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Trump used valuations to inflate net worth, says court filing

Donald Trump overstated his net worth by more than $2bn, according to court filings.

In 2014, a year before entering politics and two years before becoming president of the US, the property tycoon inflated his net worth by as much as $2.2bn, lawyers for the attorney general of New York State alleged in court filings recently made public.

Letitia James is seeking summary judgment in her multi-million-dollar civil suit against the Trump Organization over its financial affairs.

Her office said in the documents: “Mr Trump’s net worth in any year between 2011 and 2021 would be no more than $2.6bn, rather than the stated net worth of up to $6.1bn, and likely considerably less if his properties were actually valued in full-blown professional appraisals.”

Trial is set for October. James’s lawyers argued no trial was needed “to determine that defendants presented grossly and materially inflated asset values… and then used those… repeatedly in business transactions to defraud banks and insurers”.

James is seeking $250m and for Trump and his sons to be disqualified from running businesses in New York.

The Guardian

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