Donald Trump Is Being Told He's Not as Rich as He Claims by New York Attorney General
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Donald Trump has been known to exaggerate quite a bit over the years he’s been in the public eye, but someone is finally calling him out on it. The New York Attorney General Letitia James alleges that the former president gave the impression he was worth $2.2 billion in 2014, when in reality, he was worth much less.
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The attorney general’s office took a look at Donald Trump’s financial statements for a decade and found that after making corrections to his net worth, he was worth “between 17-39%” less “in each year,” according to a judgment motion obtained by CNN. This discovery was made as a part of the ongoing civil fraud case involving Donald Trump, Eric Trump, Donald Trump Jr., and the Trump Organization.
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“Based on the undisputed evidence, no trial is required for the court to determine that defendants presented grossly and materially inflated asset values in the (statements of financial condition) and then used those SFCs repeatedly in business transactions to defraud banks and insurers,” the legal papers state. James believes that “the documents leave no shred of doubt that Mr. Trump’s SFCs do not even remotely reflect the ‘estimated current value’ of his assets as they would trade between well-informed market participants.”
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Of course, Donald Trump is trying to deflect the blame as he explained in his testimony that he had “very little, if any” say in how those financial statements were put together. The former president is still worth a lot of money, just not the amount he is claiming — and James wants to set the record straight. “Mr. Trump’s net worth in any year between 2011 and 2021 would be no more than $2.6 billion, rather than the stated net worth of up to $6.1 billion, and likely considerably less if his properties were actually valued in full blown professional appraisals,” she wrote. The $250 million lawsuit is scheduled to begin in October and is expected to last six weeks.
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