Trump inflated his net worth by $3.6 billion, NY attorney general says

(NEW YORK) — Former President Donald Trump inflated his net worth by at least $3.6 billion, the New York attorney general’s office said in a new court filing Friday, a sum far larger than earlier estimates.

The filing is part of the state’s $250 million civil lawsuit against Trump, his eldest sons, his business and some of its top executives.

Trump and the others have denied wrongdoing but the attorney general’s office has previously said they inflated asset values by hundreds of millions of dollars each year by adding square footage that did not exist, flouting development restrictions or disregarding appraisals that came in lower than expected.

Accounting for those allegedly fraudulent valuations, the attorney general’s office estimated Trump overstated his net worth between 17% to 39% depending on the year.

The new, higher estimate also includes financial methods “market participants would consider when determining estimated current value,” the filing said.

“After factoring in these and other fundamental considerations that any informed buyer and seller in the marketplace would take into account, Mr. Trump’s net worth would be further substantially reduced by between $1.9 billion to $3.6 billion per year, which is still a conservative estimate,” the filing said.

The attorney general’s office included the new figure in its opposition to Trump’s request for summary judgment, telling the judge there is a “mountain of evidence” to establish at trial “defendants engaged in fraudulent business transactions with the capacity or tendency to deceive.”

A hearing on whether to grant either side’s motion for summary judgment is scheduled for Sept. 22. The trial is expected to begin Oct. 2.

 

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