CNN: New York Attorney General Alleges Donald Trump Inflated Net Worth by $2.2 Billion
Lawyers for the New York attorney general’s office have made explosive allegations against former President Donald Trump, claiming that he inflated his net worth by as much as $2.2 billion in just one year. These allegations are part of a civil fraud lawsuit filed against Trump, his adult sons, and the Trump Organization.
The attorney general’s office further revealed that over a 10-year period, correcting the Trump financial statements for alleged misvaluations reduced his net worth by between 17-39% each year. This translates to a staggering $812 million to $2.2 billion discrepancy, depending on the year. The largest disparity of $2.2 billion occurred in 2014.
These new allegations were made public by New York Attorney General Letitia James, a Democrat, in a partial summary judgment motion. The motion sheds light on the ongoing investigation into Trump’s financial practices.
Video of Trump’s deposition in the New York attorney general’s civil probe has also been released. In the deposition, Trump invoked the Fifth Amendment and declined to answer questions. The deposition is part of Attorney General James’ investigation into the Trump Organization’s business practices, which led to the lawsuit against Trump, his children, and executives of his business.
This latest development in the legal battle between Trump and the New York attorney general’s office has captured public attention and raises further questions about the former president’s financial dealings.Video of Trump Deposition in New York AG’s Civil Probe Released
The New York Attorney General’s office has released a video of former President Donald Trump’s deposition in their civil probe. The video provides a rare glimpse into Trump’s financial statements and the allegations of fraud against him. Here’s what you need to know:
Grossly Inflated Asset Values
According to the attorney general’s office, the evidence shows that Trump and his organization presented grossly inflated asset values in their financial statements. These statements were then used to defraud banks and insurers in various business transactions. The attorney general’s office argues that the documents leave no doubt that Trump’s asset values do not reflect their true worth.
Trump’s Defense
Trump’s lawyers have responded by filing a motion to dismiss the case, claiming that the financial statements were not misleading. They argue that the case should be thrown out, as no parties were harmed by the alleged fraud.
The True Net Worth
The attorney general’s office has determined that Trump’s net worth between 2011 and 2021 is likely no more than $2.6 billion, significantly less than the stated net worth of up to $6.1 billion. They believe that Trump’s properties were not accurately valued in professional appraisals.
False or Misleading Statements
The attorney general’s office is seeking a ruling that Trump and others made false or misleading financial statements from 2011 to 2021. They claim that Trump benefited from inflating his assets, receiving favorable loan terms and insurance rates as a result.
Awaiting the Judge’s Decision
The judge is expected to rule on the motions just before the trial begins. The outcome of these motions will determine whether the case proceeds to trial or is dismissed.
Denial of Wrongdoing
Trump and his lawyers have denied any wrongdoing. They argue that the financial statements were not misleading and that the Trump Organization never missed a loan payment. They believe the case should be dismissed since no parties were harmed.
Deposition Testimony
To support their argument, Trump’s lawyers point to deposition testimony from Rosemary Vrablic, the former head of private wealth management at Deutsche Bank. Vrablic testified that Trump did not submit materially misleading statements to the lender. The bank made significant interest on the loans, further supporting Trump’s defense.
Insurer’s Perspective
David Miller, a former executive at Erie Insurance, testified that insurer Zurich did not rely on asset valuations when dealing with Trump. This testimony adds another layer to the defense’s argument.
Upcoming Trial
The $250 million lawsuit is set to go to trial in October. This trial is just the beginning of several months of civil and criminal trials for Trump. While he is not required to attend the fraud trial, he may choose to testify in his defense.
Insight from Trump’s Deposition
During his deposition, Trump stated that the financial statements were primarily prepared by his former CFO and that he had minimal involvement in creating them. This insight into Trump’s role in the financial statements will be crucial in determining his level of responsibility.
Stay Tuned
As the trial approaches, all eyes will be on the courtroom to see how this case unfolds. The outcome could have significant implications for Trump and his reputation.Trump and his sons face a high-stakes lawsuit seeking $250 million and a five-year ban on real estate transactions. The lawsuit alleges that they inflated the value of properties, including Trump Tower and Mar-a-Lago. This story has been updated with new developments.
Title: Trump Accused of Inflating Net Worth by $2.2 Billion in a Single Year, New York AG Claims
Introduction
Former President Donald Trump has once again found himself embroiled in controversy, this time facing allegations of inflating his net worth by a staggering $2.2 billion in a single year. The claims, made by the New York Attorney General (AG), have raised concerns about potential financial misconduct and the accuracy of Trump’s financial disclosures. This article delves into the allegations, their potential implications, and the response from Trump’s camp.
The Allegations
According to the New York AG, Letitia James, an investigation into Trump’s financial records revealed a significant discrepancy in his net worth. The probe focused on Trump’s financial statements submitted to lenders, tax authorities, and potential investors between 2011 and 2019. The AG alleges that Trump artificially inflated his net worth by $2.2 billion in 2015, a move that potentially misled lenders and investors.
The investigation claims that Trump’s alleged inflation of his net worth was achieved by manipulating the value of his assets, including real estate holdings, brand value, and other business ventures. By inflating his net worth, Trump could have secured more favorable loan terms, attracted potential investors, and enhanced his public image as a successful businessman.
Implications and Potential Consequences
If the allegations against Trump are proven true, they could have serious legal and financial implications. Inflating net worth for personal gain could constitute fraud, potentially leading to criminal charges and hefty fines. Moreover, such actions undermine the integrity of financial markets and erode public trust in business leaders.
The investigation also raises questions about the accuracy of Trump’s financial disclosures during his presidency. Accurate financial disclosures are crucial for assessing potential conflicts of interest and ensuring transparency in public office. If Trump knowingly provided false information, it could further tarnish his reputation and potentially lead to legal consequences.
Response from Trump’s Camp
Unsurprisingly, Trump has vehemently denied the allegations, dismissing them as politically motivated attacks. In a statement, Trump’s spokesperson, Jason Miller, called the investigation a “witch hunt” and accused the New York AG of pursuing a biased agenda. Trump’s legal team is expected to challenge the allegations in court, arguing that they lack merit and are part of a broader effort to undermine his legacy.
Conclusion
The allegations of Trump inflating his net worth by $2.2 billion in a single year have once again thrust the former president into the spotlight. The investigation by the New York AG raises serious concerns about potential financial misconduct and the accuracy of Trump’s financial disclosures. If proven true, the consequences could be severe, both legally and financially. As the legal battle unfolds, the public awaits the outcome, which could have far-reaching implications for Trump’s reputation and the broader perception of business ethics in the United States.
