The daily wire

Trump rejects NY AG’s assertion of his significantly reduced net worth.

Former ​President Donald Trump⁤ Denounces Inflated ‌Net Worth Claim

Former President Donald Trump angrily denounced ‌the claim from ⁤the New York Attorney General that he has significantly inflated his net worth.

New York Attorney General Letitia James​ made the claim as part ⁤of the state’s lawsuit ⁢against Trump, the Trump Organization, and Donald Trump Jr. and Eric Trump, accusing them ‍of ​business ⁢fraud.

“Since at least ⁤2011, Defendants and others working on their ‍behalf at the Trump Organization have falsely inflated by billions of dollars the value of many of the assets listed on Donald ⁢J. Trump’s​ annual statement of financial⁤ condition (‘SFC’), and hence his overall net worth for each of these years,” James wrote ‌in ‌the memorandum. “Mr.​ Trump, and in some years the trustees of his revocable trust, submitted these grossly inflated SFCs to banks and ⁤insurers​ to secure and ​maintain loans and insurance on more favorable‌ terms, reaping hundreds ⁤of‌ millions of dollars in ill-gotten savings and profits.”

“The Court need answer only​ two simple and straightforward questions: (1) were the SFCs from​ 2011 to 2021 false or misleading; and (2) did⁢ Defendants repeatedly or persistently use⁣ the SFCs in ‍the conduct of business ‌transactions? The answer⁣ to both questions is a resounding ‘yes,’” the memorandum stated.

“THE THING I HAVE IS‍ A GREAT CASE BASED ‍ON PHENOMENAL NUMBERS ⁣THAT‌ SHOW​ A NET WORTH BILLIONS OF DOLLARS ​MORE THAN SHE‌ VICIOUSLY​ & FALSELY​ CLAIMED, VERY LITTLE DEBT, BIG CASH, A POWERFUL Disclaimer CLAUSE, PAID ⁣OFF LOANS, NO ​DEFAULTS, ‘HAPPY’ BANKS, ​GREAT⁣ ASSETS,” Trump responded⁣ on Truth Social Thursday, adding, “I WAS ‌DEFAMED BY NYS – ELECTION INTERFERENCE!”

“Defendants‍ followed the same procedure ‍each year to create false and misleading SFCs,” the ⁤memo stated. ⁣“The SFCs include amounts for​ Mr. Trump’s assets, mostly real estate holdings, that​ are​ represented to be stated ‘at their estimated current values,’ a ⁣term defined ‍in ⁢the applicable⁣ accounting rules ⁢as the value that⁣ a willing⁤ buyer and willing seller could agree on, where both are‍ fully informed and neither‍ is acting under duress.‌ The associated​ liabilities are⁤ then subtracted ‍from the ‍‘estimated current values’ to derive Mr. Trump’s net ‍worth.”

“ … ​at ⁢the end of ⁣the day this is ⁣a documents case, ​and 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. Instead, the ‌undisputed evidence establishes that‍ Defendants employed ⁤a variety of deceptive schemes to ⁢grossly inflate values for many‌ of Mr. Trump’s assets,” the memo​ continued.

After enumerating various instances where Trump and his organization allegedly engaged in deceptive practices, the memo stated bluntly,​ “Correcting for these and⁤ other blatant ​and obvious deceptive practices engaged in by Defendants reduces Mr.⁤ Trump’s net‌ worth by between 17-39% ⁢in each⁣ year,‍ or ​between $812 million to $2.2 billion, depending on⁣ the year.”

Lawsuit Demands Fine and ‌Business Ban

The lawsuit wants ‌the defendants ​to​ pay a $250 ⁣million fine and to ban the defendants ​from having businesses ‍in New York.



" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."
*As an Amazon Associate I earn from qualifying purchases

Related Articles

Sponsored Content
Back to top button
Available for Amazon Prime
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker