New York AG asks court to declare that Trump overvalued business assets

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Letitia J. James, New York Attorney General, asked a New York Court on Wednesday to declare the former US President Donald Trump had inflated the values of various assets by between $812,000,000 and $2.2,000,000 each year since 2011. James requested that Judge Arthur Engoron issue a summary judgement on the matter. This would lead to a finding of responsibility on the issue, without a trial. James’ filing is part of her broader financial fraud civil case against Trump, the Trump Organization and its senior management–including Trump’s children. James’ filing is a part of her broader financial fraud civil case against Trump, the Trump Organization and its senior management–including Trump’s children.

In her motion to the New York Supreme Court, James stated, “Based on the undisputed evidence, no trial is required for the Court to determine that Defendants presented grossly and materially inflated asset values in

and then used those [their financial filings] repeatedly in business transactions to defraud banks and insurers.” Specifically, James argues that Trump lied to lenders and insurers about the value of his assets, such as the value of his golf properties, to obtain more favorable loan rates and tax breaks.[filings]James’ motion includes a list of properties that her investigators discovered were overvalued in Trump’s financial filings from 2011 through 2021. James cites Trump’s Mar-a-Lago property in Florida, which is at the centre of a federal criminal investigation into Trump’s alleged mishandling classified documents. James says that Trump has overvalued his Florida property by anywhere from $347 million up to $739 millions over the past ten years. James’ testimony during the deposition Trump gave on April 13 was that Trump denied the allegations. Trump said, “

ou don’t have a case and you should drop this case.” He continued, “

t’s a shame … now I have to come and justify myself to you.” Trump’s legal team has sought to have the case against him thrown out completely.

James began the investigation into the Trumps in 2019 when former Trump attorney Michael Cohen testified that Trump and his organization used inaccurate evaluations of assets to obtain loans and tax breaks. In September 2022, she filed a civil suit against the Trumps’ organization and family. In a release of documents on Wednesday, Trump’s deposition and the motion were included. The case is scheduled to be heard on September 22. Right now, the case is set to go to trial in October.[Y]Trump also faces another civil case in New York on sexual harassment claims from writer E. Jean Carroll. Separately Trump is facing four criminal trials where he has pleaded no guilt on 91 counts ranging from falsifying business records to obstruction justice.