Speed Reads

Jury Duty

Manhattan D.A. reportedly impanels new grand jury to examine Trump's property valuations

Manhattan District Attorney Cyrus Vance Jr.'s office has convened a second long-term grand jury to hear evidence about the Trump Organization and whether it has committed criminal tax fraud, The Washington Post reports, citing people with knowledge of the matter. The grand jury is set to meet three days a week for six months, and the focus is expected to be on how former president Donald Trump and his company valued its assets, the Post reports. 

"An earlier grand jury — convened this spring in Manhattan — returned felony indictments against two Trump companies and Trump's longtime chief financial officer Allen Weisselberg, charging them with tax evasion," the Post notes. "It is unclear whether that grand jury is still hearing evidence about the Trump Organization." Weisselberg and the Trump Organization have pleaded not guilty. 

Vance's office is reportedly working closely with New York Attorney General Leticia James on this investigation. James is pursuing her own civil case against the Trump Organization that touches on the valuation of three Trump properties, court filings show. Former Trump Organization lawyer Michael Cohen testified that Trump inflates the value of his properties to get larger loans then lowballs the valuations to tax authorities to pay lower taxes.

"The seating of the new grand jury does not signal that any other Trump entities or executives will be charged," and it could end its term with no new indictments, the Post reports. Vance steps down at the end of the year, and so the grand jury will end its term under his newly elected successor, Alvin Bragg. Both Vance and Bragg are Democrats.