Running his father’s family real estate empire, former President Donald Trump had boasted his net worth by a staggering $2 billion, New York Attorney General Letitia James charged in asking a Manhattan judge to rule against the Trumps before their upcoming $250 million civil fraud trial, according to court filings unsealed Wednesday via Yahoo!
It has been noted that James questioned State Supreme Court Judge Arthur Engoron to resolve one of the fraud claims facing the Trumps encompassing a chunk of the case slated for trial Oct. 2 by recognizing a “mountain of undisputed evidence” of rampant fraud.
“No trial is required for the Court to determine that (Trump) presented grossly and materially inflated asset values in (financial filings) and then used those (filings) repeatedly in business transactions to defraud banks and insurers,” the filing said.
The AG alleged Trump had overstated his net worth by up to 39% by recording wildly inflated values for Trump-owned skyscrapers, golf courses and residential properties, including his Mar-a-Lago resort in Palm Beach, Florida.
The Trumps are accused in the suit of using the bogus financial statements to defraud banks, insurance companies and other business partners to the tune of “hundreds of millions of dollars in ill-gotten savings and profits.”
Trump claimed $6.7 billion in assets in 2014, but the attorney general said her office has undisputed evidence that they were worth only $4.5 billion.
Trump’s expected to oppose the motion requesting Engoron find that he, his company, his two grown sons, Eric and Don Jr., and various company executives filed false or misleading financial statements from 2011 to 2021 and repeatedly used them in business transactions to obtain better loans and tax breaks.
Engoron will hold a hearing on Sept. 22 to consider James’ request for partial summary judgment before the case goes on trial.
