The attorney general of New York charged on Wednesday that between 2011 and 2021, Donald Trump habitually overstated his net worth by billions of dollars annually.
State Attorney General Letitia James claimed in documents filed in support of a $250 million civil suit against the former president that Trump and some of his associates submitted grossly inflated numbers to banks and insurers to secure and maintain loans and insurance on more favorable terms.
The operation netted hundreds of millions of dollars in ill-gotten savings and profits, according to the documents.
James’ action against Trump, the current Republican frontrunner in the 2024 presidential election, dates back to last year when she accused Trump, some of his children, and the Trump Organization of tax and financial fraud.
Trump and his children are also accused of inflating the worth of certain Trump Organization assets, such as golf clubs, luxury hotels, and other properties, in order to evade taxes.
The trial is scheduled to begin on October 2, with a preliminary hearing on September 22. However, based on the documents provided Wednesday, James, a Democrat, is requesting that the court resolve the case before it goes to trial.
They claim that between 2011 and 2021, including the years he was president, Trump exaggerated his fortune by 17 to 39 percent, equal to $812 million to $2.2 billion per year.
Prosecutors argued that based on the undisputed evidence, no trial is required for the Court to determine that Defendants presented grossly and materially inflated asset values to aid them in conducting business transactions and defrauding banks and insurers.
A New York judge penalized the Trump Organization $1.6 million in January in a criminal tax and financial misconduct prosecution.
If James’ civil action against Trump gets to trial, it will be another burden for the candidate to bear while traveling around the country on the campaign trail.
Trump is facing four criminal prosecutions for alleged activities performed before, during, and after his administration, including state lawsuits in New York and Georgia, as well as two federal cases in Florida and Washington.
Trump has already condemned the investigation as a witch hunt, labeling James, who is Black, as racist.
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