Advertisement

Trump overstated net worth by at least $3.6 billion a year, N.Y. attorney general says

UPI
New York Attorney General Letitia James (C) said in a Friday court filing that former President Donald Trump has inflated his net worth by as much as $3.6 billion a year since 2011. A civil lawsuit James filed against Trump is scheduled to be tried Oct. 2. File Photo by Jim Lo Scalzo/UPI

Sept. 8 (UPI) -- According to a Friday court filing by New York Attorney General Letitia James, former President Donald Trump overstated his net worth by at least $3.6 billion per year since 2011.

Friday's filing is the latest in New York's civil lawsuit against Trump, his eldest sons and top Trump executives.

The filing is part of a $250 million civil lawsuit alleging that Trump systematically and fraudulently overstated his assets' value.

The suit seeks to recover the $250 million and bar Trump, his sons and daughter from serving as officers or directors of any company in New York.

Friday's filing used 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."

Friday's filing was in response to a Trump motion for summary judgment in the case. That motion will be heard Sept. 22 and the trial is expected to start Oct. 2.

New York Supreme Court Judge Arthur Engoron Wednesday refused Trump's effort to delay the civil trial, writing on the document obtained by UPI that, "Defendant's arguments are completely without merit."

James also made a court filing Aug. 30 in which she said he had overstated his net worth by more than $2 billion.

James said in Friday's filing that Trump's net worth is between $1.9 billion and $2.6 billion less per year than he has claimed it was since 2011.

According to the New York civil suit, Trump, sons Donald Jr. and Eric, and Trump Organization executives' motive in inflating the asset values was to get better financial terms from lenders and insurance companies.