Donald Trump has long used Mazar’s in New York, but now the prestigious accounting firm has dropped the Trump organization saying the numbers it was given cannot be trusted. The Daily Beast writes:

The Trump Organization’s trusted outside accounting firm has taken the unprecedented step of ditching its client, explaining that the former president’s family company has a decade of financial statements that can’t be trusted. The bombshell move by Mazars USA—the accounting firm that has long worked with former President Donald Trump’s family and friends—was revealed in court filings in New York on Monday.

The Daily Beast

At issue is a decades worth of data and whether Mr. Trump illegally inflated the value of his assets. Mazars sent a letter to the Trump organization earlier this month saying it could no longer stand behind annual financial statements it prepared for the company. The New York Times adds:

The letter instructed the Trump Organization to essentially retract the documents, known as statements of financial condition, from 2011 to 2020. In the letter, Mazars noted that the firm had not “as a whole” found material discrepancies between the information the Trump Organization provided and the actual value of Mr. Trump’s assets. But given what it called “the totality of circumstances,” the letter directed the Trump Organization to notify anyone who received the statements that they should no longer rely on them.

The statements, which Mr. Trump used to secure loans, are at the center of the two law enforcement investigations into the former president and his company. The Manhattan district attorney’s office and the office of the New York attorney general, Letitia James, have been investigating whether Mr. Trump used the statements to defraud his lenders into providing him the best possible loan terms.

The New York Times

Trump is said to have submitted inflated values of his real estate holdings including golf courses and his New York apartment.

According to that filing, Mr. Trump claimed that the triplex apartment spanned 30,000 square feet, giving it an eye-popping value of $327 million. In truth, the apartment was 10,996 square feet. Mr. Trump’s long-serving chief financial officer, Allen H. Weisselberg, later acknowledged to investigators that the company had overvalued the apartment by “give or take” $200 million.

The New York Times

Trump’s former personal lawyer Michael Cohen has told Congress that the company manipulated the value of those assets depending on the circumstance to obtain better financial terms and to lower its tax obligations.

James’ office said last month that it had determined that statements of Trump’s financial condition described his valuation process “in broad terms and in ways which were often inaccurate or misleading when compared with the supporting data and documentation that the Trump Organization submitted to its accounting firm.”

CNBC