Politics

Trump Lambasts Forbes and Letitia James as He Loses $600M in Fraud Case

Former President Donald Trump lashed out at Forbes magazine on Monday, accusing it of conspiring with New York Attorney General Letitia James to keep him off the list of the wealthiest Americans.

According to a report by The Guardian on Monday, October 9, 2023, Trump made the allegation in a post on his new social media platform, Truth Social, where he also attacked James for pursuing a civil fraud case against him and his business.

Trump claimed that Forbes is “working with” James as she prosecutes him for fraud and that the magazine is “owned” by China.

He also said that Forbes is “very badly failing” and that its list of the richest people in America is “fake news”.

He added that he is “much richer than they say” and that he has “many billions of dollars” in assets that are not reported by Forbes.

Trump’s rant came after Forbes dropped him from its annual list of the 400 wealthiest Americans for the second year in a row.

The magazine estimated Trump’s net worth at $2.5 billion, down from $3.1 billion in 2019, and said that he did not make the cut because the minimum net worth to be on the list rose to $2.9 billion this year.

Forbes also said that Trump’s wealth has been hurt by the Covid-19 pandemic, his loss of the presidency, and his legal troubles.

One of those troubles is the civil fraud case brought by James, who alleges that Trump and his company repeatedly misstated the value of their assets for personal and financial gain.

The case, which began last week in a Manhattan courtroom, seeks to cancel the business certificates held by Trump and his co-defendants, which could effectively shut down his company’s operations in New York.

The case also seeks to recover $250 million in damages and penalties from Trump and his associates.

James has accused Trump of inflating the value of his properties, golf courses, and brand to secure loans, insurance, and tax benefits, while deflating them to lower his tax liability.

She has also alleged that Trump committed insurance fraud and falsification of business records.

James has asked the court to compel Trump and two of his children, Ivanka Trump and Donald Trump Jr., to testify under oath.

Trump has denied any wrongdoing and has called the case a “political witch hunt” and a “sham”.

He has also criticized the judge in the case, Arthur Engoron, who ruled last week that Trump and his co-defendants were liable for fraud based on undisputed evidence.

Trump’s lawyers have appealed the ruling and have asked to delay the trial while the appeal is pending.

However, an appeals court judge refused to pause the trial on Friday, but did delay the order to cancel the business certificates.

The trial is expected to last until December and will consider other allegations in the case, as well as whether Trump intentionally committed fraud and any further penalties that should be imposed.

The case is one of several legal challenges facing Trump and his business empire, which include criminal investigations in New York and Georgia, as well as lawsuits from former employees, contractors, and customers.

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