Former President Donald Trump speaks at the Conservative Political Action Conference in Orlando, Fla., on February 26. On Tuesday, a New York judge ordered an appraisal company that worked for the Trump Organization to pay a $10,000 daily fine for failing to comply with a subpoena. File Photo by Joe Marino/UPI | License Photo
July 6 (UPI) -- A New York judge has ordered commercial real estate firm Cushman & Wakefield to pay a $10,000 per day fine for failing to comply with subpoenas served to it by state Attorney General Letitia James concerning her investigation into the Trump Organization's finances.
Judge Arthur Engoron issued the order Tuesday night, saying the company was in civil contempt for failing to provide documents sought by the attorney general's office.
Cushman & Wakefield "has only itself to blame if it chose to treat the looming deadlines cavalierly," Engoron said in the order.
James has been investigating Trump and his organization for more than two years on allegations that the former president inflated the value of his properties to obtain favorable loans but deflated them to lower his taxes.
In January, James revealed several properties under scrutiny, including Seven Springs in Westchester, 40 Wall Street in Manhattan and Trump National Golf Course in Los Angeles, and had issued subpoenas to Cushman & Wakefield for information related to its appraisals of those three proprieties.
James' office has said that Cushman & Wakefield had issued "multiple appraisals" for 40 Wall Street, including three between 2010 and 2012 valuing the property at $220 million but in 2015 an appraisal by the same team and used to secure a loan found it to be worth $550 million.
Cushman & Wakefield issued a statement to NBC News on Wednesday saying Engoron doesn't understand the lengths the company has gone to to comply with the subpoena.
"We have gone to great expense and effort to quickly identify, collect, review and produce the massive set of documents requested by the OAG, and we have now produced over hundreds of thousands of pages of documents and over 650 appraisals since the last subpoena was issued in February 2022," a company representative said.
Cushman & Wakefield had until late June to comply with the subpoena but asked for a time extension two days after the deadline passed. Engoron said he was "incredulous" as to why the company would wait until after the deadline had passed to ask for an extension.
Cushman & Wakefield worked for the Trump Organization for years but resigned after the Jan. 6, 2021, attack on the Capitol, CNN reported.
Darryl Coote contributed to this report.