During his civil fraud trial in New York City, former president Donald Trump admitted to influencing the valuation of his properties. Assistant Attorney General Kevin Wallace questioned Trump about the accuracy of his financial statements, specifically focusing on a 2017 statement regarding the value of his penthouse apartment in Trump Tower. Trump admitted that he had likely influenced the valuation by stating that he thought it was too high. Trump also acknowledged that he had made false claims about the size of the apartment in earlier financial statements.
In a separate line of questioning, Trump distanced himself from a 2021 statement of financial condition, claiming that he was preoccupied with national security matters during his time in the White House. However, Wallace reminded Trump that he was no longer president in 2021.
The case against Trump revolves around the alleged gross and fraudulent inflation of the value of his real estate holdings. New York Attorney General Letitia James argues that Trump manipulated the valuations for decades. Trump’s executives, including his two eldest sons, have tried to distance themselves from the financial statements and placed blame on the accounting firm responsible for drafting them.
Trump has repeatedly claimed that a disclaimer clause in the statements releases him from any responsibility. However, Judge Arthur Engoron disagreed with Trump’s interpretation of the clause, stating that it does not render the statements worthless or encourage ignorance of their contents.
The trial continues as the legal battle over the alleged fraudulent valuation of Trump’s properties unfolds.
