Former President Donald Trump walks to talk with reporters before departure from Hartsfield-Jackson Atlanta International Airport, Thursday, Aug. 24, 2023, in Atlanta.
Alex Brandon | AP
Former President Donald Trump’s net value was inflated by billions of dollars greater than what the Recent York attorney general’s office recently believed to be the case, the AG said in a latest court filing Friday.
Citing an evaluation by valuation and accounting experts and making an allowance for other adjustments, the AG alleged that Trump’s net value in any given yr between 2011 and 2021 was overstated by $1.9 billion to $3.6 billion.
That’s “still a conservative estimate,” Recent York Attorney General Letitia James alleged within the filing, because those valuation experts still accepted lots of the assumptions utilized by the defendants of their annual financial statements.
James made the brand new claims in a filing opposing Trump’s request for a summary judgment in his favor within the AG’s sweeping civil fraud lawsuit against the previous president, his adult sons and his businesses.
James is suing Trump and his co-defendants for allegedly defrauding banks, insurance firms and others to acquire higher tax and loan terms for the Trump Organization. The prosecutor is in search of $250 million in damages.
Attorneys for Trump didn’t immediately reply to CNBC’s request for comment.
Last week, James asked the court for partial summary judgment within the case, asserting that a “mountain of undisputed evidence” backed up her allegations.
In that filing, James wrote that “quite a few deceptive schemes” used to inflate Trump’s total assets had a “staggering” cumulative effect of overstating his net value by 17%-39% per yr. That “translates to the big sum of $1 billion or more in all but one yr,” or between $812 million and $2.2 billion, the AG wrote.
But “the extent of Defendants’ deception is much greater” than what was specified by that filing, which relied solely on the undisputed evidence within the case, James wrote in Friday’s memorandum in Recent York Supreme Court.
By including plenty of aspects that might normally be considered by market participants when “determining estimated current value,” the AG alleged that Trump’s net value is “overstated by billions more.”
Among the many additional aspects taken under consideration were “discounting future income to present value,” and “correcting for inconsistent methodologies,” James wrote.
The case is about to move to trial on Oct. 2, becoming Trump’s first trial since he left the White House in 2021.
On Wednesday, Judge Arthur Engoron rejected Trump’s bid to delay the trial, calling the request “completely without merit.”
That is breaking news. Please check back for updates.
