Basically some of your post is true, except the big parts you made up!  

Have I ever pledged property as security against a loan?

Ever financed a car? You pledged your property as security.

Do you have a mortgage? You pledged your property as security.

I have also pledged rental property for investment funds.

Those are 'liens' against property that you otherwise own. Your statements of values make you legally culpable if you intentionally do not represent the facts.

Trump has described that apartment in different sizes and values. He's a very "stable genius" who apparently doesn't know the size or value of the apartment, so pick one statement to describe this: He's stupid; He's crazy. Given that he's a serial liar and supposedly very knowledgeable of New York property values, it is reasonable to believe that he didn't care whether his statements were factual or not, as long as they achieved his intent.

Here's the first page(s) of the Mazars letter. Decide for yourself what they mean when they state "... we believe our advice to you to no longer rely upon those financial statements is appropriate." I believe that the fact that Mazars was very familiar with Trump, his statements describing his properties, are minimizing or  as completely as possible advising that Trump can not be relied on for accurate legal statements describing his properties. He's dishonest, or crazy or ignorant of his business. You decide which you believe is accurate. Your decision acknowledges that Trump committed tax, insurance and/or bank fraud.

February 9, 2022
VIA ELECTRONIC MAIL
Alan Garten, Esq.
The Trump Organization
Executive Vice President and Chief Legal Officer
725 Fifth Avenue
New York, NY 10022
Mazars USA LLP
135 West 50th Street
New Yorki New York 10020
Tel' 212.812.7000
www.mazars.us
Re: Statement of Financial Condition for Donald J. Trump - 2011-2020
Dear Alan,
We write to advise that the Statements of Financial Condition for Donald J. Trump for the years
ending June 30, 2011 - June 30, 2020, should no longer be relied upon and you should inform
any recipients thereof who are currently relying upon one or more of those documents that
those documents should not be relied upon.
We have come to this conclusion based, in part, upon the filings made by the New York
Attorney General on January 18, 2022, our own investigation, and information received from
internal and external sources. While we have not concluded that the various financial
statements, as a whole, contain material discrepancies, based upon the totality of the
circumstances, we believe our advice to you to no longer rely upon those financial statements
is appropriate.
As we have stated in the Statements of Financial Condition, Mazars performed its work in
accordance with professional standards. A subsequent review of those workpapers confirms
this.
Due in part to our decision regarding the financial statements, as well as the totality of the
circumstances, we have also reached the point such that there is a non-waivable conflict of
interest with the Trump Organization. As a result, we are not able to provide any new work
product to the Trump Organization.
As of this writing, there are only a limited number of tax returns that still remain to be filed,
including those of Donald J. Trump and Melania Trump. We will be providing you a list of
those returns and their status towards completion separately.
The due date to file those returns is February 15, 2022. We believe the only information left to
complete those returns is the information regarding the Matt Calimari Jr. apartment. As you
know, Donald Bender has been asking for this information for several months but has not
received it. Once that information is provided to your new tax preparers, the returns can be

Maza rs USA LLP Is an !nde1>endent member fl rm of M;'!Zars Group.
FOIA/FOIL CONFIDENTIAL TREATMENT
REQUESTED
MAZARS-NYAG-00525838
FILED: NEW YORK COUNTY CLERK 02I/N1DE4X/ N2O0.2 425 160835:/220420 PM
NYSCEF DOC. NO. 646 RECEIVED NYSCEF: 02/14/2022
mazaTs

completed However, if those returns are filed late, there may be a late filing penalty of
$10,000 per return, which will likely be subject to abatement. We also believe that due to prior
tax payments, there was an overpayment of taxes, thus, there should be no late payment
penalty if these returns are in fact filed late.
Mazars will continue to do everything reasonably possible to facilitate a smooth transition to
your new tax preparers.
Best regards,
William J.
Kelly
William J. Kelly