Former American president Donald Trump got more horrible news in the massive court action against him on Monday.
Trump is being sued by New York Attorney General Letitia James in a $250 million civil fraud lawsuit. James alleges the Trump Organization, under the direction of Trump and his adult sons, defrauded insurance companies by inflating financial assets like golf courses and hotels to obtain favorable loans from banks.
Prosecutors allege that Trump was only worth roughly $2.5 billion at most after allegedly boasting to be worth at least five, according to The New York Post.
On Monday, Donald Trump’s tax broker admitted that Trump’s most famous property, Mar-a-Lago in Florida where he resides, was worth $27 million — not the $517 million Trump claimed in tax documents.
“During Monday’s testimony, an email was shown from Trump tax representative Michael Corbiciero revealing he’d tried to appeal the Palm Beach County assessor’s appraisal of his boss’s famed Florida golf club Mar-a-Largo,” Priscilla DeGregory of The Post wrote.
“But Corbiciero eventually gave up and finally agreed the estate was worth $26.6 million — even though it had been valued at $517 million on an annual business statement, the outlet reported.”
Trump, like all other Americans, is presumed innocent until proven guilty. He’s scheduled to take the stand on Nov. 6th.
