The old saying goes, “if you torture the data long enough, it will confess to anything.”
New York Attorney General Letitia James alleged Trump overstated his net worth by billions of dollars to obtain loans, get insurance benefits and manipulate taxes.
A previous report found that Trump actually undervalued his assets.
Letitia James in September announced a lawsuit against former President Donald Trump and his family.
AG James has been investigating whether the Trump Organization inflated the values of some of its properties.
Letitia James said her office is seeking to:
- Make Trump pay $250 million.
- Ban the Trumps from running NY businesses for good.
- Ban Trump and Trump Org from buying commercial real estate in NY for 5 yrs.
- We’re making a criminal referral to the US Department of Justice
“With the help of Donald Jr., Eric, Ivanka, and other defendants, Trump variously unlawfully inflated and deflated his net worth by billions to obtain and satisfy loans, get insurance benefits, and pay lower taxes. In short, he lied to gain massive financial benefits for himself,” Letitia James said in September.
“We found that Trump, his family, and the Trump Org used fraudulent and misleading asset valuations over 200 times in 10 years on his annual financial statements. These statements were then used to obtain hundreds of millions of dollars in loans and insurance coverage,’ she added.
Letitia James claimed in a court filing on Friday that Trump overstated his net worth between 2011 and 2021.
The case is going to trial on October 2.
CNBC reported:
Former President Donald Trump’s net worth was inflated by billions of dollars more than what the New York attorney general’s office initially found to be the case, Attorney General Letitia James said in a new court filing Friday.
Citing an extensive analysis by valuation and accounting experts, James’ office found that Trump’s net worth in any given year between 2011 and 2021 was overstated by $1.9 billion to $3.6 billion.
This new, larger number is “still a conservative estimate,” James wrote in the Friday filing, because those experts accepted at face value many of the elements of Trump’s financial statements “that would otherwise be rejected in a full-blown appraisal review.”
