The New York Times is reporting that the Manhattan district attorney’s office is suggesting that it has been investigating President Trump and his company for possible bank and insurance fraud. District Attorney, Cyrus R. Vance Jr., made the disclosure in a new federal court filing arguing Mr. Trump’s accountants should have to comply with its subpoena seeking eight years of his personal and corporate tax returns. Mr. Trump has asked a judge to declare the subpoena invalid.
The prosecutors did not directly identify the focus of their inquiry but said that “undisputed” news reports last year about Mr. Trump’s business practices make it clear that the office had a legal basis for the subpoena.
The reports, including investigations into the president’s wealth and an article on the congressional testimony of his former lawyer and fixer, Michael D. Cohen, said that the president may have illegally inflated his net worth and the value of his properties to lenders and insurers. Lawyers for Mr. Trump have said he did nothing wrong.
Initially attempts to see the records centered around possible hush money paid to Stormy Daniels and another woman who said they had affairs with Trump before he became president. The legal argument at that time was that because the monies were paid when Trump was running for office, they should have been declared campaign expenses.