New York’s Attorney General, Letitia James, has intensified her allegations against former U.S. President Donald Trump in the ongoing civil lawsuit involving his family business.
James now contends that Trump may have fraudulently inflated his net worth by a staggering $1.9 billion to $3.6 billion annually over a period of ten years.
This revised estimate surpasses her previous claim, based on “undisputed” evidence, which suggested an inflation of $812 million to $2.23 billion.
The attorney general maintains that this evidence demonstrates a pattern of dishonesty by Trump and his associates concerning his assets and net worth.
These fabrications allegedly enabled him to secure more favorable loan terms and insurance rates.
James is seeking a $250 million fine and the disqualification of Trump, as well as his sons Donald Trump Jr. and Eric Trump, from overseeing the Trump Organization, their family business based in New York City.
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Trump’s defense team strongly contests these allegations and is pushing for the entire case to be dismissed.
They assert that Trump’s wealth is undeniably in the billions and emphasize that he generated substantial profits for companies that financed and insured his real estate properties.
The legal battle between the New York Attorney General and Donald Trump is marked by its political implications, as James is a Democrat while Trump is currently leading the race for the 2024 Republican presidential nomination.
The presiding judge, Arthur Engoron, is set to hold a hearing on both parties’ motions for summary judgment on September 22.
Depending on his rulings, the trial’s scope may narrow, or if Trump prevails, it could potentially be averted altogether.
This case stands apart from four separate criminal indictments against Trump, two of which relate to his attempts to overturn the 2020 election results. Trump has pleaded not guilty in all these criminal cases.