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Posted: 2022-09-21T15:41:27Z | Updated: 2022-09-21T18:13:02Z

New York Attorney General Letitia James announced Wednesday that she filed a civil lawsuit against former President Donald Trump and his three eldest children over his long-running alleged tax-dodging scheme.

James hopes to convince a court to take steps to bar Trump, Donald Trump Jr. , Ivanka Trump and Eric Trump from conducting business in the state of New York, along with making them pay some $250 million in restitution and limiting their access to loans.

Donald Trump falsely inflated his net worth by billions of dollars to unjustly enrich himself and to cheat the system, thereby cheating all of us, James said at a press conference outlining Trumps alleged misconduct.

Prosecutors in New York have been looking into Trumps real estate business practices for several years following reports that he routinely undervalued and overvalued assets to avoid paying his fair share of taxes. James said that a comprehensive three-year investigation involved a review of millions of documents and interviews with 65 witnesses. Along with members of the Trump family, the suit names Allen Weisselberg, the Trump Organizations former longtime chief financial officer, alongside his right-hand-man Jeffrey McConney.

James office is also making criminal referrals to federal prosecutors and the IRS, believing the Trumps to have violated federal law.

By shifting the valuation of his assets, Trump was allegedly able to convince banks to lend money to the Trump Organization on more favorable terms, to secure more favorable insurance arrangements and to pay less tax.

White collar financial crime is not a victimless crime. When the well-connected break the law to take in more money than they are entitled to, it reduces resources to working people, to regular people, to small businesses and to all taxpayers, James said.