A civil trial revolving around allegations that former US President Donald Trump and his sons artificially inflated the net worth of company assets by billions of dollars is slated to extend over a duration of three months, as revealed by a New York judge on Friday. Judge Arthur Engoron had previously established that this non-jury trial would commence on October 2nd in Manhattan, with preliminary proceedings scheduled for late September. In a recent disclosure, the judge explicitly outlined that the trial would continue until December 22nd.
The case, spearheaded by New York State Attorney General Letitia James, centers on a $250 million civil lawsuit targeting Trump and his two eldest sons, Donald Jr. and Eric. James has asserted that Trump and several associates presented “grossly inflated” figures to financial institutions and insurers annually from 2011 to 2021, all in an effort to secure loans and insurance on more favorable terms. The documents contend that this stratagem resulted in “hundreds of millions of dollars in ill-gotten savings and profits.”
Furthermore, Trump and his children face allegations of deflating the values of specific Trump Organization assets, such as golf clubs, upscale hotels, and other properties, with the aim of reducing tax obligations.
In the most recent estimate provided by James’ office, the overvaluation of Trump’s assets is pegged at an annual range between $1.9 billion and $3.6 billion.
Donald Trump has consistently dismissed the case as a “witch hunt” and, notably, has referred to Letitia James, who is both a Democrat and of African American descent, as “racist.”
This lawsuit comes on the heels of a $1.6 million fine levied against the Trump Organization in January by a New York judge in connection with a criminal tax and financial fraud case.
Notably, Trump, a prominent contender for the Republican Party’s nomination in the 2024 presidential race, also faces four criminal trials related to actions allegedly taken before, during, and after his tenure as President.
Agence France Presse
