New York State Attorney General Letitia James has accused former President Donald Trump of inflating his net worth by $2.2 billion a year.
Last year, James filed a $250 million civil lawsuit against the Trump Organization, the former president and his three adult children, accusing them of misrepresenting business assets to obtain favorable loans and tax breaks. An appeals court ruling in June removed Ivanka Trump, the former president’s daughter, from the list of defendants.
In a court filing Wednesday, James said the evidence against Trump was so strong that the court did not need a trial scheduled to begin in October to determine the fraud charges. The motion for summary judgment found that there was “undisputed evidence” that from 2011 to 2021, “defendants presented grossly and substantially inflated asset values.”
“Since at least 2011, Defendants and others who have worked on their behalf in the Trump Organization have falsely inflated the value of many of the assets listed on Donald J. Trump’s Annual Statement of Financial Condition (“SEC”) billions, and thus his total net worth for each of these years,” the motion states.
“The blatant and apparent deception carried out by the defendants reduced Mr. Trump’s net worth by 17-39 percent, or $812 million to $2.2 billion, annually, depending on the year,” the report continued.
James’ filing goes on to accuse Trump of “defrauding banks and insurance companies” of using false financial statements, arguing that “there is no doubt” that the former president’s “fraudulent conduct was repeated and ongoing.”
Chris Kise Represents Trump in New York Litigation and Federal Criminal Cases Involving Classified Documents, Weekly newspaper The following statement was emailed Wednesday evening in response to a request for comment:
“NYAG’s claims are overblown and lack actual evidence. The motion ignores the extraordinary volume [sic] The evidence to determine the net worth figure is well substantiated. It also ignored the testimony of the actual counterparty to the loan deal, who made it clear that there was no fraud. But the attorney general still hopes to replace some of the world’s most seasoned bankers with her sharp business acumen. “
Kise and other attorneys representing the former president and the Trump Organization filed a motion for summary judgment on Wednesday arguing that the lawsuit should be dismissed, in part because the statute of limitations has expired for many of the claims.
Trump’s team also argued that “all the debate surrounding President Trump’s net worth is unnecessary” because the alleged asset inflation may not affect related loans, and “there is no doubt that he was, is, Still a very successful billionaire.”
New York State Supreme Court Justice Arthur N’Gollen could rule in part or in full on James’ or Trump’s motion. Alternatively, he could decide to dismiss both motions and proceed with the trial as planned.
Trump’s civil lawsuit is separate from the four criminal charges against the former president. Trump faces a total of 91 felony charges in New York, Georgia and at the federal level.
The former president has denied any criminal or civil wrongdoing, claiming he was the victim of “witch hunts” and “election interference” while running as the leading Republican candidate in the 2024 presidential election.