Letitia James says Trump inflated his net worth by billions in new court documents
Brady Knox
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New York Attorney General Letitia James claimed that former President Donald Trump inflated his net worth by billions of dollars in new court documents.
In the newest filings as part of the attorney general’s sprawling lawsuit against Trump and his organization, James claimed that Trump and his associates inflated their net worth by up to $2.225 billion. The alleged fraud occurred over a period of time beginning in 2011.
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“Since at least 2011, Defendants and others working on their behalf at the Trump Organization have falsely inflated by billions of dollars the value of many of the assets listed on Donald J. Trump’s annual statement of financial condition (‘SFC’), and hence his overall net worth for each of these years,” the filing stated.
“Mr. Trump, and in some years the trustees of his revocable trust, submitted these grossly inflated SFCs to banks and insurers to secure and maintain loans and insurance on more favorable terms, reaping hundreds of millions of dollars in ill-gotten savings and profits,” it added.
“To adjudicate this claim, the Court need answer only two simple and straightforward questions: (1) were the SFCs from 2011 to 2021 false or misleading; and (2) did Defendants repeatedly or persistently use the SFCs in the conduct of business transactions?” it continued. “The answer to both questions is a resounding “yes” based on the mountain of undisputed evidence cited in Plaintiff’s accompanying 202.8-g Statement.”
James also claims to have uncovered a pattern of fraud, saying, “Defendants followed the same procedure each year to create false and misleading SFCs.”
James is seeking $250 million in damages, and the lawsuit includes two of the former president’s sons — Donald Trump Jr. and Eric Trump. Ivanka Trump was previously included but has since been dismissed.
Donald Trump’s attorneys vehemently denied the charges, denying any wrongdoing on his part.
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“Despite these undisputed facts, and despite herself admitting herein President Trump is a successful billionaire even by her own manipulated standards, the NYAG has spent considerable time and taxpayer dollars chasing after President Trump by wading into wholly private, and successfully consummated, commercial agreements — the provisions of which have been fully satisfied — between highly sophisticated parties,” a joint motion from his attorneys said, the Hill reported.
The trial is set to begin Oct. 2.