NY AG nearly done unraveling Trump's 'Russian nesting doll' as lawsuit deadline nears: report

The New York attorney general's office is nearly finished with a civil investigation into the Trump Organization.

Investigators say they're almost done unraveling the "Russian nesting doll" of the company's assets, but prosecutors told a court they still want to search two of Donald Trump's cell phones and two of his longtime assistant Rhona Graff's computers, reported CNN.

"The process is near the end," said Kevin Wallace, a senior enforcement counsel for the state attorney general.

The office hired a third-party firm to search the real estate company's files, and investigators have identified 151 custodians, or people or entities, that might have documents sought by the attorney general, but Wallace said they're focused on only the "most important" pieces of information because the deadline to file a lawsuit is Saturday under the statute of limitations.

The tolling agreement reached with the Trump Organization ends this week, the attorney general's office still would have several weeks to decide its next step in the investigation.

New York state Judge Arthur Engoron held Trump in civil contempt and fined him $10,000 a day for failing to comply with a subpoena issued by the attorney general's office, but he also asked investigators what was taking them so long and where their probe was headed.

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"Given the upcoming end of the tolling agreement we will likely need to bring some kind of enforcement action in the near future to preserve our rights," Wallace said.

The attorney general's office has agreed to meet with attorneys for the Trump Organization to discuss possible resolutions to the case, which has for years hung over the former president, who called the investigation a witch hunt and blasted attorney general Letitia James as a "racist."

Court filings show the attorney general's office believes the company made misleading statements and omissions in financial statements in filings with lenders and insurers to gain tax benefits, but Trump and his children have not cooperated with investigators -- despite a court order to comply with subpoenas issued by James.

"The company relies more on its people than its systems," Wallace told the court, noting the Trump Organization moved millions of dollars through 500 entities using varied accounting systems.

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Wallace pointed to Trump's golf course in Jupiter, Florida, which was purchased in 2012 for $5 million and bundled in a financial statement with a $2 billion bucket of club assets, but supporting documents showed the company valued the course at $46 million without explanation.

"These issues repeat across clubs," Wallace said. "Each of these assets is like a Russian nesting doll."