Trump overstated net worth by up to $2.2 billion, New York attorney general says

FreeinChrist said:

The People move for summary judgment on their First Cause of Action under Executive Law § 63(12) for fraud against all Defendants.

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FreeinChrist said:

Trump overstated net worth by up to $2.2 billion, New York attorney general says

New York Attorney General Letitia James raised the allegation in a lawsuit seeking $250 million and sanctions that would halt the Trump Organization's operations in New York.

www.cbsnews.com

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Former President Donald Trump overstated his net worth by between $812 million and $2.2 billion each year between 2011 and 2021, the office of New York Attorney General Letitia James claims in a filing made public Wednesday.​

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The allegations were raised in an Aug. 4 filing seeking a partial summary judgment in the office's 2022 lawsuit accusing members of the Trump family and Trump Organization executives of orchestrating an extensive, fraudulent scheme related to valuations of property and Trump's personal financial statements. ​

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James' office is seeking $250 million and sanctions that would halt the company's operations in the state and drastically impair the ability of Trump, Eric Trump or Donald Trump Jr. to do business in New York.​

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Sounds like fraud.

The filing is here:

https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=ug5960XEpNMksGWCbGdRDA==&system=prod

Since at least 2011, Defendants and others working on their behalf at the Trump Organization have falsely inflated by billions of dollars the value of many of the assets listed on Donald J. Trump’s annual statement of financial condition (“SFC”), and hence his overall net worth for each of these years. Mr. Trump, and in some years the trustees of his revocable trust, submitted these grossly inflated SFCs to banks and insurers to secure and maintain loans and insurance on more favorable terms, reaping hundreds of millions of dollars in ill-gotten savings and profits. ​

The People move for summary judgment on their First Cause of Action under Executive Law § 63(12) for fraud against all Defendants. To adjudicate this claim, the Court need answer only two simple and straightforward questions: (1) were the SFCs from 2011 to 2021 false or misleading; and (2) did Defendants repeatedly or persistently use the SFCs in the conduct of business transactions? The answer to both questions is a resounding “yes” based on the mountain of undisputed evidence cited in Plaintiff’s accompanying 202.8-g Statement.1​

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Dosblade said:

He loves Jesus that's what matters.

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Rambling Donald Trump dodged answering a question about his Christian faith at campaign town hall

The former president gave a rambling response to a question about his "faith journey" at a Fox News town hall in Cedar Rapids, Iowa.

www.businessinsider.com

wing2000 said:

"Your honor, I may have misrepresented the value of my properties for the last decade, but I love Jesus!"

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Dosblade said:

Well if your on the left then of course they will say he's lying. He loves Jesus that's what matters. Hey we love Jesus so we that trust in the lord look at the good in others.

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FreeinChrist said:

Trump overstated net worth by up to $2.2 billion, New York attorney general says

New York Attorney General Letitia James raised the allegation in a lawsuit seeking $250 million and sanctions that would halt the Trump Organization's operations in New York.

www.cbsnews.com

​

Former President Donald Trump overstated his net worth by between $812 million and $2.2 billion each year between 2011 and 2021, the office of New York Attorney General Letitia James claims in a filing made public Wednesday.​

​

The allegations were raised in an Aug. 4 filing seeking a partial summary judgment in the office's 2022 lawsuit accusing members of the Trump family and Trump Organization executives of orchestrating an extensive, fraudulent scheme related to valuations of property and Trump's personal financial statements. ​

​

James' office is seeking $250 million and sanctions that would halt the company's operations in the state and drastically impair the ability of Trump, Eric Trump or Donald Trump Jr. to do business in New York.​

​

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Sounds like fraud.

The filing is here:

https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=ug5960XEpNMksGWCbGdRDA==&system=prod

Since at least 2011, Defendants and others working on their behalf at the Trump Organization have falsely inflated by billions of dollars the value of many of the assets listed on Donald J. Trump’s annual statement of financial condition (“SFC”), and hence his overall net worth for each of these years. Mr. Trump, and in some years the trustees of his revocable trust, submitted these grossly inflated SFCs to banks and insurers to secure and maintain loans and insurance on more favorable terms, reaping hundreds of millions of dollars in ill-gotten savings and profits. ​

The People move for summary judgment on their First Cause of Action under Executive Law § 63(12) for fraud against all Defendants. To adjudicate this claim, the Court need answer only two simple and straightforward questions: (1) were the SFCs from 2011 to 2021 false or misleading; and (2) did Defendants repeatedly or persistently use the SFCs in the conduct of business transactions? The answer to both questions is a resounding “yes” based on the mountain of undisputed evidence cited in Plaintiff’s accompanying 202.8-g Statement.1​

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eleos1954 said:

When a lending institution loans money it is up to them to "vet/validate" the information provided before approving the loan(s).

The law grants the SFC enforcement powers to combat market misconduct, such as insider dealing and market manipulation. We possess statutory powers to discipline licensed intermediaries by actions like reprimand, revocation or suspension of licences and imposing fines.

I don't see where one misstating their net worth falls under the purpose of the SFC.

If misstating net worth happened thenthere is legal recourse for them ... but that would need to be litigated by each entity that loaned the money.

Did the loans effect "market conduct"? Was Trump a licensed intermediary?

Using the SFC seems to be for different matters to me. He may have committed fraud ... but using the SFC as it's basis don't seem to fit.

So if he committed fraud ... then each who gave a loan should be a different filing by each that was effected or perhaps a Class action law suit by all.

Dunno really.

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Arcangl86 said:

What is the SFC?

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eleos1954 said:

Like any government policies/regulations it gets really "weedy" ... you would need to do your own research ... it's rather confusing

Securities And Futures Commission (SFC): History, Organization.

I haven't throughly researched it .... but on the surface ... my understanding of it ... it don't seem to fit as being used as a basis as to what
might be going on here.

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eleos1954 said:

Like any government policies/regulations it gets really "weedy" ... you would need to do your own research ... it's rather confusing

Securities And Futures Commission (SFC): History, Organization.

I haven't throughly researched it .... but on the surface ... my understanding of it ... it don't seem to fit as being used as a basis as to what
might be going on here.

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Hans Blaster said:

Trump is a real estate guy (and supplemanarily in real estate using businesses like golf and hotels), not a trader of securities or financial documents. (Plus most of his activities are outside of Hong Kong.)

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Arcangl86 said:

Dude, that's China. The FTC or SEC would be the federal equivalents here, but that doesn't really matter since this is a state case, relying on state law.

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eleos1954 said:

If they are using the SFC as the basis ... it just don't seem to fit is all I'm saying.

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Hans Blaster said:

The "SFC" in the OP refers to "statement of financial condition". The accusation is that Trump's companies falsified SFCs to get favorable mortgage rates, tax rates, and insurance rates.

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eleos1954 said:

so ... is every American company subject to the SFC?

Who is regulated by SFC?

Brokers, investment advisers, fund managers and intermediaries carrying out the following activities: Dealing in securities. Dealing in futures contracts. Leveraged foreign exchange trading.Nov 19, 2019

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Hans Blaster said:

Trump is a real estate guy (and supplemanarily in real estate using businesses like golf and hotels), not a trader of securities or financial documents. (Plus most of his activities are outside of Hong Kong.)

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