NEW YORK — Attorney General of New York Letitia James suing the former president Donald Trump and his three grown children on fraud charges.

The attorney general announced the lawsuit Wednesday from her office in Manhattan.

Trump’s older children, Donald Jr., Ivanka and Eric Trump, were also named as defendants, along with two longtime campaign executives, Allen Weiselberg and Jeffrey McConney.

“Mr. Trump and the Trump Organization repeatedly and persistently manipulated the value of assets to induce banks to lend money to the Trump Organization on more favorable terms than would otherwise be the case for the company, to pay lower taxes, to honor long loan agreements. and force insurance companies to provide coverage for higher limits and lower premiums,” James said during her press conference.

James’ office has more than three years were spent on the investigation fraudulent or false valuations of his assets in the annual financial statements, which were given to potential business partners, banks or tax officials.

“Today’s statement is not focused on the facts or the law – rather, it is focused solely on advancing the attorney general’s political agenda. It is abundantly clear that the attorney general’s office exceeded its statutory authority by interfering with transactions that involved absolutely no wrongdoing. We are confident that our judicial system will not stand for this unchecked abuse of power, and we look forward to defending our client against any and all of the attorney general’s baseless claims,” ​​said Trump’s attorney, Alina Haba.

Stay with CBS2, CBS News New York and for more on this developing story.

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