Donald Trump got horrible news last week in the ongoing $250 million civil trial in New York.
Sheri Dillon, a tax attorney for Donald Trump, was under fire by prosecutors probing the former president’s alleged attempts to overvalue his golf courses.
Attorney General Letitia James says the Trump Organization, under the direction of Donald Trump and his three sons, routinely overinflated financial assets like golf courses and hotels to defraud insurance companies and obtain favorable bank loans as they built their real estate empire.
One way the suit alleges Trump inflated his golf course value is “inaccurate planning permissions proposals or ignoring the appraisals,” according to Newsweek.
Prosecutors on Thursday presented Dillon with evidence that Trump overvalued Trump National Golf Club in Los Angeles by more than $100 million.
“Dillon told the New York court that in 2014 she received an appraisal that said the club was worth $107 million. A spreadsheet that had been entered into evidence was then presented, and it revealed that Trump’s financial statements placed the club’s value at $213 million that same year,” wrote Ewan Palmer of Newsweek.
Dillon denied ever seeing the document and claimed she couldn’t recall discussing the valuation of the Los Angeles golf club with anyone at the Trump Organization.
James’ office issued a statement last year saying it had evidence that the Trump Organization submitted “fraudulent or misleading valuations” to the IRS about the Los Angeles club.
According to Newsweek, Trump faces being banned from doing business in New York State, having properties removed from his control, or being forced to pay a fine totaling hundreds of millions of dollars.
[Newsweek]
