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Donald Trump's Claim That He Had Up To $500 Million In Bank Found To Be 'Fraudulent'

by : Dominic Smithers on :
Donald Trump's Claim That He Had Up To $500 Million In Bank Found To Be 'Fraudulent'
Donald Trump's Claim That He Had Up To $500 Million In Bank Found To Be 'Fraudulent' (Alamy)

Donald Trump's claims that he was sitting on a $500 million fortune were 'fraudulent', it has been claimed.

The property tycoon and former President of the United States has been a regular in the Forbes rich list over the years, and has regularly boasted about his wealth.

However, figures compiled by the magazine show that Trump's claims are reportedly far from reality.

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Donald Trump claimed that he was worth over $700m in the past. (Alamy)
Donald Trump claimed that he was worth over $700m in the past. (Alamy)

Using data from financial statements released last week by New York Attorney General Letitia James, who is currently pursuing a civil investigation into Trump's organisation, Forbes revealed that he is not as wealthy as first thought.

According to reports, his cash holdings amount to just $93m.

Now, he's hardly on the bread line, but when he's previously claimed to have upwards of $700m in the bank, it seems he's not always been straight with his finances.

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Forbes reported that back in 1981, when the magazine was compiling its inaugural Forbes 400 list, Trump told one of its reporters he was worth around $500m.

Over the years, he continued to tell the publication and others – including lenders – that business was good, showing them balance sheets that were in part compiled by the Trump Organization.

Figures from June 2004 put his liquid assets at $230m, while balance sheets from 2011 and 2012, submitted to Congress by his lawyer Michael Cohen, put it at $259m and $170m, respectively.

The property tycoon was reportedly keen to get on Forbes rich list. (Alamy)
The property tycoon was reportedly keen to get on Forbes rich list. (Alamy)
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A year later, that figure allegedly shot up to $346m, and a few months after that, Trump claimed he was worth $500m.

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In 2015, during his presidential campaign, Trump had to disclose his financial situation to the federal government, which showed that he was worth between $78 million and $232m.

A couple of years later, he told Forbes, 'As of today, I'm at $793 million,' and when asked why, he replied, 'Because I sell stuff.'

The documents released by Attorney General James, however, reveal that Trump's liquid assets stood at just $93m in 2020.

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A motion filed by James now claims that Trump 'used fraudulent or misleading asset valuations to obtain a host of economic benefits, including loans, insurance coverage, and tax deductions'.

It's now been claimed that Trump 'used fraudulent' information to 'obtain economic benefits'. (Alamy)
It's now been claimed that Trump 'used fraudulent' information to 'obtain economic benefits'. (Alamy)

A further statement adds, 'For more than two years, the Trump Organization has used delay tactics and litigation in an attempt to thwart a legitimate investigation into its financial dealings.

'Thus far in our investigation, we have uncovered significant evidence that suggests Donald J. Trump and the Trump Organization falsely and fraudulently valued multiple assets and misrepresented those values to financial institutions for economic benefit.

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'The Trumps must comply with our lawful subpoenas for documents and testimony because no one in this country can pick and choose if and how the law applies to them. We will not be deterred in our efforts to continue this investigation and ensure that no one is above the law.'

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Topics: News, Donald Trump, US News, Politics