Donald Trump Faces Civil Fraud Lawsuit: In a recent development, lawyers for the New York Attorney General’s office have accused former President Donald Trump, his adult sons, and the Trump Organization of inflating Trump’s net worth by as much as $2.2 billion. The allegations are part of a civil fraud lawsuit and were made public in a partial summary judgment motion by New York Attorney General Letitia James. The lawsuit is set to go to trial in October and could last as long as six weeks.
The Attorney General claims Trump’s financial statements were overstated to deceive banks and insurers. According to their assessment and accounting specialists, Trump’s real net worth between 2011 and 2021 was $2.6 billion, far less than the declared $6.1 billion. The office wants $250 million to bar Trump and his sons from owning or operating any New York-registered business or purchasing or selling real estate for five years.
In response, Trump’s lawyers filed a move to dismiss the case. They say the financial records were accurate, and no one was hurt. Trump has separated himself from financial records. He stated in a recent deposition that he had “very little, if any,” role in making them.
Deutsche Bank and Ladder Capital have loaned the Trump Organization hundreds of millions. Trump said Deutsche Bank made $75 million in loan interest and Ladder Capital $40 million. Both institutions claimed the financial records were accurate. Trump and his family are risking a lot. If convicted, they could face financial and legal penalties. They may not be able to acquire or sell real estate or be officers or owners of any New York-registered firm for five years.
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In court, former Trump Organization CFO Allen Weisselberg testified he “primarily” worked on financial records. Weisselberg didn’t look at financial statements’ numbers because that was someone else’s job.
The Trump lawsuit states that former Erie Insurance employee David Miller stated Zurich “didn’t rely at all” on asset values. Deutsche Bank’s former head of private wealth management. Rosemary Vrablic said Trump had not made any materially deceptive comments.
This case is one of Trump’s many legal issues. He is also facing civil and criminal charges. The outcome of this case could impact Trump’s political and business ambitions. The judge will likely decide the moves before the October trial.
The lawsuit claims that Trump, his adult sons, and the Trump Organization profited by inflating the value of Trump Tower’s triplex apartment, Mar-a-Lago, and various golf courses. The civil fraud case against Donald Trump, his adult sons, and the Trump Organization is becoming high-stakes. How the court will rule on this intricate issue is unknown after both organizations have submitted their arguments and evidence.
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How many civil lawsuits has Trump been in?
Donald Trump and his businesses tangled in more than 4,000 legal cases in U.S. federal and state courts from the 1970s until he became president in 2016. These legal battles spanned disputes with casino patrons, million-dollar real estate lawsuits, personal defamation lawsuits, and over 100 business tax disputes.