Did Trump exaggerate $2.2 billion in net assets for fraud? New York prosecutor's latest disclosure
According to foreign media reports, the New York State Attorney General's Office announced on the 30th local time that former US President Trump had exaggerated his net worth by $2.2 billion in one year. This latest disclosure is part of a civil fraud lawsuit filed by New York state prosecutors against Trump and his business group.
According to reports, New York State Attorney General James stated in a court motion released on August 30th that an evaluation revision of Trump and his business group's 10-year financial statements showed that Trump's actual net assets were between 17% and 39% less than his claimed net assets each year. In 2014, the gap between Trump's claimed net assets and his actual net assets was the largest, reaching $2.2 billion.
James's office pointed out, "Based on indisputable evidence, the court can determine without trial that the defendant submitted significantly exaggerated asset values in the financial statements and repeatedly used these exaggerated data to deceive banks and insurance companies in commercial transactions."
James's office requires the judge to determine that Trump made false or misleading financial statements between 2011 and 2021, and obtained favorable loan terms and insurance rates by exaggerating assets in order to benefit from them.
In addition, New York state prosecutors have accused Trump, his son, and the Trump Group of obtaining commercial benefits by exaggerating the value of their real estate, involving the Trump Building in New York, the Sealake Estate in Florida, and numerous golf courses.
Trump denies any improper behavior in this regard. Trump's lawyer stated in a court document that the financial statements of the Trump Group are "not misleading" and the judge should dismiss the lawsuit filed by the New York Attorney General.
According to previous reports, in September 2022, James sued Trump and others, as well as the Trump Group, for financial fraud to obtain economic benefits. According to this civil lawsuit, Trump, with the help of his adult children and Trump Group executives, falsely inflated his net assets and used "fraudulent or misleading" valuations to obtain economic benefits such as loans, insurance, and tax reductions.
The report also stated that the New York State Attorney General's Office is seeking a permanent ban on Trump and his adult children from serving as executives in any business entity in New York State, prohibiting Trump from participating in any real estate acquisition in New York State for five years, and demanding that relevant parties return approximately $250 million in fraudulent gains.