Your trusted source for the latest news and insights on Markets, Economy, Companies, Money, and Personal Finance.

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

Former President Donald Trump allegedly exaggerated his net worth by between $812 million and $2.2 billion each year from 2011 to 2021, according to the office of New York Attorney General Letitia James. This claim was made in a filing that was made public on Wednesday.

The allegations are part of a 2022 lawsuit filed by James’ office, accusing members of the Trump family and Trump Organization executives of participating in an extensive, fraudulent scheme related to property valuations and Trump’s personal financial statements.

In the filing, James’ office is seeking $250 million in damages and sanctions that would hinder the company’s operations in New York and significantly impact the business activities of Trump, Eric Trump, and Donald Trump Jr. in the state.

The case is set to go to trial in October, but James’ office is requesting a partial summary judgment on certain fraud-related allegations before the trial begins. If granted, other claims, including those related to falsification of records and issuing false financial statements, would still be considered during the trial.

“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,” wrote Andrew Amer, an attorney for James’ office in the filing.

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

Donald Trump’s legal team has yet to respond to the allegations. However, they filed a separate motion on Wednesday seeking the dismissal of the case, claiming that many of the loans in question were obtained too long ago, surpassing the state’s statute of limitations.

James’ office argues that in order to rule in their favor, the judge must establish that Trump’s financial statements were false or misleading between 2011 and 2021, and that these statements were used in business transactions.

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

This latest development adds to Trump’s mounting legal challenges. On August 24, Trump surrendered to authorities in Fulton County, Georgia, where he and 18 others face charges of racketeering in connection with attempts to overturn the results of the state’s 2020 presidential election, which Trump lost. Trump is expected to enter a not guilty plea in that case.

Trump also faces charges in three other criminal cases — 34 counts of falsification of business records in Manhattan and multiple felony counts related to “willful retention” of national security information and his alleged effort to obstruct the peaceful transfer of power after the 2020 election.

Trump has consistently maintained his innocence and has accused prosecutors from every office pursuing him of acting out of political animus.

Share this article
Shareable URL
Prev Post

Witness the Epic Journey of the ‘World’s Longest Yard Sale’ – 4 Days, 690 Miles

Next Post

5 Top Artificial Intelligence Penny Stocks That Are On Fire

Leave a Reply

Your email address will not be published. Required fields are marked *

Read next
Samsung on Wednesday unveiled its newest lineup of Galaxy smartphones that includes a collection of baked-in AI…
Suggestions for last-minute vacation buying Suggestions for last-minute vacation buying 04:27 With the arrival…
AT&T on Tuesday night stated it had resolved a problem stopping clients from finishing calls positioned to…