Donald Trump inflated his net worth by $2.2 billion in one year: Report

Former United States president Donald Trump inflated his net worth by as much as $2.2 billion in one year, CNN reported late Wednesday (August 30), citing the office of New York Attorney General Letitia James. The office made this allegation as part of its civil fraud lawsuit against Trump, his adult sons, and the Trump Organization.

Over 10 years, the office said that when it corrected Trump's financial statements for alleged misvaluations, it reduced his net worth by 17-39% each year, or between $812 million to $2.2 billion, depending on the year.

Defendants presented grossly & materially inflated asset values

This $2.2 billion disparity came in 2014. The office said that based on undisputed evidence, no trial was required for the court "to determine that defendants presented grossly and materially inflated asset values in the (statements of financial condition) and then used those SFCs repeatedly in business transactions to defraud banks and insurers.”

“Notwithstanding defendants’ horde of 13 experts, at the end of the day, this is a documents case, and the documents leave no shred of doubt that Mr Trump’s SFCs do not even remotely reflect the ‘estimated current value’ of his assets as they would trade between well-informed market participants,” the office added.

The office also said that its valuation and accounting experts determined the former president's net worth in any year between 2011 and 2021 would be no more than $2.6 billion, rather than the stated net worth of up to $6.1 billion.

Trump denies any wrongdoing

Trump and other defendants in the case denied any wrongdoing. In a court filing, the former president's lawyers said that the Trump Organization's financial statements were not misleading and it never missed a loan payment.

“The undisputed record further establishes his companies timely paid hundreds of millions of dollars in interest to their lenders and never defaulted on a loan or even been late on a loan payment during the entire 15+ year time period the NYAG has sought to scrutinize in this action,” Trump's lawyers said.

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