Lawyers for Letitia James, the New York attorney general, claim the ex-president then used that blown up value for business deals.
In 2014, a year before entering politics and two years before winning the White House, Donald Trump inflated his net worth by as much as $2.2bn, lawyers for the attorney general of New York state alleged in court filings recently made public.
Letitia James, a Democrat, is seeking summary judgment in her multimillion-dollar civil suit against the Trump Organization over its financial affairs.
Her office said in the documents: “Mr Trump’s net worth in any year between 2011 and 2021 would be no more than $2.6bn, rather than the stated net worth of up to $6.1bn, and likely considerably less if his properties were actually valued in full-blown professional appraisals.”
According to the state filing, corrections to financial statements for the ten-year period in question would reduce Trump’s stated net worth by “17% [to] 39% in each year, or between $812m to $2.2bn, depending on the year”.
Trial is set for October. James’s lawyers argued no trial was needed “to determine that defendants presented grossly and materially inflated asset values, and then used those, repeatedly in business transactions to defraud banks and insurers”.
James is seeking $250m and for Trump and his sons to be disqualified from running businesses in New York.
Lawyers for Trump were due to file a response.