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Accountants drop Donald Trump, say records can’t be relied upon

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Donald Trump’s longtime accountants have ditched the former US president as a client, saying a decade’s worth of financial statements could not be relied upon, court documents showed Monday.

Mazars informed the Trump Organization in a letter last Wednesday that it would no longer work for the company, which is being probed by New York prosecutors for alleged fraud.

The letter was revealed in court by New York state attorney general Letitia James as she asked a judge to force Trump to comply with subpoenas seeking testimony in her investigation.

James announced last month that her civil inquiry into Trump’s family firm had uncovered “significant evidence” of misleading business practices, including the fraudulent valuation of assets.

Mazars wrote that James’s findings had contributed towards it deciding that accounts for Trump for the years ending June 30, 2011 to June 30, 2020 “should no longer be relied upon.”

The accounting firm added that an investigation of its own and “information received from internal and external sources” had also played a part in it reaching that conclusion.

“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,” it said.

The letter added that in part because of the decision regarding the statements, Mazars “are not able to provide any new work product to the Trump Organization.”

The financial records are at the heart of James’s investigation and a criminal probe by the Manhattan District Attorney’s office.

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