NEWSDonald Trump Accused of Inflating Fortune by $2.2 Billion
New York State Attorney General Letitia James is accusing Donald Trump of fraudulently inflating his fortune by as much as $2.2 billion since 2011.
The revelation comes amid a civil lawsuit brought against the former president, some of his older children and the Trump Organization.
Donald Trump often takes to his Truth Social platform to slam the Attorney Generals indicting him.
In a court filing on Wednesday, August 30, James asked a judge to grant summary judgment on one of the claims in her lawsuit. She argues that Trump and his company deceived lenders and insurers by making false claims about his wealth and assets.
The New York Attorney General's Office aims to ban the ex-prez from doing business in New York and pay $250 million in fines.
Donald Trump has been indicted four times this year.
According to the lawsuit, Trump is accused of inflating his net worth to receive favorable loan agreements. The attorney general's office claims the New York businessman valued several of his properties "at amounts that significantly exceeded professional appraisals of which his employees were aware and chose to ignore."
One specific instance mentioned in the filing is his leased property on Wall Street, which he allegedly valued at more than twice the appraised value.
Following his fourth indictment, Trump has continued to insist that he is innocent and that the 2020 election was rigged.
The valuation of Trump's Mar-a-Lago estate in Florida also comes under scrutiny. The attorney general's office stated that the former president valued it between $347 million and $739 million from 2011 to 2021, assuming it would be sold as a single-family residence. However, Palm Beach County assessed the property's value to be between $18 million and $27.6 million during that same period, as it was restricted to being used as a social club.
James argues in the summary judgment filing that a trial is not necessary to prove that Trump and his defendants overstated the worth of their assets through financial statements.
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- 'The Worst Day for Donald': New York Attorney General Letitia James Found 'Smoking Gun' in Trump Fraud Case, Attorney Says
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Trump could have to pay up to $250 million in fines for lying about his assets values.
A deposition transcript of Trump, released by his attorneys, revealed his dismissal of the case. He said, "You don't have a case, and you should drop this case," during a deposition with James in April.
The 77-year-old GOP leader's legal team is expected to challenge the motion for summary judgment.
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As OK! previously reported, Trump is facing four criminal trials in Florida, Georgia, New York and DC. He has been indicted for his efforts to overturn the 2020 election, involvement in the January 6, 2021, Capitol riots, mishandling of classified documents, and alleged hush-money payments to two women, including adult film actress Stormy Daniels.
This latest accusation of fraudulently inflating his fortune adds to the legal challenges Trump is currently facing. The outcome of the civil lawsuit could have significant implications for his future business dealings and financial reputation.
PEOPLE reported on the situation.
