Updated Sep 8, 2023 - Politics & Policy

Trump overstated net worth by as much as $3.6 billion per year, N.Y. AG says

Former President Trump waves to a crowd outside Trump Tower in New York City on May 31. Photo: Kyle Mazza/Getty Images

Former President Trump overstated his net worth by as much as $3.6 billion annually, New York's attorney general said in a new court filing on Friday.

Driving the news: Trump and people working for him allegedly made false entries in business records, falsified financial statements and committed insurance fraud, per the filing by Attorney General Letitia James' office.

  • Trump's net worth is between $1.9 billion and $3.6 billion less per year than he has claimed from 2011 to 2021, per the filing.

Why it matters: The Trump Organization could face severe penalties and restrictions on its ability to operate in New York state.

Catch up quick: The figures emerged ahead of a civil trial James filed against the former president and his family's real estate company that's scheduled to begin on Oct. 2.

  • Trump has tried to have the case dismissed.
  • In 2022, Trump filed a lawsuit against James, alleging that she embarked on a "war of intimidation and harassment" against him.

Flashback: In a motion from August, the A.G.'s office said Trump fraudulently inflated his net worth by between $812 million to $2.2 billion each year since 2011, depending on the year.

  • The new court filing expands those figures, and is "still a conservative estimate of the extent of the inflation," Friday's filing stated.

Details: The filing alleges that multiple defendants were involved in the fraudulent conduct, in addition to Trump, including:

  • Donald Trump Jr., the former president's son and an executive vice president of the Trump Organization.
  • Eric Trump, the former president's son and an executive vice president of the Trump Organization.
  • Allen Weisselberg, the Trump Organization's ex-CFO who was sentenced to five months in prison in January for his role in helping run a years-long tax fraud scheme at the former president's business.
  • Jeffrey McConney, the controller of the Trump Organization from the early 2000s through at least 2022.

Editor's note: This story has been updated with new details from the filing.

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