Trump overstated worth by billions, New York attorney general says in civil fraud case

Trump’s ‘myriad deceptive schemes’ to ‘inflate asset values … were so outrageous that they belie innocent explanation’, Letitia James said

James, a Democrat, is seeking at least US$250 million in penalties and sharp restrictions on Trump’s ability to do business in the state of New York

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Former President and 2024 presidential hopeful Donald Trump is seen in a campaign event in Waterloo, Iowa, in December. Photo: AFP/Getty Images/TNS

Published: 2:37am, 6 Jan 2024Updated: 3:29am, 6 Jan 2024

Donald Trump should be permanently barred from New York’s real estate industry for “outrageous” fraud, the state attorney general said in a court filing ahead of closing arguments in a civil case against the former US president.

The filing by New York Attorney General Letitia James said Trump’s “myriad deceptive schemes” to “inflate asset values and conceal facts were so outrageous that they belie innocent explanation”.

Trump’s lawyers countered in an opposing filing that the state failed to show any “real-world impact” from Trump’s financial statements to banks, which according to a judge overstated his net worth by billions of dollars.

The final briefs for both sides will be followed by closing arguments on Thursday and the judge presiding over the case, Justice Arthur Engoron, will hand down a verdict at a later date.

New York Attorney General Letitia James. Photo: AP

The case threatens to strip Trump of prized property assets, and Engoron has already found the front runner for the 2024 Republican presidential nomination liable for fraudulently overstating his wealth by billions of dollars to secure better loan terms.