the Trump Organization,” Mazars wrote. “As a result, we are not able to provide any new work product to the Trump Organization.”

The AG’s office, which got a hold of the letter, filed it in court to bolster its case that Trump, Ivanka Trump, and Don Jr. should be forced to testify about how so many family real estate development projects and properties had wildly fluctuating values that seemed high whenever they needed loans but low whenever it came time to pay taxes.

The Trump Organization did not immediately respond to a request for comment.

Mazars has found itself in the spotlight since at least 2016, when Trump successfully ran for president but broke with tradition and refused to disclose his tax returns. The firm successfully protected Trump’s tax returns from seeing the light of day, receiving widespread rebuke in the process. And the precedent-establishing Supreme Court fight that ultimately handed those tax documents to the Manhattan DA—but not Congress—bears the firm’s name.

Donald Bender, a partner at Mazars, has served as the trusted accountant for Trump and his lieutenants for years, a role that has since drawn scrutiny from law enforcement, according to sources with firsthand knowledge of the transactions and current investigations.
 

Sullivan

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Nov 24, 2001
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Not a good thing when your accountants say you can't be trusted. This could impact a couple of ongoing investigations concerning bank, insurance, and tax fraud. Felony crimes are not to betaken lightly - felons can't vote and can't hold elected office either, especially if they are in jail.


The Trump Organization’s trusted outside accounting firm has taken the unprecedented step of ditching its client, explaining that the former president’s family company has a decade of financial statements that can’t be trusted.

The bombshell move by Mazars USA—the accounting firm that has long worked with former President Donald Trump’s family and friends—was revealed in court filings in New York on Monday.

The decision to drop Trump follows last month’s aggressive move by New York Attorney General Letitia James to publicly file documents detailing accounts of what it called “significant evidence” of financial fraud.

The AG’s office is in the midst of two similar investigations of the Trump empire: A civil lawsuit exploring potential bank fraud by the company, and a joint criminal probe with the Manhattan District Attorney into alleged tax dodging and financial fraud.

While the criminal case is proceeding quietly before a grand jury in New York City, Monday’s revelations stem from the AG’s civil lawsuit, which seeks to force Trump and two of his adult children to testify about business dealings.

In a letter to the Trump Organization on Feb. 9, the U.S. branch of the global accounting firm Mazars told the company that “the statements of financial condition for Donald J. Trump” ranging between 2011 and 2020 “should no longer be relied upon and you should inform any recipients thereof… that those documents should not be relied upon.” The firm explained that the decision was made in light of the AG’s revelations as well as “our own investigation.”

The letter goes on to sever all future business ties. “We have also reached the point such that there is a non-waivable conflict of interest with the Trump Organization,” Mazars wrote. “As a result, we are not able to provide any new work product to the Trump Organization.”

The AG’s office, which got a hold of the letter, filed it in court to bolster its case that Trump, Ivanka Trump, and Don Jr. should be forced to testify about how so many family real estate development projects and properties had wildly fluctuating values that seemed high whenever they needed loans but low whenever it came time to pay taxes.

The Trump Organization did not immediately respond to a request for comment.

Mazars has found itself in the spotlight since at least 2016, when Trump successfully ran for president but broke with tradition and refused to disclose his tax returns. The firm successfully protected Trump’s tax returns from seeing the light of day, receiving widespread rebuke in the process. And the precedent-establishing Supreme Court fight that ultimately handed those tax documents to the Manhattan DA—but not Congress—bears the firm’s name.

Donald Bender, a partner at Mazars, has served as the trusted accountant for Trump and his lieutenants for years, a role that has since drawn scrutiny from law enforcement, according to sources with firsthand knowledge of the transactions and current investigations.

MSN Bombshell. That's funny.
 

Sullivan

Well-Known Member
Nov 24, 2001
14,011
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Not a good thing when your accountants say you can't be trusted. This could impact a couple of ongoing investigations concerning bank, insurance, and tax fraud. Felony crimes are not to betaken lightly - felons can't vote and can't hold elected office either, especially if they are in jail.


The Trump Organization’s trusted outside accounting firm has taken the unprecedented step of ditching its client, explaining that the former president’s family company has a decade of financial statements that can’t be trusted.

The bombshell move by Mazars USA—the accounting firm that has long worked with former President Donald Trump’s family and friends—was revealed in court filings in New York on Monday.

The decision to drop Trump follows last month’s aggressive move by New York Attorney General Letitia James to publicly file documents detailing accounts of what it called “significant evidence” of financial fraud.

The AG’s office is in the midst of two similar investigations of the Trump empire: A civil lawsuit exploring potential bank fraud by the company, and a joint criminal probe with the Manhattan District Attorney into alleged tax dodging and financial fraud.

While the criminal case is proceeding quietly before a grand jury in New York City, Monday’s revelations stem from the AG’s civil lawsuit, which seeks to force Trump and two of his adult children to testify about business dealings.

In a letter to the Trump Organization on Feb. 9, the U.S. branch of the global accounting firm Mazars told the company that “the statements of financial condition for Donald J. Trump” ranging between 2011 and 2020 “should no longer be relied upon and you should inform any recipients thereof… that those documents should not be relied upon.” The firm explained that the decision was made in light of the AG’s revelations as well as “our own investigation.”

The letter goes on to sever all future business ties. “We have also reached the point such that there is a non-waivable conflict of interest with the Trump Organization,” Mazars wrote. “As a result, we are not able to provide any new work product to the Trump Organization.”

The AG’s office, which got a hold of the letter, filed it in court to bolster its case that Trump, Ivanka Trump, and Don Jr. should be forced to testify about how so many family real estate development projects and properties had wildly fluctuating values that seemed high whenever they needed loans but low whenever it came time to pay taxes.

The Trump Organization did not immediately respond to a request for comment.

Mazars has found itself in the spotlight since at least 2016, when Trump successfully ran for president but broke with tradition and refused to disclose his tax returns. The firm successfully protected Trump’s tax returns from seeing the light of day, receiving widespread rebuke in the process. And the precedent-establishing Supreme Court fight that ultimately handed those tax documents to the Manhattan DA—but not Congress—bears the firm’s name.

Donald Bender, a partner at Mazars, has served as the trusted accountant for Trump and his lieutenants for years, a role that has since drawn scrutiny from law enforcement, according to sources with firsthand knowledge of the transactions and current investigations.

What did MSN have to say about the recent Durman filing?

So Hillary lied. Are you outraged???
 
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2lion70

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You must feel real stupid reading about all of these bombshells that never develop into anything.
How many times can you identify where a firm has their accounting firm drop them. Not only drop them but become hostile in court proceedings. All the AG and others have is going to fry the Trumpies.
What happens in other cases is for other discussions.
Do you think this makes criminal fraud charges against the Trumps and their organization more or less likely?
 
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franklinman

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Not a good thing when your accountants say you can't be trusted. This could impact a couple of ongoing investigations concerning bank, insurance, and tax fraud. Felony crimes are not to betaken lightly - felons can't vote and can't hold elected office either, especially if they are in jail.


The Trump Organization’s trusted outside accounting firm has taken the unprecedented step of ditching its client, explaining that the former president’s family company has a decade of financial statements that can’t be trusted.

The bombshell move by Mazars USA—the accounting firm that has long worked with former President Donald Trump’s family and friends—was revealed in court filings in New York on Monday.

The decision to drop Trump follows last month’s aggressive move by New York Attorney General Letitia James to publicly file documents detailing accounts of what it called “significant evidence” of financial fraud.

The AG’s office is in the midst of two similar investigations of the Trump empire: A civil lawsuit exploring potential bank fraud by the company, and a joint criminal probe with the Manhattan District Attorney into alleged tax dodging and financial fraud.

While the criminal case is proceeding quietly before a grand jury in New York City, Monday’s revelations stem from the AG’s civil lawsuit, which seeks to force Trump and two of his adult children to testify about business dealings.

In a letter to the Trump Organization on Feb. 9, the U.S. branch of the global accounting firm Mazars told the company that “the statements of financial condition for Donald J. Trump” ranging between 2011 and 2020 “should no longer be relied upon and you should inform any recipients thereof… that those documents should not be relied upon.” The firm explained that the decision was made in light of the AG’s revelations as well as “our own investigation.”

The letter goes on to sever all future business ties. “We have also reached the point such that there is a non-waivable conflict of interest with the Trump Organization,” Mazars wrote. “As a result, we are not able to provide any new work product to the Trump Organization.”

The AG’s office, which got a hold of the letter, filed it in court to bolster its case that Trump, Ivanka Trump, and Don Jr. should be forced to testify about how so many family real estate development projects and properties had wildly fluctuating values that seemed high whenever they needed loans but low whenever it came time to pay taxes.

The Trump Organization did not immediately respond to a request for comment.

Mazars has found itself in the spotlight since at least 2016, when Trump successfully ran for president but broke with tradition and refused to disclose his tax returns. The firm successfully protected Trump’s tax returns from seeing the light of day, receiving widespread rebuke in the process. And the precedent-establishing Supreme Court fight that ultimately handed those tax documents to the Manhattan DA—but not Congress—bears the firm’s name.

Donald Bender, a partner at Mazars, has served as the trusted accountant for Trump and his lieutenants for years, a role that has since drawn scrutiny from law enforcement, according to sources with firsthand knowledge of the transactions and current investigations.
Surprise ,surprise, nothing new with Corrupt Filthy Don.
 

Fayette_LION

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Not a good thing when your accountants say you can't be trusted. This could impact a couple of ongoing investigations concerning bank, insurance, and tax fraud. Felony crimes are not to betaken lightly - felons can't vote and can't hold elected office either, especially if they are in jail.


The Trump Organization’s trusted outside accounting firm has taken the unprecedented step of ditching its client, explaining that the former president’s family company has a decade of financial statements that can’t be trusted.

The bombshell move by Mazars USA—the accounting firm that has long worked with former President Donald Trump’s family and friends—was revealed in court filings in New York on Monday.

The decision to drop Trump follows last month’s aggressive move by New York Attorney General Letitia James to publicly file documents detailing accounts of what it called “significant evidence” of financial fraud.

The AG’s office is in the midst of two similar investigations of the Trump empire: A civil lawsuit exploring potential bank fraud by the company, and a joint criminal probe with the Manhattan District Attorney into alleged tax dodging and financial fraud.

While the criminal case is proceeding quietly before a grand jury in New York City, Monday’s revelations stem from the AG’s civil lawsuit, which seeks to force Trump and two of his adult children to testify about business dealings.

In a letter to the Trump Organization on Feb. 9, the U.S. branch of the global accounting firm Mazars told the company that “the statements of financial condition for Donald J. Trump” ranging between 2011 and 2020 “should no longer be relied upon and you should inform any recipients thereof… that those documents should not be relied upon.” The firm explained that the decision was made in light of the AG’s revelations as well as “our own investigation.”

The letter goes on to sever all future business ties. “We have also reached the point such that there is a non-waivable conflict of interest with the Trump Organization,” Mazars wrote. “As a result, we are not able to provide any new work product to the Trump Organization.”

The AG’s office, which got a hold of the letter, filed it in court to bolster its case that Trump, Ivanka Trump, and Don Jr. should be forced to testify about how so many family real estate development projects and properties had wildly fluctuating values that seemed high whenever they needed loans but low whenever it came time to pay taxes.

The Trump Organization did not immediately respond to a request for comment.

Mazars has found itself in the spotlight since at least 2016, when Trump successfully ran for president but broke with tradition and refused to disclose his tax returns. The firm successfully protected Trump’s tax returns from seeing the light of day, receiving widespread rebuke in the process. And the precedent-establishing Supreme Court fight that ultimately handed those tax documents to the Manhattan DA—but not Congress—bears the firm’s name.

Donald Bender, a partner at Mazars, has served as the trusted accountant for Trump and his lieutenants for years, a role that has since drawn scrutiny from law enforcement, according to sources with firsthand knowledge of the transactions and current investigations.
Let's see, the accounting firm that did all the valuations now doesn't stand by them, is that correct? Seems to me their a$$ is the one on the line. Not sure when a business owner is responsible for evaluations done on his properties by other financial people unless he is the one certifying them.
 
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fbh1

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Let's see, the accounting firm that did all the valuations now doesn't stand by them, is that correct? Seems to me their a$$ is the one on the line. Not sure when a business owner is responsible for evaluations done on his properties by other financial people unless he is the one certifying them.
Accounting firms rarely do valuations on buildings and even businesses Usually the valuations are done by commercial real estate and business appraisers, etc. Unless the accounting firm is certifying the income statements and/or balance sheets, they are not responsible for the credibility and accuracy of the numbers. Certain appraisers can be more or less conservative in their final appraisals. Just have to know which ones to use. I have no idea what is prompting Trump's accounting firm to dump him but that is certainly unusual and will be interesting to find out why.
 
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rumble_lion

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How many times can you identify where a firm has their accounting firm drop them. Not only drop them but become hostile in court proceedings. All the AG and others have is going to fry the Trumpies.
What happens in other cases is for other discussions.
Do you think this makes criminal fraud charges against the Trumps and their organization more or less likely?

Didn't that happen to Enron? So it does happen.....
 
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The Spin Meister

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An altered state
Accounting firms rarely do valuations on buildings and even businesses Usually the valuations are done by real estate appraisers. Unless the accounting firm is certifying the income statements and/or balance sheets, they are not responsible for the credibility and accuracy of the numbers. Certain appraisers can be more or less conservative in their final appraisals. Just have to know which ones to use. I have no idea what is prompting Trump's accounting firm to dump him but that is certainly unusual and will be interesting to find out why.
Well, they stood by him for ten years. Did the numbers suddenly change? Or was it they just got tired of the political BS and blackmailing AGs.
 

junior1

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Changing the subject and whataboutism again. You cons are so predictable. Never address the issue at hand.
Ok, so this firm has been doing trump's accounting for years, signing off on financial documents, and now all of a sudden they can't stand behind their work?
 
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fbh1

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Ok, so this firm has been doing trump's accounting for years, signing off on financial documents, and now all of a sudden they can't stand behind their work?
The question is ... were they certifying the statements. Merely doing the accounting is one thing... certifying places them in a legally responsible position. etc. Again, just check out why Arthur Anderson is no longer operating.
 

RoyalT12

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Dec 3, 2020
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Not a good thing when your accountants say you can't be trusted. This could impact a couple of ongoing investigations concerning bank, insurance, and tax fraud. Felony crimes are not to betaken lightly - felons can't vote and can't hold elected office either, especially if they are in jail.


The Trump Organization’s trusted outside accounting firm has taken the unprecedented step of ditching its client, explaining that the former president’s family company has a decade of financial statements that can’t be trusted.

The bombshell move by Mazars USA—the accounting firm that has long worked with former President Donald Trump’s family and friends—was revealed in court filings in New York on Monday.

The decision to drop Trump follows last month’s aggressive move by New York Attorney General Letitia James to publicly file documents detailing accounts of what it called “significant evidence” of financial fraud.

The AG’s office is in the midst of two similar investigations of the Trump empire: A civil lawsuit exploring potential bank fraud by the company, and a joint criminal probe with the Manhattan District Attorney into alleged tax dodging and financial fraud.

While the criminal case is proceeding quietly before a grand jury in New York City, Monday’s revelations stem from the AG’s civil lawsuit, which seeks to force Trump and two of his adult children to testify about business dealings.

In a letter to the Trump Organization on Feb. 9, the U.S. branch of the global accounting firm Mazars told the company that “the statements of financial condition for Donald J. Trump” ranging between 2011 and 2020 “should no longer be relied upon and you should inform any recipients thereof… that those documents should not be relied upon.” The firm explained that the decision was made in light of the AG’s revelations as well as “our own investigation.”

The letter goes on to sever all future business ties. “We have also reached the point such that there is a non-waivable conflict of interest with the Trump Organization,” Mazars wrote. “As a result, we are not able to provide any new work product to the Trump Organization.”

The AG’s office, which got a hold of the letter, filed it in court to bolster its case that Trump, Ivanka Trump, and Don Jr. should be forced to testify about how so many family real estate development projects and properties had wildly fluctuating values that seemed high whenever they needed loans but low whenever it came time to pay taxes.

The Trump Organization did not immediately respond to a request for comment.

Mazars has found itself in the spotlight since at least 2016, when Trump successfully ran for president but broke with tradition and refused to disclose his tax returns. The firm successfully protected Trump’s tax returns from seeing the light of day, receiving widespread rebuke in the process. And the precedent-establishing Supreme Court fight that ultimately handed those tax documents to the Manhattan DA—but not Congress—bears the firm’s name.

Donald Bender, a partner at Mazars, has served as the trusted accountant for Trump and his lieutenants for years, a role that has since drawn scrutiny from law enforcement, according to sources with firsthand knowledge of the transactions and current investigations.
I love reading how these clowns dismiss anything that POS Trump does. They are not good people. Can you say Al Capone??
 
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RoyalT12

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Ok, so this firm has been doing trump's accounting for years, signing off on financial documents, and now all of a sudden they can't stand behind their work?
Not after they find out through court filings they were given bogus numbers fool.
 

LafayetteBear

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Let's see, the accounting firm that did all the valuations now doesn't stand by them, is that correct? Seems to me their a$$ is the one on the line. Not sure when a business owner is responsible for evaluations done on his properties by other financial people unless he is the one certifying them.
Dude: You really think that?! LULZ.

Mazars is cutting ties with the Trump Organization and advising everyone that the statements of financial condition it prepared for the Trump Organization for the years 2011 through 2020, using information supplied by the Trump Organization, "should no longer be relied upon." Why? Because Mazars concluded that the data they were getting from the Trump Organization was "unreliable," which is a polite way of saying that is was inaccurate at best and fraudulent at worst.

Mazars has a confidentiality obligation to the Trump Organization as its accountants, so it isn't about to go around making negative statements about its former client or releasing information it is ethically bound to keep confidential (unless compelled to divulge it by subpoena or other legal process). Cutting ties with the Trump Organization and releasing a statement like the one Mazars did is plain and simple an exercise in CYA. It is what accountants and attorneys do when they are confronted with evidence that their client is engaged in unethical and/or criminal conduct. It sends a message that is very clear, at least to other accountants and attorneys (including DA's and AG's).

Here's another news report about the situation:

 

psuted

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Changing the subject and whataboutism again. You cons are so predictable. Never address the issue at hand.

Nothing serious to address. After 5-6 years of Russia, Russia, Russia, and MSM Democrat propaganda and breathtaking nonsense, most intellectually honest people don’t take anything the “fake news” syndicate manufactures any longer.

2Lying, face it, your credibility is shot.
 

RoyalT12

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Nothing serious to address. After 5-6 years of Russia, Russia, Russia, and MSM Democrat propaganda and breathtaking nonsense, most intellectually honest people don’t take anything the “fake news” syndicate manufactures any longer.

2Lying, face it, your credibility is shot.
🤣🤣🤣 stop embarrassing yourself denying the undeniable. You look foolish buddy.
 

fbh1

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Dude: You really think that?! LULZ.

Mazars is cutting ties with the Trump Organization and advising everyone that the statements of financial condition it prepared for the Trump Organization for the years 2011 through 2020, using information supplied by the Trump Organization, "should no longer be relied upon." Why? Because Mazars concluded that the data they were getting from the Trump Organization was "unreliable," which is a polite way of saying that is was inaccurate at best and fraudulent at worst.

Mazars has a confidentiality obligation to the Trump Organization as its accountants, so it isn't about to go around making negative statements about its former client or releasing information it is ethically bound to keep confidential (unless compelled to divulge it by subpoena or other legal process). Cutting ties with the Trump Organization and releasing a statement like the one Mazars did is plain and simple an exercise in CYA. It is what accountants and attorneys do when they are confronted with evidence that their client is engaged in unethical and/or criminal conduct. It sends a message that is very clear, at least to other accountants and attorneys (including DA's and AG's).

Here's another news report about the situation:

Why do so many posters on this board think that the accounting firm is responsible for what their clients submit to them. That's not how it works. The accounting firm accepts the information provided by the client and then works with it in order to develop the required statements. Income, Balance Sheet, tax reports, etc. Unless the statements are to be certified, the accounting firm does not have a responsibility to verify the accuracy of the information they get from their client. Mazars must have concerns about the information that was given to them. Like I said... this is very unusual and we'll see where it goes. I doubt that Mazars would sacrifice a large scale client like Trump just because they were tired of the b/s, etc.
 

franklinman

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Ok, so this firm has been doing trump's accounting for years, signing off on financial documents, and now all of a sudden they can't stand behind their work?
It sounds like the corruption is finally catching up with FILTHY Don and his tiny criminal, mafia family.
 

bdgan

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May 29, 2008
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Not a good thing when your accountants say you can't be trusted. This could impact a couple of ongoing investigations concerning bank, insurance, and tax fraud. Felony crimes are not to betaken lightly - felons can't vote and can't hold elected office either, especially if they are in jail.


The Trump Organization’s trusted outside accounting firm has taken the unprecedented step of ditching its client, explaining that the former president’s family company has a decade of financial statements that can’t be trusted.

The bombshell move by Mazars USA—the accounting firm that has long worked with former President Donald Trump’s family and friends—was revealed in court filings in New York on Monday.

The decision to drop Trump follows last month’s aggressive move by New York Attorney General Letitia James to publicly file documents detailing accounts of what it called “significant evidence” of financial fraud.

The AG’s office is in the midst of two similar investigations of the Trump empire: A civil lawsuit exploring potential bank fraud by the company, and a joint criminal probe with the Manhattan District Attorney into alleged tax dodging and financial fraud.

While the criminal case is proceeding quietly before a grand jury in New York City, Monday’s revelations stem from the AG’s civil lawsuit, which seeks to force Trump and two of his adult children to testify about business dealings.

In a letter to the Trump Organization on Feb. 9, the U.S. branch of the global accounting firm Mazars told the company that “the statements of financial condition for Donald J. Trump” ranging between 2011 and 2020 “should no longer be relied upon and you should inform any recipients thereof… that those documents should not be relied upon.” The firm explained that the decision was made in light of the AG’s revelations as well as “our own investigation.”

The letter goes on to sever all future business ties. “We have also reached the point such that there is a non-waivable conflict of interest with the Trump Organization,” Mazars wrote. “As a result, we are not able to provide any new work product to the Trump Organization.”

The AG’s office, which got a hold of the letter, filed it in court to bolster its case that Trump, Ivanka Trump, and Don Jr. should be forced to testify about how so many family real estate development projects and properties had wildly fluctuating values that seemed high whenever they needed loans but low whenever it came time to pay taxes.

The Trump Organization did not immediately respond to a request for comment.

Mazars has found itself in the spotlight since at least 2016, when Trump successfully ran for president but broke with tradition and refused to disclose his tax returns. The firm successfully protected Trump’s tax returns from seeing the light of day, receiving widespread rebuke in the process. And the precedent-establishing Supreme Court fight that ultimately handed those tax documents to the Manhattan DA—but not Congress—bears the firm’s name.

Donald Bender, a partner at Mazars, has served as the trusted accountant for Trump and his lieutenants for years, a role that has since drawn scrutiny from law enforcement, according to sources with firsthand knowledge of the transactions and current investigations.
Are these the same accountants that issued an unqualified opinion of The Trump Organization financial statements?
 

TFBaum

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Jan 22, 2020
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Not a good thing when your accountants say you can't be trusted. This could impact a couple of ongoing investigations concerning bank, insurance, and tax fraud. Felony crimes are not to betaken lightly - felons can't vote and can't hold elected office either, especially if they are in jail.


The Trump Organization’s trusted outside accounting firm has taken the unprecedented step of ditching its client, explaining that the former president’s family company has a decade of financial statements that can’t be trusted.

The bombshell move by Mazars USA—the accounting firm that has long worked with former President Donald Trump’s family and friends—was revealed in court filings in New York on Monday.

The decision to drop Trump follows last month’s aggressive move by New York Attorney General Letitia James to publicly file documents detailing accounts of what it called “significant evidence” of financial fraud.

The AG’s office is in the midst of two similar investigations of the Trump empire: A civil lawsuit exploring potential bank fraud by the company, and a joint criminal probe with the Manhattan District Attorney into alleged tax dodging and financial fraud.

While the criminal case is proceeding quietly before a grand jury in New York City, Monday’s revelations stem from the AG’s civil lawsuit, which seeks to force Trump and two of his adult children to testify about business dealings.

In a letter to the Trump Organization on Feb. 9, the U.S. branch of the global accounting firm Mazars told the company that “the statements of financial condition for Donald J. Trump” ranging between 2011 and 2020 “should no longer be relied upon and you should inform any recipients thereof… that those documents should not be relied upon.” The firm explained that the decision was made in light of the AG’s revelations as well as “our own investigation.”

The letter goes on to sever all future business ties. “We have also reached the point such that there is a non-waivable conflict of interest with the Trump Organization,” Mazars wrote. “As a result, we are not able to provide any new work product to the Trump Organization.”

The AG’s office, which got a hold of the letter, filed it in court to bolster its case that Trump, Ivanka Trump, and Don Jr. should be forced to testify about how so many family real estate development projects and properties had wildly fluctuating values that seemed high whenever they needed loans but low whenever it came time to pay taxes.

The Trump Organization did not immediately respond to a request for comment.

Mazars has found itself in the spotlight since at least 2016, when Trump successfully ran for president but broke with tradition and refused to disclose his tax returns. The firm successfully protected Trump’s tax returns from seeing the light of day, receiving widespread rebuke in the process. And the precedent-establishing Supreme Court fight that ultimately handed those tax documents to the Manhattan DA—but not Congress—bears the firm’s name.

Donald Bender, a partner at Mazars, has served as the trusted accountant for Trump and his lieutenants for years, a role that has since drawn scrutiny from law enforcement, according to sources with firsthand knowledge of the transactions and current investigations.
Do you understand accounting? I am not trying to be rude but please answer what number on a Balance Sheet can you prove? Only one, Cash. Everything else is an estimate.
 

TFBaum

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Why do so many posters on this board think that the accounting firm is responsible for what their clients submit to them. That's not how it works. The accounting firm accepts the information provided by the client and then works with it in order to develop the required statements. Income, Balance Sheet, tax reports, etc. Unless the statements are to be certified, the accounting firm does not have a responsibility to verify the accuracy of the information they get from their client. Mazars must have concerns about the information that was given to them. Like I said... this is very unusual and we'll see where it goes. I doubt that Mazars would sacrifice a large scale client like Trump just because they were tired of the b/s, etc.
Fraud detection is not part of the audit process
 
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bdgan

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May 29, 2008
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Did they?
I don't know. I assumed they either prepared the financial statements or they audited and issued an unqualified opinion on the financial statements. Either way they look pretty bad.
 
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TFBaum

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Jan 22, 2020
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I don't know. I assumed they either prepared the financial statements or they audited and issued an unqualified opinion on the financial statements. Either way they look pretty bad.
Not a debate but wouldn’t that trigger debt call issues? Again I am asking. I need to be really transparent I have worked for big four and made it to MD. Accountants confuse me. They are lawyers with numbers. Real Estate is to me the comparison to bitcoins