Politics

NY AG: Trump Inflated Net Worth by Billions

AUG 31 2023·Updated SEP 1 2023

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The Facts

On Wednesday, a court filing by New York Attorney General Letitia James’ office as part of a $250M civil fraud suit revealed that former Pres. Donald Trump is accused of overstating his net worth by billions over the course of several years.
ABC News
According to James, Trump’s net worth between 2011 and 2021 was never more than $2.6B, as opposed to his claims of being worth up to $6.1B.
guardian
The suit, which accuses Trump of exaggerating his net worth by $2.2B in one of those years, alleges the former president's company knowingly manipulated the value of his assets in an attempt to skirt paying higher taxes and to improve insurance coverage.
The Hill
Also on Wednesday, Trump’s lawyers released the 479-page transcript of a deposition taken in April, during which he called James’ suit a “terrible thing” while touting that his business was exceedingly successful and other successes from his presidency.
The Associated Press
James’ filing requested the judge grant summary judgment on one of seven claims in the suit – that Trump and his company defrauded lenders and others by lying about his wealth and the value of his assets. Trump’s lawyers have asked for the case to be dismissed.
The Associated Press
The case, which is scheduled to go to trial on Oct. 2, also names Trump’s two elder sons – Don Jr. and Eric – and the Trump Organization as co-defendants.
Forbes

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The Spin

Democratic narrative

With all the indictments Trump is facing, it’s easy to forget he’s also facing this civil fraud case in which the evidence against him is overwhelming. Trump’s fraud was blatant, and when he finally stopped invoking the Fifth Amendment and actually tried to make his case in his deposition, he could barely make a coherent argument in his own defense.

nytimes

Pro-Trump narrative

James’ case is the flimsiest part of the Democrats’ witch hunt against the former president in their attempts to stop him from winning the GOP nomination for 2024. No one was injured by this so-called fraud, and Trump had little to no involvement in his companies' financial statements anyway. A civil case is just an excuse for James to up her political profile.

Daily Caller