NEW YORK - The New York prosecutors who are seeking President Donald Trump's tax records have also subpoenaed his longtime lender, a sign that their criminal investigation into Trump's business practices is more wide-ranging than previously known.
Over a period of months last year, Deutsche Bank provided Vance's office with detailed records, including financial statements and other materials that Trump had provided to the bank as he sought loans, according to two of the people familiar with the inquiry. Trump and his company have denied wrongdoing and have sought to dismiss the inquiry by Vance, a Democrat, as a politically motivated fishing expedition. Trump's representatives have accused his former lawyer and fixer, Michael Cohen, of lying when he told Congress that Trump exaggerated the value of his real estate assets as he sought loans and in dealings with his insurance company.
Even if investigators uncover what they think is evidence of fraud, criminal charges could be hard to prove. Valuing real estate assets involves subjective estimates and other assumptions, making it difficult to prove that someone intended to commit fraud.
In early 2019, Cohen testified on Capitol Hill that Trump had inflated the value of his assets in order at times to obtain financing from Deutsche Bank, including in 2014 when he bid unsuccessfully for the Buffalo Bills football team. Cohen also told federal prosecutors in Manhattan about insurance claims the Trump Organization had filed that he believed had been inflated.
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