Trump and His Business Accused of Falsely Inflating Net Worth by Billions in Fraud Trial

New York, NY – Former President Donald Trump and his business are facing allegations of using deceptive tactics to inflate his net worth. According to court filings from the New York attorney general’s office, Trump and several top executives, including his adult sons, engaged in “myriad deceptive schemes” to artificially inflate the value of the Trump Organization’s assets.

The focal point of the attorney general’s case is Trump’s statements of financial condition, which provide details on the value of the organization’s assets. These documents were submitted to banks and insurers in order to secure loans and business deals. The state argues that these statements serve as evidence of fraud.

In response, Trump’s legal counsel maintains that the banks thoroughly vetted the financial statements and found no indications of fraud. They assert that any errors or misstatements were accidental and not evidence of fraudulent activity.

Trump’s adult sons, Donald Trump Jr. and Eric Trump, who are also named as defendants in the case, are seeking to have the charges against them dismissed. Their lawyer argues that they had only peripheral knowledge or involvement in the creation and use of their father’s financial statements. The sons distance themselves from the statements and attribute their preparation to the company’s outside accountants and other executives.

Attorney General Letitia James is seeking a penalty of nearly 370 million dollars and a lifetime ban on Trump and two top executives from conducting real estate business in New York. Additionally, a five-year ban on the Trump sons’ participation in the New York real estate industry is being pursued by the attorney general’s office.

The trial, which has already found Trump and his co-defendants liable for fraud, is addressing other claims including conspiracy, insurance fraud, and falsifying business records. Closing arguments from both the attorney general’s office and Trump’s legal team are expected to be presented next week. Judge Arthur Engoron aims to reach a verdict by the end of the month.

The trial’s closing arguments next week will mark the final stage of the proceedings. The judge’s decision is eagerly anticipated as the case carries significant implications for the Trump organization and its key executives.