Court Filing Reveals New Details Regarding Trump’s New York Trial

In a new development surrounding former President Donald J. Trump’s ongoing legal battles in New York, a court filing has brought forth allegations that Trump may have overstated his net worth by up to $3.6 billion annually.

The claim, made by New York Attorney General Letitia James, is detailed in a memorandum of law filed in the Supreme Court of the State of New York.

The Attorney General alleges discrepancies in the former President’s financial declarations. The claim suggests that Trump may have inflated his net worth figures, leading to a potential overstatement of up to $3.6 billion each year.

The documents reveal that the New York AG is urging a state judge to hold Trump and his associates accountable for allegedly providing inaccurate financial statements between 2011-2021. These exaggerations reportedly allowed Trump to secure favorable loan conditions and insurance premiums.

The memorandum alleges deceptive practices by Trump and his associates, which inflated Trump’s annual net worth by 17-39%, or between $812 million to $2.2 billion, depending on the year.

In response, Trump’s legal team is pushing for a pre-trial dismissal of the lawsuit, with the trial scheduled for October 2. A pivotal hearing is slated for September 22, where a verdict might be reached. James has previously indicated that the alleged discrepancies in Trump’s financial records impacted the majority, if not all, of his and his firm’s property assets annually.

“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 of the extent of the inflation because the analysis by Plaintiff’s valuation experts accepted many of the inputs and assumptions used by Defendants to derive the asset values in the SFCs that would otherwise be rejected in a full-blown appraisal review,” stated the memorandum.

“President Trump is, without question, worth many billions of dollars, indeed billions more than what the NYAG claimed when lodging her baseless allegations.”

Over the years, Trump has faced numerous legal challenges, many of which have been politically charged. The complexities of financial valuations, especially for vast real estate empires like Trump’s, can lead to discrepancies in reported figures. It’s not uncommon for business magnates to have differences in valuation based on various methodologies and market conditions.