According to a new court filing by the New York Attorney General’s office, the net worth of former President Donald Trump was significantly overinflated. Valuation and accounting experts conducted an extensive analysis and found that Trump’s net worth between 2011 and 2021 was overstated by $1.9 billion to $3.6 billion. New York Attorney General Letitia James stated that this estimate is considered conservative, as the experts accepted many of Trump’s financial statements at face value, despite their potential inaccuracies. These findings were submitted as part of a motion opposing Trump’s request for summary judgment in the civil fraud lawsuit brought against him by the AG’s office. The lawsuit, filed in September 2022, accuses Trump, his adult sons, and his businesses of defrauding banks and insurance companies for years. The AG is seeking $250 million in damages.
Attorneys for Trump have yet to respond to the latest motion. In August, Attorney General James initially requested partial summary judgment based on substantial evidence supporting her allegations of fraud. However, the AG now asserts that Trump’s deception extends even further than previously stated, with his net worth being overstated by billions more when considering factors that banks and real estate developers would assess for current property values. According to expert analysis, Trump’s reported net worth on his “Statement of Financial Condition” was inflated by $3 billion or more for seven consecutive years starting in 2013. The trial is set to begin on October 2nd, marking Trump’s first case since leaving the White House. Earlier this week, Judge Arthur Engoron denied Trump’s attempt to delay the trial, deeming it without merit. AG James has also requested sanctions against Trump and others involved in the case for repeatedly presenting unsuccessful legal arguments, but there has been no response from the judge as of yet.
