NY AG Accuses Trump of Boosting Net Worth by $2.2B
TL/DR –
Former President Donald Trump repeatedly exaggerated his net worth by over $2 billion, according to a court filing by the office of New York Attorney General Letitia James. The AG’s office stated the discrepancies while requesting a summary judgement in a $250 million civil fraud claim against Trump. The case alleges that Trump, his children, and his company “grossly” inflated the ex-president’s net worth and duped lenders and others with false financial statements.
Ex-President Donald Trump reportedly inflated his net worth by billions, as per a court filing by New York Attorney General Letitia James.
The numbers were shared in a motion for summary judgement related to AG’s $250 million civil suit against Trump.
Trump defended the value of his properties during his April deposition, calling them “the Mona Lisa of properties”.
Trump argues his properties are worth more than property valuations due to their quality and prestigious locations.
AG James brought a $250 million lawsuit against Trump accusing him of inflating his net worth and misleading lenders and others with false financial statements.
The trial is set for October. In 2014, Trump claimed assets worth $6.7 billion, but AG’s office alleges this was overstated by more than $2.2 billion.
The filing says Trump overvalued his Florida Mar-a-Lago estate and inflated the value of unsold condo units at Trump Park Avenue in NYC.
The office also accused Trump of adding a 15-30% “brand premium” to the value of his golf clubs and inflating the value of apartments leased by his daughter, Ivanka Trump.
Trump’s legal team is expected to oppose the motion for summary judgment.
During his deposition, Trump said he delegated all but major business decisions to his adult children as president, as he was busy and wanted to avoid conflicts of interest.
Despite the legal expenses, Trump claims to have $400 million in cash and valuable assets.
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