Although the Democrats have more than enough to worry about with inflation, the Southern border crisis, Hunter Biden, Joe Biden, and the 2022 midterm elections, it seems that they remain fixated on former President Donald Trump and doing whatever they can to destroy his legacy. On top of the raid at his Mar-a-Lago property, New York Attorney General Letitia James decided to file a new lawsuit against the Republican for supposedly inflating his net worth to swindle lenders. Seeking a staggering $250 million judgment, the lawsuit added that Trump’s estate and golf resort at Mar-a-Lago was given way too high of an evaluation at $739 million.
Filing the lawsuit with the State Supreme Court in Manhattan, Letitia James noted that the higher valuation on the property was “based on the false premise that it was unrestricted property and could be developed for residential use even though Mr. Trump himself signed deeds donating his residential development rights and sharply restricting changes to the property.” The lawsuit added, “Mr. Trump made known through Mr. Weisselberg that he wanted his net worth on the Statements to increase — a desire Mr. Weisselberg and others carried out year after year in their fraudulent preparation of the Statements,” the lawsuit said. “The scheme to inflate Mr. Trump’s net worth also remained consistent year after year.”
Letitia James also accused Trump, his children, and two executives, Allan Weisselberg and Jeff McConney, as known contributors to this fraud. Just last month, Weisselberg pleaded guilty to tax evasion. But Donald Trump remains adamant that he did nothing wrong. Trump’s attorney, Alina Habba, stated, “Today’s filing is neither focused on the facts nor the law — rather, it is solely focused on advancing the Attorney General’s political agenda. It is abundantly clear that the Attorney General’s Office has exceeded its statutory authority by prying into transactions where absolutely no wrongdoing has taken place. We are confident that our judicial system will not stand for this unchecked abuse of authority, and we look forward to defending our client against each and every one of the Attorney General’s meritless claims.”
As for the allegations about Trump’s estate being overvalued, the suit detailed how a golf club in Scotland, Trump Turnberry, gained a valuation of $127 million since opening in 2017. The golf course reported a loss each year. “As a result, using values for the golf course ranging between $123 million and $126.8 million based on employing the Fixed Asset Scheme is materially false and misleading; the golf course should have been valued at a much lower figure. The magnitude of financial benefit derived by Mr. Trump and the Trump Organization by means of these fraudulent and misleading submissions was considerable.”