Donald Trump

Trump's Accountants: 10 Years' Worth of Financial Statements No Longer Valid

Mazars wrote to the Trump Organization on Feb. 9 and said financial statements for the 10 years ending in June 2020 were no longer valid

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Donald Trump's accountants have informed the Trump Organization that 10 years' worth of the former president's financial statements can no longer be relied upon -- and instructed his company to tell all of his lenders the same.

The letter from Mazars to the Trump Organization's chief legal officer was dated Feb. 9, and was disclosed Monday by the New York attorney general's office, part of a filing in the office's ongoing battle with Trump attempting to compel his testimony in a civil investigation.

It covers financial documents prepared for Trump for the 10 fiscal years that ended Jun 30, 2011 through June 30, 2020, including almost all of his presidency.

"We have come to this conclusion based, in part, upon the filings made by the New York Attorney General on January 18, 2022, our own investigation, and information received from internal and external sources," Mazars general counsel William Kelly wrote.

"While we have not concluded that the various financial statements, as a whole, contain material discrepancies, based on the totality of the circumstances, we believe our advice to you to no longer rely upon those financial statements is appropriate," the letter from Mazars continued.

The firm said its conclusion was based on filings made by the AG’s office, their "own investigation" and other information from different parties.

In a court filing late Tuesday, New York Attorney General Letitia James' office said evidence showed the Trump Organization routinely misrepresented the value of its properties and golf clubs in financial statements. NBC New York's Jonathan Dienst reports.

The accounting firm also said that they would no longer be able to represent the Trump Organization going forward, due to a "non-waivable conflict of interest" that came as a result of what they said regarding the financial statement.

The attorney general's office said that Mazars' withdrawal from representing the Trump Organization and what the firm said about the financial statements "further reinforces what OAG's previous submissions already showed," saying that the court should order the Trump Organization, Donald Trump Jr. and Ivanka Trump to comply with subpoenas seeking documents and testimony.

In addition to the civil investigation by the New York attorney general, the Manhattan district attorney's office has a parallel criminal investigation that is ongoing.

In a statement to NBC News, a Trump Organization spokesperson said, “While we are disappointed that Mazars has chosen to part ways, their February 9, 2022 letter confirms that after conducting a subsequent review of all prior statements of financial condition, Mazars’ work was performed in accordance with all applicable accounting standards and principles and that such statements of financial condition do not contain any material discrepancies.”

“This confirmation effectively renders the investigations by the DA and AG moot,” the spokesperson said.

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