{"id":2019480,"date":"2023-09-01T14:58:01","date_gmt":"2023-09-01T18:58:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-denounces-ny-ags-claim-that-hes-worth-billions-less\/"},"modified":"2023-09-01T15:01:19","modified_gmt":"2023-09-01T19:01:19","slug":"trump-denounces-ny-ags-claim-that-hes-worth-billions-less","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-denounces-ny-ags-claim-that-hes-worth-billions-less\/","title":{"rendered":"Trump rejects NY AG&#8217;s assertion of his significantly reduced net worth."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftrump-denounces-ny-ags-claim-that-hes-worth-billions-less%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2019480&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Former \u200bPresident Donald Trump\u2064 Denounces Inflated \u200cNet Worth Claim<\/h2>\n<p>Former President Donald Trump <a href=\"https:\/\/thehill.com\/regulation\/court-battles\/4182731-trump-pushes-back-letitia-james-inflated-net-worth\/\">angrily denounced<\/a> \u200cthe claim from \u2064the New York Attorney General that he has significantly inflated his <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">net worth<\/a>.<\/p>\n<p>New York Attorney General Letitia James\u200b made the claim as part \u2064of the state\u2019s lawsuit \u2062against Trump, the Trump Organization, and Donald Trump Jr. and Eric Trump, accusing them \u200dof \u200bbusiness \u2062fraud.<\/p>\n<blockquote>\n<p>\u201cSince at least \u20642011, Defendants and others working on their \u200dbehalf at the Trump Organization have falsely inflated by billions of dollars the value of many of the assets listed on Donald \u2062J. Trump\u2019s\u200b annual statement of financial\u2064 condition (\u2018SFC\u2019), and hence his overall net worth for each of these years,\u201d James wrote \u200cin \u200cthe <a href=\"https:\/\/iapps.courts.state.ny.us\/fbem\/DocumentDisplayServlet?documentId=ug5960XEpNMksGWCbGdRDA==&#038;system=prod\" target=\"_blank\" rel=\"noopener\">memorandum<\/a>. \u201cMr.\u200b Trump, and in some years the trustees of his revocable trust, submitted these grossly inflated SFCs to banks and \u2064insurers\u200b to secure and \u200bmaintain loans and insurance on more favorable\u200c terms, reaping hundreds \u2064of\u200c millions of dollars in ill-gotten savings and profits.\u201d<\/p>\n<\/blockquote>\n<p>\u201cThe Court need answer only\u200b two simple and straightforward questions: (1) were the SFCs from\u200b 2011 to 2021 false or misleading; and (2) did\u2062 Defendants repeatedly or persistently use\u2063 the SFCs in \u200dthe conduct of business \u200ctransactions? The answer\u2063 to both questions is a resounding \u2018yes,\u2019\u201d the memorandum stated.<\/p>\n<p>\u201cTHE THING I HAVE IS\u200d A GREAT CASE BASED \u200dON PHENOMENAL NUMBERS \u2063THAT\u200c SHOW\u200b A NET WORTH BILLIONS OF DOLLARS \u200bMORE THAN SHE\u200c VICIOUSLY\u200b &#038; FALSELY\u200b CLAIMED, VERY LITTLE DEBT, BIG CASH, A POWERFUL Disclaimer CLAUSE, PAID \u2063OFF LOANS, NO \u200bDEFAULTS, \u2018HAPPY\u2019 BANKS, \u200bGREAT\u2063 ASSETS,\u201d Trump responded\u2063 on Truth Social Thursday, adding, \u201cI WAS \u200cDEFAMED BY NYS \u2013 ELECTION INTERFERENCE!\u201d<\/p>\n<blockquote>\n<p>\u201cDefendants\u200d followed the same procedure \u200deach year to create false and misleading SFCs,\u201d the \u2064memo stated. \u2063\u201cThe SFCs include amounts for\u200b Mr. Trump\u2019s assets, mostly <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-york-da-now-looking-into-loans-given-for-trump-properties-over-the-years\/\" title=\"New York DA Now Looking Into Loans Given For Trump Properties Over The Years\">real estate holdings<\/a>, that\u200b are\u200b represented to be stated \u2018at their estimated current values,\u2019 a \u2063term defined \u200din \u2062the applicable\u2063 accounting rules \u2062as the value that\u2063 a willing\u2064 buyer and willing seller could agree on, where both are\u200d fully informed and neither\u200d is acting under duress.\u200c The associated\u200b liabilities are\u2064 then subtracted \u200dfrom the \u200d\u2018estimated current values\u2019 to derive Mr. Trump\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/czech-billionaire-kretinsky-closes-in-on-casino-as-rivals-drop-bid\/\" title=\"Czech billionaire Kretinsky nears Casino acquisition as rivals withdraw offer.\">net \u200dworth<\/a>.\u201d<\/p>\n<\/blockquote>\n<p>\u201c \u2026 \u200bat \u2062the end of \u2063the day this is \u2063a <em>documents case<\/em>, \u200band the documents leave no \u200bshred\u2064 of doubt that\u2064 Mr.\u200d Trump\u2019s SFCs do not even remotely \u200breflect the \u2018estimated current value\u2019 of his assets as \u2064they would trade between well-informed market participants. Instead, the \u200cundisputed evidence establishes that\u200d Defendants employed \u2064a variety of deceptive schemes to \u2062grossly inflate values for many\u200c of Mr. Trump\u2019s assets,\u201d the memo\u200b continued.<\/p>\n<p>After enumerating various instances where Trump and his organization allegedly engaged in deceptive practices, the memo stated bluntly,\u200b \u201cCorrecting for these and\u2064 other blatant \u200band <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-denounces-ny-ags-claim-that-hes-worth-billions-less\/\" title=\"Trump rejects NY AG's assertion of his significantly reduced net worth.\">obvious deceptive practices engaged<\/a> in by Defendants reduces Mr.\u2064 Trump\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/manchin-announces-fundraising-numbers-as-speculation-grows-about-3rd-party-white-house-bid\/\" title=\"Manchin reveals fundraising figures amid 3rd-party White House bid rumors.\">net\u200c worth<\/a> by between 17-39% \u2062in each\u2063 year,\u200d or \u200bbetween $812 million to $2.2 billion, depending on\u2063 the year.\u201d<\/p>\n<h3>Lawsuit Demands Fine and \u200cBusiness Ban<\/h3>\n<p>The lawsuit wants \u200cthe defendants \u200bto\u200b pay a $250 \u2063million fine and to ban the defendants \u200bfrom having businesses \u200din New York.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former President Donald Trump vehemently denied allegations made by New York Attorney General Letitia James, who accused him of inflating his net worth as part of a business fraud lawsuit against him, the Trump Organization, and his sons. Trump expressed anger and refuted the claim.<\/p>\n","protected":false},"author":60,"featured_media":2019481,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-2019480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2019480","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/60"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2019480"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2019480\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2019481"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2019480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2019480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2019480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}