(C) Daily Kos This story was originally published by Daily Kos and is unaltered. . . . . . . . . . . Besides his Fake Billions, the Fraudster is accused of committing Actual Fraud, multiple times [1] ['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.'] Date: 2023-08-31 — — What would fans of the Billionaire say if they found it was all an act — a lying fraudulent act? At least a dozen such acts, if New York AG James’ civil suit has the evidence to back the accusations. To say nothing of the rapid deflation of the fraudulent Billionaire’s over-inflated net worth of an ego. Trump fraudulently inflated his net worth by billions of dollars, New York AG says by Erica Orden, Politico — 08/30/2023 Donald Trump fraudulently inflated his net worth by as much as $2.2 billion per year, New York officials said in court filings unsealed Wednesday ahead of his upcoming civil fraud trial. The new estimates came in filings from the New York state attorney general’s office, which is suing Trump, some of his adult children and his business empire for falsifying his net worth in an effort to obtain favorable terms from banks and insurance companies. The trial is set to begin Oct. 2 . As part of its motion for partial summary judgment in the case, the attorney general’s office provided an estimated range of how much Trump had fraudulently inflated his net worth, saying he falsely boosted it by between $812 million to $2.2 billion (or 17-39%) in each year from 2011 to 2021. [...] [Emphasis added] If that 40% hit to Trump’s ego is not enough to tarnish the sheen of the Celebrity Apprentice MC, perhaps the hard evidence of his REPEATED insurance and bank fraud, will do the trick. — PEOPLE OF THE STATE OF NEW YORK, by LETITIA JAMES, Attorney General of the State of New York, Plaintiff, -against- Donald J. Trump, et al., Defendants. Link [pgs 6, 7 ] STATEMENT OF FACTS A. Preparation of the SFCs Since at least 2011, Mr. Trump and Trump Organization employees have prepared an annual “Statement of Financial Condition of Donald J. Trump” (“SFC”). (202.8-g ¶1) From at least 2011 to 2015, the SFCs were issued by Mr. Trump. (202.8-g ¶9) Starting in 2016, commencing with the SFC for the year ending June 30, 2016, the SFCs have been issued by the Trustees of the Donald J. Trump Revocable Trust (“Trust”) on his behalf. (202.8-g ¶10) The SFCs contain assertions of Mr. Trump’s net worth, based principally on asserted values of particular assets minus outstanding liabilities. (202.8-g ¶2) The SFCs represent that “[a]ssets are stated at their estimated current values and liabilities at their estimated current amounts,” consistent with GAAP. (Ex. 1 at -133; Ex. 2 at -310; Ex. 3 at -036; Ex. 4 at -716; Ex. 5 at -690; Ex. 6 at -1985; Ex. 7 at -1844; Ex. 8 at -2727; Ex. 9 at -792; Ex. 10 at -250; Ex. 11 at -420; 202.8-g ¶29-35) From at least 2011 until 2020, Mr. Trump’s SFCs were compiled by accounting firm Mazars. Another accounting firm, Whitley Penn LLP, compiled the 2021 SFC. (202.8-g ¶3-4) The process for preparing each SFC remained essentially the same throughout the period 2011 through 2021. The asset valuations for the SFCs were prepared by staff at the Trump Organization, working at the direction of Mr. Trump or the trustees of the Trust . [...] [Emphasis added] Link [pgs 55, 56] 1. The SFCs from 2011 to 2021 were False and Misleading As detailed above and in the accompanying Appendix, each of the 11 SFCs from 2011 through 2021 is both false and misleading (although a finding of either will suffice under the standard, see Apple Health, 206 A.D.2d at 267) because Defendants engaged in multiple deceptive schemes to inflate the value of more than a dozen assets in each year. [...] The cumulative effect of these numerous deceptive schemes to inflate Mr. Trump’s assets, and hence his net worth, is staggering. Correcting for Defendants’ deceptive practices results in reducing Mr. Trump’s net worth by 17-39% per year, which translates to the enormous sum of $1 billion or more in all but one year. And these are reductions to correct just the deceptive schemes that can be easily and directly quantified based on undisputed evidence , without considering reductions for such obvious deceptions as including projected future income expected years out without any discount to present value, cherry-picking only the most favorable capitalization rates from marketing reports, and ignoring internal budget projections when calculating net operating income. Based on the overwhelming evidence that Defendants grossly inflated more than a dozen assets each year from 2011 to 2021 by 17-39%, the Court should find that each of the 11 SFCs issued during this period was both false and misleading . 2. Defendants Used the False SFCs to Defraud Banks and Insurers The voluminous contemporaneous record before the Court establishes beyond dispute that Defendants used Mr. Trump’s SFCs in and after July 2014 – the cutoff used by the First Department for timely claims, see People by James v. Trump, No. 2023-00717, 2023 WL 4187947, at *2 (1st Dep’t June 27, 2023) – in connection with business transactions to commit fraud on banks and insurers . Each of these submissions of the SFCs, in addition to other commercial dealings, was conduct that supports liability for fraud under § 63(12). See People ex rel. Spitzer v. Gen. Elec. Co., 302 A.D.2d 314, 315 (1st Dep’t 2003) (liability based on false statements to counterparty). [Emphasis added] — Besides ending Trump Org financial dealings in the state of New York forever, perhaps the evidence presented will provide the basis for additional suits, brought by the victims of their REPEATED insurance and bank fraud. That would be something if the fake Billionaire ends up paying out ALL his dwindling millions, to those that he and his criminal Organization, knowingly and intentional defrauded. Karma on steroids. Buyers beware. — — Fraud is an intentionally deceptive action designed to provide the perpetrator with an unlawful gain or to deny a right to a victim. Types of fraud include tax fraud, credit card fraud, wire fraud, securities fraud, and bankruptcy fraud. Fraudulent activity can be carried out by one individual, multiple individuals or a business firm as a whole. Fraud involves the false representation of facts, whether by intentionally withholding important information or providing false statements to another party for the specific purpose of gaining something that may not have been provided without the deception. www.investopedia.com I may be a bit biased, but these are not the “qualifications” needed to competently carry-out the responsibilities of the the Highest Office in the land. — — [END] --- [1] Url: https://www.dailykos.com/stories/2023/8/31/2190829/-Besides-his-Fake-Billions-the-Fraudster-is-accused-of-committing-Actual-Fraud-multiple-times Published and (C) by Daily Kos Content appears here under this condition or license: Site content may be used for any purpose without permission unless otherwise specified. via Magical.Fish Gopher News Feeds: gopher://magical.fish/1/feeds/news/dailykos/