Letitia James claims Trump exaggerated his net worth by billions in recent court filings.
New York Attorney General Accuses Donald Trump of Inflating Net Worth by Billions
In a bombshell revelation, New York Attorney General Letitia James has filed new court documents claiming that former President Donald Trump and his associates engaged in a massive fraud scheme, inflating their net worth by up to $2.225 billion. This alleged deception spanned from 2011 onwards and forms part of the attorney general’s extensive lawsuit against Trump and his organization.
“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.”
According to James, this fraudulent activity followed a consistent pattern. She stated, ”Defendants followed the same procedure each year to create false and misleading SFCs.” The attorney general is seeking $250 million in damages and has included Donald Trump Jr. and Eric Trump in the lawsuit, although Ivanka Trump has been dismissed from the case.
Unsurprisingly, Donald Trump’s attorneys vehemently deny the charges, asserting his innocence. In a joint motion, they stated, “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.”
Upcoming Trial
The trial is scheduled to commence on October 2nd, where the court will examine the evidence and determine the validity of the allegations made by the New York Attorney General.
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