N.Y. AG Says Trump Inflated Net Worth by up to $3.6B

New York state’s legal professional common Friday mentioned Donald Trump might have fraudulently inflated his fortune by excess of beforehand thought, her newest salvo in preparation for trial in her civil lawsuit towards the previous U.S. president and his household enterprise.

In a submitting with a New York state courtroom in Manhattan, Attorney General Letitia James mentioned her valuation and accounting consultants consider Trump falsely boosted his internet value by between $1.9 billion and $3.6 billion a 12 months over a decade.


That’s greater than the $812 million to $2.23 billion vary she estimated final week based mostly on what she referred to as “undisputed” proof – which Trump disputes.

James mentioned a “mountain of evidence” exhibits how Trump and his associates lied about his property and internet value to get hold of higher phrases on loans and insurance coverage, justifying a ruling even earlier than the Oct. 2 trial that his monetary statements have been fraudulent.

The legal professional common desires a $250 million positive, and to bar Trump and his sons Donald Trump Jr. and Eric Trump from main their household enterprise, the New York City-based Trump Organization.

Lawyers for Trump, who desires your entire case dismissed, fired again six minutes after James’ submitting.

They mentioned Trump was “without question, worth many billions of dollars,” and had even made “substantial sums of money” for the businesses that financed and insured the true property properties in his “phenomenal corporate empire.”

“There was no fraud. There are no victims,” the legal professionals mentioned.

Trump’s legal professionals additionally maintained that statutes of limitations bar most of James’ claims, and accused her of getting “maligned, demeaned, and libeled President Trump and his entire family via an opportunistic lawsuit filed for political gain.”

James is a Democrat, whereas Trump holds a dominant lead within the race for the 2024 Republican presidential nomination.


The choose, Arthur Engoron, has scheduled a Sept. 22 listening to on either side’ motions for abstract judgment.

His rulings may slim the scope or, if Trump wins, eradicate the necessity for a trial, which may run till simply earlier than Christmas.

The case is separate from 4 prison indictments that Trump faces, together with two for trying to overturn his 2020 election loss to Democrat Joe Biden. Trump has pleaded not responsible in all 4 prison instances.

James’ lawsuit disputes how Trump valued a number of of his properties, together with his Mar-a-Lago property in Florida and his penthouse triplex atop Trump Tower in midtown Manhattan.

Citing her consultants, James mentioned Trump might have inflated his internet value by $3.5 billion to $3.6 billion yearly from 2014 to 2019, the final three whereas Trump was within the White House.

Trump’s fortune, as mirrored in his monetary statements, peaked at $6.1 billion in 2015, 2018 and 2019, James mentioned.

On Wednesday, Engoron rejected Trump’s bid to delay the trial till at the very least three weeks after he dominated on the abstract judgment motions.

The New York civil case is New York v Trump et al, New York State Supreme Court, New York County, No. 452564/2022.

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