New York AG sues Trump family for financial fraud

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The New York Attorney General is indicting former President Donald Trump, his adult children and their family business, closing a three-year investigation into what her investigators deemed rampant business and tax fraud.

The lawsuit, unveiled at a news conference with New York AG Letitia James Wednesday morning, aims to prevent the Trumps from serving as business leaders and punish the Trump organization with as much as $250 million in fines.

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The office also passed on evidence to federal prosecutors in Manhattan and the Internal Revenue Service “for criminal investigation,” according to a statement.

“For too long, powerful, rich people in this country have acted as if the rules don’t apply to them. Donald Trump stands out as one of the most egregious examples of this misconduct,” James said in a prepared statement.

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This story is under development and will be updated.

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