On Wednesday, The New York Attorney General accused former US President Donald Trump of inflating the value of his net worth by billions of dollars every year between 2011 and 2021.
In the documents submitted to support a civil lawsuit filed in 2022 demanding $250 million in fines against the former president, New York State Attorney General Letitia James said that Trump and some of his associates provided blatantly inflated numbers to banks and insurance companies to ensure obtaining loans and insurance on better terms.
The documents showed that the scheme generated hundreds of millions of dollars in illegal savings and profits.
This lawsuit against the Republican candidate for the 2024 presidential election dates back to September of last year, when the Attorney General accused Trump, some of his children, and the “Trump Organization” group of tax and financial fraud.
Trump and his sons are also accused of devaluing some of the group’s assets, which include golf clubs, luxury hotels, and others, to reduce their taxes.
The trial is scheduled to begin on October 2, with a preliminary hearing on September 22.
According to the documents, Trump inflated his wealth annually between 2011 and 2021, including the years he was president, by a rate ranging between 17 and 39%, equivalent to $812 million to $2.2 billion each year.
Donald Trump has pleaded not guilty to the charge of attempting to manipulate the results of the 2020 US presidential elections in the state of Georgia, one of four trials facing the former president and the most prominent Republican seeking to compete in the 2024 elections.
Trump, 77, faces 13 counts of extortion and committing a number of criminal offenses in an attempt to overturn the election results in the southern state of the United States, which ended in favor of the current Democratic President, Joe Biden.
Trump pleaded not guilty in a document filed with the court, in which he refused to appear before it in a summons scheduled for next Wednesday.
Last Thursday, Trump attended Fulton County Prison in Atlanta, Georgia, where the judiciary charged him and 18 other people with extortion and committing a number of crimes in an attempt to overturn the election results in this state, which he lost by less than 200,000 votes.
The arrest procedures mean that the suspect’s fingerprints are taken and forensic photographs are taken of him before he was released on bail, the value of which was set in Trump’s case at $200,000.
The Organized Crime Act, which Fulton County District Attorney Fanny Willis relied on to bring charges in this case, carries a penalty of between five and 20 years in prison.
Trump faces four criminal trials next year during the Republican primary season, which begins in January, and at the height of the presidential campaign in November 2024.
Trump’s arrest came the day after he missed a televised debate in Milwaukee in which eight of his rivals for the Republican nomination for next year’s elections took part.
Meanwhile, latest opinion polls gave the former president the advantage over all of these.
During the debate, six of the eight candidates confirmed that they would support Trump if he wins the party’s primaries, even if the judiciary condemns him, noting that he is the first US president to face criminal charges.
