Stories of financial huckster and self-declared billionaire Donald J. Trump's use of inflated real estate values to borrow more than banks would otherwise have loaned to him seem to be confirmed by newly unsealed filings in New York Attorney General Letitia James' case against Trump and his family run organization. Numerous incidents of Trump and his company declaring a building worth far more than its appraised value are documented.
Not only is Trump under threat of spending the rest of his life in jail, due to his multiple criminal indictments in multiple jurisdictions, but I'd think quite a few banks will be forced to review their loan agreements with the Republican front-runner. This could destroy whatever empire he has.
According to calculations submitted by prosecutors, Trump routinely overstated his personal financial condition from 2011 to 2021, and he overstated his personal financial condition by comparable levels while he was in office.
"Correcting for these and other blatant and obvious deceptive practices engaged in by Defendants reduces Mr. Trump's net worth by between 17-39% in each year, or between $812 million to $2.2 billion, depending on the year," the filing said.
During his first year in office, prosecutors allege, Trump overstated his personal wealth by over $1.1 billion and then overstated his financial condition by $1.9 billion in 2018.
Trump, and at times trustees of his revocable trust, repeatedly provided those statements to financial institutions to secure and maintain more favorable loans and insurance, "reaping hundreds of millions of dollars in ill-gotten savings and profits," prosecutors wrote.
