GOP frontrunner Trump accused of inflating his net worth
Former US President and Republican frontrunner Donald Trump inflated his net worth by as much as $2.2 billion in 2014, a year before entering politics and two years before winning the presidential race against Hillary Clinton, lawyers for Letitia James alleged in court filings.
The New York attorney general and a Democrat is seeking summary judgement in her civil suit against the Trump Organisation over its financial affairs. Her office delivered serious statements concerning the inflated net worth case in the documents.
It alleged the politician’s net worth in any year between 2011 and 2021 would be no more than $2.6 billion, opposing the stated figure of up to $6.1 billion. James is seeking $250 million and for Trump and his sons to be disqualified from operating businesses in the state.
Corrections to financial statements for the decade in question would reduce the former president’s stated net worth by a staggering 17% to 39% in each year, according to the state filing. The trial is set for the month of October.
Awaiting Response From Trump’s Lawyers
Lawyers of the New York attorney general argued no trial was necessary to determine that defendants presented inflated asset values and then used those numbers several times in business transactions in order to “defraud banks and insurers”.
Trump rejects all wrongdoing, claiming political persecution in civil suits concerning his financial affairs and a defamation claim stemming from a rape allegation as well as criminal counts regarding hush-money payments, retention of documents and election subversion.
Although the businessman-turned-politician did not immediately comment on his inflated net worth case, he has regularly criticised James for allegedly being motivated by politics, including in a failed countersuit in May last year.
Trump’s financial affairs and personal wealth became a national obsession in 2016, when he won the White House. Although he never released his taxes, determined and prize-winning reporting revealed evidence of sharp practice.
Among seasoned Trump watchers, the inflated net worth case generated attention but little surprise. He decided to skip last week’s maiden Republican presidential primary debate, although opinion polls continue to place him well above his GOP rivals.