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The New York Prosecutor’s Office accuses Trump of inflating his assets by 3.3 billion

Date: April 19, 2024 Time: 15:08:12

The attorney general of New York, Letitia James, has assured that the former president of the United States, Donald Trump, increased his net worth by 3.6 billion dollars (about 3.3 billion euros) when he ran the real estate empire and not by 2 billion Dollars. (about 1,870 million euros) as was believed until now.

In documents opposing a request by the Trumps to dismiss their sweeping civil fraud case, Letitia James’ lawyers said they found the former president overstated his net worth by between $812 million and $2.2 billion when they made the calculations. . We analyze evidence that he does not question.

However, James’ office, which asked a judge to rule on one of seven lawsuits against the Trumps before his trial next month, has said they are ready to argue that he falsely inflated it by as much as $3.6 billion. . .

“There is much more evidence beyond what is indisputable that the People will present at trial, as necessary, to establish the extent to which Mr. Trump’s net worth was overstated each year between 2011 and 2021,” lawyers for Mr. Trump have written. the attorney general in Manhattan Supreme Court filings.

James’ suit seeks $250 million in ill-gotten gains and to severely restrict the way the Trumps do business in the Big Apple. His September 2022 lawsuit accused him and his executives of inflating the value of the Trump Organization’s assets to secure better loan and insurance terms.

Valuation experts and accountants working with the attorney general’s investigators found that Trump inflated his net worth by between $1.9 billion and $3.6 billion during the decade covered by the James case when taking modern market factors into account, the agency has said. fiscal.

The evidence that Trump does not question, such as valuing his Trump Tower Triplex by estimating that it is around 3,000 square meters when, in reality, it is around 929 square meters, shows that he annually inflates its value between $812 million and $2.2 billion, he showed. James in court filings last week.

In a “deceptive” way

James has described the staggering $3.6 billion as “still conservative” considering that “much of the data and assumptions used by Trump and his co-defendants that valuation experts accepted as argument will be rejected in a non-appraisal review.” In all rules”. The attorney general’s office has explained that Trump and his associates “grossly and deceptively inflated their assets and net worth” to banks and insurers “based on this mountain of evidence” establishing fraudulent business transactions.

When Trump’s lawyers called for the case to be dismissed, James’ office asked state Supreme Court Justice Arthur Engoron on Aug. 30 to hold them liable for one of his major claims, alleging that his financial statements from 2011 to 2021 .were false or misleading and were used repeatedly in commercial transactions. On Friday, he claimed that “ample evidence” supports his remaining claims: “Trump and company made false entries in business records, falsified financial statements, committed insurance fraud and conspired to violate the law.”

In their effort to get the case dismissed, Trump’s lawyers have argued that most of the prosecution’s claims are time-barred and, furthermore, that she lacks the authority to bring them. “In the New York Attorney General’s obsessive-compulsive attempt to ‘get’ President Trump, she even continues to unfairly drag down his sons Eric Trump and Donald Trump Jr., even though they had no direct hand in creating , preparation or use of (financial statements).”

“It is time for the court to end this crusade by dismissing this action in its entirety,” attorney Michael Madaio wrote to the court Friday, opposing the attorney general’s request that Engoron rule in its favor on the main claim. Engoron is expected to hear arguments on James and Trump’s summary judgment motions, which could avoid a trial, at a hearing on September 22 and has yet to rule on a request from James’ office to impose sanctions against the former president. his co-defendants and their lawyers for repeating rejected legal arguments several times in the last year, related to his ability to present the case

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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