New York Attorney General Letitia James made a public safety announcement at City Hall on July 31, 2023, emphasizing the need to prevent gun violence.
Photograph by Lev Radin, taken from Pacific Press, Lightrocket, Getty Images
New York Attorney General Letitia James filed a motion on Wednesday, requesting a partial summary judgment against Donald Trump in her $250 million lawsuit. The lawsuit accuses the former president of engaging in widespread fraud, with James claiming to have a “mountain of undisputed evidence” of false and misleading financial statements.
According to the court filing, the evidence demonstrates that if Trump’s net worth were properly calculated, it would be significantly lower, between 17% and 39%, than what he had claimed annually over ten years. This discrepancy amounts to more than $1 billion in all but one year.
It is worth noting that the allegedly false statements were made during Trump’s tenure in the White House.
The trial for this civil suit against the former president, as well as the Trump Organization, Donald Trump Jr., and Eric Trump, is scheduled to commence in two months at the New York Supreme Court in Manhattan.
The lawsuit filed by James accuses the Trumps of defrauding banks, insurance companies, and other parties through the use of falsified financial statements.
Even if Judge Arthur Engoron grants James’ request for partial summary judgment and concludes that Trump and the other defendants committed fraud under New York business law, the trial will proceed to address other claims.
In her motion, James asserts that Engoron only needs to address two simple questions to reach a verdict.
One of the crucial questions raised by James is whether Trump’s annual financial statements were misleading or false. The attorney general argues that the evidence provided in the submitted documentation overwhelmingly supports an affirmative answer.
The second question pertains to the repeated use of these financial statements by Trump and his co-defendants in conducting business transactions. Again, James maintains that the documentation provides indisputable evidence of their recurring use for fraudulent purposes.
“Based on the undisputed evidence, no trial is required for the Court to determine that Defendants presented grossly and materially inflated asset values in the financial statements and then used those statements repeatedly in business transactions to defraud banks and insurers,” states James.
James further asserts that Trump’s financial statements do not remotely reflect the true value of his assets, as would be determined by informed market participants.
CNBC has reached out to a lawyer representing Trump for comment.
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