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Trump overstated net worth by up to $3.6bn, says New York attorney general
Ex-president?s net worth was exaggerated by between $1.9bn and $3.6bn
between 2011 and 2021, court filing says
Martin Pengelly in Washington
@MartinPengelly
Fri 8 Sep 2023 12.09 EDT
Last modified on Fri 8 Sep 2023 14.04 EDT
Donald Trump overstated his net worth by as much as $3.6bn between 2011
and 2021, the attorney general of New York state said in a court filing
first reported by CNBC on Friday ? a $1.4bn increase on a previous filing
that put the top amount at $2.2bn.
In the new filing, CNBC said, the attorney general, Letitia James, said
she was ?still [making] a conservative estimate? about by how much Trump?s
net worth was overstated in annual financial statements.
Donald Trump
FILE - Sen. Lindsey Graham, R-S.C., speaks during the 56th
annual Silver Elephant Gala in Columbia, S.C., Saturday, Aug. 5, 2023. A
report released on Friday, Sept. 8, revealed that a special grand jury
investigating efforts to overturn Georgia?s 2020 presidential election
results recommended indictments against a much larger group than Fulton
County District Attorney Fani Willis ultimately charged, including one
current and two former U.S. senators. The names of those not indicted
included Sen. Lindsey Graham, R-Ga., former U.S. Sens. Kelly Loeffler and
David Perdue of Georgia and former Donald Trump national security adviser
Michael Flynn. (AP Photo/Artie Walker Jr., File)
Georgia report reveals jury called for criminal charges against Lindsey
Graham and others
Read more
Trump?s net worth was exaggerated by between $1.9bn and $3.6bn, the filing
said.
In the civil fraud suit, James is suing Trump, his adult sons, Donald
Trump Jr and Eric Trump, and the Trump Organization for $250m. The state
is also seeking stringent professional penalties. Trump?s oldest daughter,
Ivanka Trump, was dropped from the suit this year.
In the new filing on Friday, prosecutors said valuations experts arrived
at the new figure for Trump?s overestimations of his worth by applying
financial methods ?market participants would consider when determining
estimated current value?, ABC News reported.
Prosecutors added: ?After factoring in these and other fundamental
considerations that any informed buyer and seller in the marketplace would
take into account, Mr Trump?s net worth would be further substantially
reduced by between $1.9bn to $3.6bn per year, which is still a
conservative estimate.?
Trump is the clear frontrunner for the Republican presidential nomination.
Denying wrongdoing, he claims political persecution by James, a Democrat.
Trial is set to begin on 2 October. Earlier this week, the judge in the
case denied a Trump attempt to delay the trial which he said was
?completely without merit?.
Both sides have sought summary judgment. The new filing from James came in
opposition to such a move by Trump. As previously, James cited a ?mountain
of evidence? that defendants ?engaged in fraudulent business transactions
with the capacity or tendency to deceive?.
He faces another civil trail, for defamation arising from an allegation of
rape by the writer E Jean Carroll, having already been found liable for
defamation and sexual abuse and ordered to pay $5m. The judge in the case
has said Trump has been adjudicated a rapist.
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He also faces 91 criminal charges under four separate indictments, for
state (13 charges) and federal (four) election subversion, retention of
classified documents (40) and hush-money payments during the 2016 election
(34).
Trump?s finances have been a matter of public fascination since he entered
presidential politics in 2015. Refusing to follow convention, he did not
release his tax returns, claiming to be prevented from doing so because he
was under audit.
Audits do not preclude release of tax returns. The New York Times reporter
Maggie Haberman has revealed how Trump came up with that excuse literally
on the fly, on a campaign plane.
Award-winning reporters and Democrats in Congress, meanwhile, have
revealed Trump?s tax affairs to the world, showing how he inflated or
deflated his worth and that of his assets.
I hope you appreciated this article. Before you move on, I was hoping you
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And we avoid the trap that befalls much US media ? the tendency, born of a
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journalism because of our unique reader-supported model. That?s because of
people like you. Our readers keep us independent, beholden to no outside
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news, or not.
--- Xnews/2006.08.05
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