September 11, 2023: Billions of dollars inflated Retired President Donald Trump’s net worth regarding what the New York lawyer general’s headquarters initially found to be the case, Attorney General Letitia James remarked in a new court filing.
Citing an extensive analysis by valuation and accounting professionals, James’ office found that Trump’s net worth in any given year between 2011 and 2021 was exaggerated by $1.9 billion to $3.6 billion.
This new, more important number is “still a conservative estimate,” James wrote in the Friday filing as those experts accepted at face value many of the elements of Trump’s economic statements “that would otherwise be rejected in a full-blown appraisal review.”
The new claims were parts of a motion opposing Trump’s request for a summary judgment in his favor in the lawyer general’s sweeping civil fraud lawsuit.
Filed in September 2022, the suit alleges that the former president, his adult sons, and his companies conned banks and insurance companies for years to obtain better loan terms and manipulate taxes for the Trump Organization. The prosecutor is pursuing $250 million in damages.
On Friday, New York Supreme Court Judge Arthur Engoron said the trial will last over 11 weeks. The problem will occur five days a week, starting at 10 a.m. ET each day and ending at 4:30 p.m. on all days except Fridays, when proceedings will end at 1 p.m.
Attorneys for Trump, who is running for the 2024 Republican presidential nomination and fighting nearly 100 criminal charges in four separate cases, had asked to delay the trial date, but Engoron refused.
James first asked the court for partisan summary judgment against Trump in the case on August 30, asserting that a “mountain of undisputed evidence” backed up her allegations.
In that filing, James wrote that “numerous deceptive schemes” used to inflate Trump’s total assets had a “staggering” cumulative effect, overstating his net worth by between $812 million and $2.2 billion per year.
On Friday, however, the attorney general wrote that Trump’s “deception is far greater” than what was laid out in her late August filing, which relied solely on the undisputed evidence in the case.
Suppose one included factors likely to be considered by a bank or a real estate developer estimating existing property values. She said that Trump’s net worth is “overstated by billions more” than the August figures.
Based on the new expert analyses, James alleged that the net worth that Trump reported yearly on his “Statement of Financial Condition” was inflated by $3 billion or more for seven years straight, starting in 2013.
The case is set to evolve Trump’s first to get trial since he left the White House.
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