New York Attorney General Alleges Donald Trump Inflated His Assets by $2.2 Billion in a Fraud Case

New York's attorney general, Letitia James, has filed a court document alleging that former US President Donald Trump and his company artificially inflated their asset values by up to $2.2 billion. The report comes as part of holding former US President Trump accountable for the trial of fraud in October 2023.

According to SCMP, James argues that there is "undisputed" evidence of inflated values from 2011 to 2021, making a strong case for "summary judgment" in the 2022 lawsuit against Trump and his Trump Organization. The lawsuit accuses "persistent and repeated" fraud by them and the trial is set to commence on October 2. The state's other claims, include falsifying business records and issuing forged documents of financial statements.

The trial is separate from the four criminal prosecutions Trump is facing at the moment. Though civil cases don't carry the risk of imprisonment, losing the fraud suit could result in a substantial $250 million payout to the state, along with a ban on Trump serving as a director of any New York-based company. Trump's sons, Donald Trump Jr. and Eric Trump are also named as defendants. Responding to these allegations, Trump denies any criminal act and also termed the lawsuits and prosecutions as an effort by Democrats to tarnish his image. His lawyers have refused to comment on the matter as of now.

James's court filing argues that to win summary judgment on her fraud claim, she only needs to prove that Trump's financial statements were false and misleading over a decade and were used "repeatedly or persistently" in business transactions. The attorney general on the other hand claims that a "mountain of undisputed evidence" makes her case strong.

To bolster her argument, James cites Trump's deposition testimony from April. In the deposition, Trump noted his reduced involvement in the company since 2015 when he first ran for president. He claimed, "I was virtually not involved at all. I rarely – I’d rarely have anything to do with anything having to do with the company. I wasn’t – I really wasn’t interested, believe it or not." Mentioning his role in dealing with North Korea he said, "I think you would have a nuclear holocaust if I didn’t deal with North Korea. I think you would have a nuclear war if I weren’t elected. And I think you might have a nuclear war now if you want to know the truth."

The counterarguments will play an important role in determining the future of the ex-President and Republican in the times coming and whether he will be fit to run for the elections again. However, concluding this stage is out of the picture as everyone is keeping a wide eye on the proceedings.