Sunday, October 1, 2023

Trump has inflated his wealth by $3.6 billion per year

Former US President Donald Trump (2017-2021) exaggerated his net worth and inflated it by $ 3.6 billion (around 3.36 billion euros) annually, as the New York Attorney General found this Friday in a new court filing.

The current Republican candidate in the Republican primary allegedly made false entries in business records, falsified financial reports and committed insurance fraud, according to the presentation by Attorney General Letitia James, which was accessed by several local media outlets.

The attorney general claimed — supported by an analysis by valuation and accounting experts — that Trump’s net worth was inflated between $1.9 billion and $3.6 billion between 2011 and 2021, depending on the year.

That was “still a conservative estimate,” New York Attorney General Letitia James noted in the filing, because those valuation experts still accepted many of the assumptions the defendants used in their financial statements.

In August, prosecutors said Trump fraudulently inflated his net worth by $812 million to $2.2 billion every year since 2011, depending on the year.

James is suing Trump and his co-defendants – including several of his children – for allegedly defrauding banks, insurance companies and others for the benefit of the Trump Organization.

The prosecutor is demanding $250 million in damages.

At the same time, the Republicans’ favorite candidate faces various legal proceedings on economic, national security and political issues.

Nation World News Desk
Nation World News Desk
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