Trumps inflated net worth by billions, says NY state lawsuit

[libertybele]

Trumps inflated net worth by billions, says NY state lawsuit

Donald Trump and three of his children have been hit with a fraud lawsuit after a New York investigation into their family company - the Trump Organization.

It alleges that they lied "by billions" about the value of real estate in order to get loans and pay less tax.

Prosecutors say the Trump Organization committed numerous acts of fraud between 2011-21.

Mr Trump has dismissed the lawsuit as "another witch hunt".

The former president's eldest children, Donald Jr, Ivanka and Eric Trump, were also named as defendants alongside two executives at the Trump Organization, Allen Weisselberg and Jeffrey McConney.

The lawsuit has been brought by New York Attorney General Letitia James, who is the state's most senior lawyer, after a three-year civil investigation.

Her office does not have the power to file criminal charges, but is referring allegations of criminal wrongdoing to federal prosecutors and to the Internal Revenue Service.

"With the help of his children and senior executives at the Trump Organization, Donald Trump falsely inflated his net worth by billions of dollars to unjustly enrich himself and cheat the system," Ms James said in a statement.

She said Mr Trump's own apartment in Trump Tower, which was valued at $327m (£288m), was among the properties whose values were allegedly misrepresented.

"No apartment in New York City has ever sold for close to that amount," Ms James added.....................

https://www.bbc.com/news/world-us-canada-62986812

[Idiot]

Trumps inflated net worth by billions, says NY state lawsuit

Donald Trump and three of his children have been hit with a fraud lawsuit after a New York investigation into their family company - the Trump Organization.

It alleges that they lied "by billions" about the value of real estate in order to get loans and pay less tax.

Prosecutors say the Trump Organization committed numerous acts of fraud between 2011-21.

Mr Trump has dismissed the lawsuit as "another witch hunt".

The former president's eldest children, Donald Jr, Ivanka and Eric Trump, were also named as defendants alongside two executives at the Trump Organization, Allen Weisselberg and Jeffrey McConney.

The lawsuit has been brought by New York Attorney General Letitia James, who is the state's most senior lawyer, after a three-year civil investigation.

Her office does not have the power to file criminal charges, but is referring allegations of criminal wrongdoing to federal prosecutors and to the Internal Revenue Service.

"With the help of his children and senior executives at the Trump Organization, Donald Trump falsely inflated his net worth by billions of dollars to unjustly enrich himself and cheat the system," Ms James said in a statement.

She said Mr Trump's own apartment in Trump Tower, which was valued at $327m (£288m), was among the properties whose values were allegedly misrepresented.

"No apartment in New York City has ever sold for close to that amount," Ms James added.....................

https://www.bbc.com/news/world-us-canada-62986812

One would think Trump would try to say his properties were worth less to pay LESS in property taxes.

[Hoodat]

One would think Trump would try to say his properties were worth less to pay LESS in property taxes.

Exactly.  With the absence of any party that was harmed, this lawsuit is meritless.

[DB]

Exactly.  With the absence of any party that was harmed, this lawsuit is meritless.

If you are trying to borrow money by leveraging your property you want to make your property have the highest possible value for that purpose.

But...

It is the responsibility of the lender to determine the property value - not the borrower.

[Hoodat]

If you are trying to borrow money by leveraging your property you want to make your property have the highest possible value for that purpose.

But...

It is the responsibility of the lender to determine the property value - not the borrower.

If you inflated the value of 'collateral' in order to secure a bigger loan and then defaulted on that loan, then there would be an issue.  But in this case, the lender believed Trump would pay back the loan, which he did.  Again, no one was harmed by Trump's actions.  There is no grounds for civil action.

[aligncare]

Yes, no grounds for civil action. But, plenty of grounds for splashy headlines. Democrats want him gone from politics because he threatens their domain.

Simple as that. The outsider had miraculously won the presidency. Now democrats coordinate and scheme to prevent that from ever happening again.

Democrats are lying scum.

[DB]

If you inflated the value of 'collateral' in order to secure a bigger loan and then defaulted on that loan, then there would be an issue.  But in this case, the lender believed Trump would pay back the loan, which he did.  Again, no one was harmed by Trump's actions.  There is no grounds for civil action.

I doubt there would even be a legal issue there unless the property you presented wasn't yours or had some other hidden lean/debt against it. It is up to the lender to determine its value. If you don't actually own it or don't reveal other hidden liabilities against it then that would be fraud.

[jmyrlefuller]

Her office does not have the power to file criminal charges,

That's nonsense. She is the chief law enforcement officer in New York State. She's just avoiding prosecution because she knows she has no real case.