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New York Attorney General Finds Trump Overestimated Net Worth by $2.2 Billion

Former President Donald Trump allegedly overstated his net worth by between $812 million and $2.2 billion each year between 2011 and 2021, according to the office of New York Attorney General Letitia James. These claims were made public in a filing on Wednesday. The allegations are part of a lawsuit filed in 2022 by James’ office against members of the Trump family and Trump Organization executives, accusing them of orchestrating a fraudulent scheme related to property valuations and Trump’s personal financial statements.

In the filing, James’ office seeks $250 million in damages and sanctions that would disrupt the company’s operations in New York and severely impact the business prospects of Trump, Eric Trump, and Donald Trump Jr. in the state.

The case is set for trial in October, but James’ office is asking the judge to first rule against the Trumps on certain fraud-related allegations. If granted, other claims, including those related to falsification of records and issuing false financial statements, would still be considered at trial.

In the filing, Andrew Amer, an attorney for James’ office, wrote that “No trial is required for the court to determine that defendants presented grossly and materially inflated asset values…repeatedly in business transactions to defraud banks and insurers.”

A summary judgment motion argues that certain material facts are not in dispute, allowing the judge to make a decision based on them without going to trial.

Donald Trump’s legal team did not immediately respond to a request for comment.

In a separate filing on Wednesday, Trump’s lawyers argued that the case should be dismissed. They claimed that many of the loans at the center of the allegations were obtained too long ago, surpassing the state’s statute of limitations.

James’ office contends that in order to rule in their favor, the judge must find that Trump’s financial statements were “false or misleading” from 2011 through 2021, and that they were used “in the conduct of business transactions.”

“The answer to both questions is a resounding ‘yes’ based on the mountain of undisputed evidence,” said James’ office in the filing.

This latest development comes at a time when Trump is facing mounting legal troubles. On August 24, he surrendered to authorities in Fulton County, Georgia, where he and 18 others are accused of racketeering in a criminal case related to their alleged efforts to overturn the results of the state’s 2020 presidential election. Trump is also charged in three other criminal cases in Manhattan and in federal courts related to falsification of business records and obstruction of the peaceful transfer of power.


How will Trump balance campaign duties with busy legal schedule?

09:04

Trump maintains his innocence and has accused prosecutors from every office pursuing him of doing so out of political animus.

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