Trump Inflated Net Worth by More Than $2 Billion: New York AG
Erik Uebelacker
Breaking News Intern
Updated Aug. 30, 2023 6:24PM EDT / Published Aug. 30, 2023 6:00PM EDT
The New York attorney general’s office claimed that Donald Trump inflated his net worth by as much as $2.2 billion in just one year, according to court documents made public Wednesday. The allegation comes as part of the attorney general’s office’s civil fraud lawsuit against Donald Trump, Donald Trump Jr., Eric Trump and the Trump Organization, which allegedly found that the former president’s financial statements were inflated between $812 million and $2.2 billion annually over a 10-year stretch.
Trump and his organization used these yearly overestimates to milk more money out of banks and insurers, the attorney general’s office argued—and it wants to skip the trial altogether in favor of a summary judgement. “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 [statements of financial condition] and then used those SFCs repeatedly in business transactions to defraud banks and insurers,” the office wrote.
Trump and his sons are being sued for $250 million. Should they lose the suit, the trio would be unable to serve as an officer or director of any New York business and would be banned from real estate deals for five years.
