Donald Trump’s Fortune Doubles: New York Attorney General
Introduction
New York Attorney General Letitia James announced that former US President Donald Trump has doubled his fortune by $2.2 billion.
Lawsuit and Fraud Allegations
The indictment came as part of a lawsuit against Trump, the Trump Organization, and the former president’s two sons for fraud.
Donald Trump Jr. and Eric Trump are currently executive vice presidents of The Trump Organization and play prominent roles in their father’s business division. Ivanka Trump was previously included in the lawsuit, but a state appellate judge later dismissed it.
Increased Net Worth and Exaggerated Fortune
According to court documents, James included a new figure in court filings in which she urged the judge to issue a partial ruling against Trump before the Oct. 2 trial.
It claimed that Trump had amassed hundreds of millions of dollars of his net worth between 2011 and 2021. And in 2014, James Trump was accused of exaggerating his fortune by as much as $2.225 billion.
“While this is just the tip of the iceberg of a much larger hoax that we are prepared to expose in court that could further reduce Trump’s fortune by billions, it is more than enough to allow this court to rule on this matter,” James wrote…
Alleged Misrepresentation of Assets
According to the lawsuit, Trump’s company mistakenly overstated and undervalued its assets to pay lower taxes and improve insurance coverage. James is seeking a $250 million fine and a ban on Trump and his children from serving as officers or directors of companies registered or licensed in New York.
Source
Source: Hill