Connect with us

World News

Trump Inflated Net Worth Up To $2.2b Per Year From 2011 To 2021 – Prosecutors

Trump and his children also stand accused of deflating the value of certain Trump Organization assets…

Published

on

WhatsApp Image 2023 08 31 at 12.19.25 PM
Donald Trump

Donald Trump routinely overvalued his net worth by billions of dollars each year between 2011 and 2021, New York’s attorney general alleged on Wednesday.

In documents filed in support of an ongoing $250 million civil suit against the former president, state Attorney General Letitia James claimed 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 scheme resulted in “hundreds of millions of dollars in ill-gotten savings and profits,” the documents alleged.

James’ lawsuit against the current Republican frontrunner in the 2024 presidential race dates back to last year, when she accused Trump, some of his children and the Trump Organization business of tax and financial fraud.

Advertisement

Trump and his children also stand accused of deflating the value of certain Trump Organization assets — including golf clubs, luxury hotels and other properties — to reduce taxes.

The trial is due to start October 2, with a preliminary hearing September 22, though James, a Democrat, is seeking to have the court resolve the case before it goes to trial based on the documents submitted Wednesday.

They allege Trump overstated his wealth each year between 2011 and 2021, including the years he was president, between 17 and 39 percent — amounting to $812 million and $2.2 billion each year.

Advertisement

“Based on the undisputed evidence, no trial is required for the Court to determine that Defendants presented grossly and materially inflated asset values,” to help them conduct “business transactions and defraud banks and insurers,” prosecutors argued.

In January, the Trump Organization was fined $1.6 million by a New York judge in a criminal tax and financial fraud case.

If James’ civil case against Trump goes to trial, it will be one more for the candidate to have to juggle while also zipping across the country on the campaign trail.

Advertisement

Trump is facing four criminal trials for actions allegedly taken before, during and after his presidency — state cases in New York and Georgia and two federal cases in Florida and Washington.

Trump has in the past denounced the case as a “witch hunt,” calling James, who is Black, “racist.”

Stay ahead with VerseNews. Get the latest breaking news, insightful analysis, and trending stories. Your go-to source for timely updates and unbiased reporting.

Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

WATCH: Nigeria Newspaper Headline Today

Apply For Latest Job Openings

Trending

54 Individuals 54 Individuals
News3 days ago

‘I Am IPOB’S Voice’ — Emma Powerful Blasts ‘Fake Coup’, Declares Authority Untouched

The Indigenous People of Biafra (IPOB) has dismissed reports suggesting a change in its spokesperson, as Comrade Emma Powerful...

54 Individuals 54 Individuals
News4 days ago

[JUST IN]: IPOB Issues Fresh Directive To Members Worldwide, Sets 3 Key Conditions For Biafra Restoration

The Indigenous People of Biafra (IPOB) has issued a strong directive to its members across the globe, urging strict focus...

WhatsApp ipob WhatsApp ipob
News6 days ago

IPOB Alleges Global Conspiracy, Demands Immediate Release of Nnamdi Kanu

The Indigenous People of Biafra (IPOB) has issued a strong statement accusing the Nigerian government and international actors of complicity...

ejiofor kanuu ejiofor kanuu
News1 week ago

Ejimakor Tops Legal Team in Nnamdi Kanu Case with Multiple Court, International Victories — Report

A new legal briefing has identified Barrister Aloy Ejimakor as the leading counsel in Nnamdi Kanu’s defence, citing multiple court...

fg 1 fg 1
News1 week ago

BREAKING: FG Declares Easter Public Holidays

The Federal Government has announced public holidays to mark Good Friday and Easter Monday celebrations nationwide.

54 Individuals 54 Individuals
News2 weeks ago

IPOB Praises US Lawmakers, Calls for Referendum as Nigeria Faces ‘Impending Crisis’

The Indigenous People of Biafra says recent remarks by US figures have exposed growing concerns about Nigeria’s security situation.

image 7 image 7
Entertainment3 weeks ago

Aproko Doctor Warns Against ‘Live Snail’ Skincare Trend, Cites Infection Risks (Video)

Health influencer Aproko Doctor has cautioned Nigerians against using live snails on their faces, warning of serious health risks including...

ruf ruf
News3 weeks ago

ICPC Fixes Date to Arraign El-Rufai Over Alleged Corruption, Money Laundering

The ICPC has announced plans to arraign former Kaduna Governor Nasir El-Rufai in court over multiple corruption-related charges following weeks...

NDDC NDDC
News3 weeks ago

Apply Now: FG Opens Fully Funded Overseas Scholarship for Nigerians (2026/2027)

The Federal Government, through the NDDC, has launched applications for its fully funded foreign postgraduate scholarship, targeting young Nigerians from...

OnlyFans OnlyFans
Entertainment3 weeks ago

OnlyFans Owner Leo Radvinsky Dies at 43, Cause of Death Emerges

Billionaire tech entrepreneur Leo Radvinsky, owner of OnlyFans, has died at 43, leaving behind a multibillion-dollar digital empire built on...

Advertisement