Trump says net worth 'much greater' than financial statements after judge finds him liable for fraud

Trump specifically took issue with the judge's evaluation of his Mar-a-Lago estate in Florida, which he said could be worth as little as $18 million.

By Madeleine Hubbard

Published: September 27, 2023 1:22pm

Updated: September 27, 2023 1:23pm

Former President Donald Trump on Wednesday said his net worth is "much greater" than that shown on his financial statements, which he says contained a "disclaimer clause" stating that the information should not be relied upon, after a New York judge found that the former president, his two eldest sons and his businesses could be held liable for fraud in the state attorney general's civil case against them.

Trump wrote on Truth Social: "In addition to the fact that my Net Worth is much greater than the number shown in the Financial Statements, there is a POWERFUL Disclaimer Clause ... explaining that there should be no reliance placed on these Financial Statements, but instead everyone should do their own independent research, analysis, and due diligence."

He also said banks understood the clause and there were no problems with it.

Judge Arthur Engoron ruled Tuesday that New York Democrat Attorney General Letitia James demonstrated that Trump, his sons Donald Trump Jr. and Eric Trump, several of the family's entities and former employees, could be liable for "repeated and persistent fraud by preparing, certifying and submitting to lenders and insurers false and misleading financial statements" in violation of New York law.

Trump specifically took issue with Engoron's evaluation of his Mar-a-Lago estate in Florida, which the judge said could be worth as little as $18 million, citing an appraisal from the Palm Beach County Assessor.

Trump said in a separate Truth Social post that the Florida property "IS WORTH POSSIBLY 100 TIMES THAT AMOUNT" and that the judge's "anger & hatred is politically motivated & unprecedented by those who watched!"

James is also attempting to get $250 million in damages from Trump and the other defendants in the case, as well as an order barring the former president and his two eldest sons from being leaders at New York-based companies. That trial is set to begin Oct. 2.

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