Latest: Donald Trump Accused of Inflating Net Worth by Billions
According to lawyers from the New York attorney general’s office, Donald Trump allegedly inflated his net worth by a staggering $3.6 billion between 2011 and 2021. This revelation, outlined in a court filing, significantly exceeds previous estimates of $2.2 billion.
The state attorneys, in their filing, explain that their accounting and valuation experts evaluated various considerations that market participants would take into account. After factoring these elements in, they assert that Trump’s true net worth would be diminished by between $1.9 billion and $3.6 billion per year. This is still considered a conservative estimate of the extent of the inflation.
Trump’s legal team has disputed these allegations, stating that the financial statements in question have underreported his net worth. Their filing asserts that Trump is undeniably worth billions of dollars, surpassing the claims made by the New York attorney general’s office.
The filings are part of a lawsuit brought by New York Attorney General Letitia James, who is seeking to hold Trump accountable for making false or misleading financial statements between 2011 and 2021. James alleges that Trump benefitted from inflating his assets by receiving favorable loan terms and insurance rates.
Trump’s lawyers are seeking to have the lawsuit dismissed before it goes to trial on October 2. A hearing is scheduled for September 22, and a decision could be made on that day.
Letitia James has previously stated that the misrepresentations on Trump’s financial statements affected most, if not all, of his and his company’s real estate holdings in any given year. The lawsuit implicates several prominent Trump ventures, including the Doral golf resort in Florida, the Old Post Office property in Washington, DC, and the Trump International Hotel and Tower in Chicago. James alleges that loans were extended for these properties based on false representations made by the Trump team to banks.
As part of the lawsuit, James is seeking $250 million in damages and aims to permanently bar Trump and his sons from holding positions as officers or directors of any business registered in New York state. She also intends to prevent them from engaging in new real estate transactions for five years.
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