Administration

Trump exaggerated wealth, hid debts as a businessman: report

President Trump frequently exaggerated his assets and hid his debts while a businessman, according to documents reviewed by The Washington Post.

Trump would reportedly hand out documents called “Statements of Financial Condition” during business dealings. In these documents, Trump would allegedly misrepresent the property he owned, including omitting debts and overvaluing assets.

{mosads}According to one such financial statement from 2011 reviewed by the Post, Trump said he had 55 home lots to sell at his golf course in Southern California. However, according to city records obtained by the Post, he only had 31 lots zoned and ready for sale. That difference accounted for at least $72 million in future revenue.

Trump made other reported exaggerations, including saying that his Virginia vineyard had 2,000 acres, when it really has about 1,200, and that Trump Tower has 68 stories when it really has 58.

The White House did not immediately respond to a request for comment on the Post’s report.

Trump’s former attorney Michael Cohen has previously testified that he helped inflate claims about Trump’s net worth. The New York Times also reported earlier this month that Trump exaggerated assets while seeking loans from Deutsche Bank.

According to the Post, the alleged misrepresentations are at the center of two investigations into the president.

On Wednesday, the House Oversight and Reform Committee requested 10 years worth of Trump’s financial records.

They made the request based on the testimony from Cohen, who presented the committee with the same three years — 2011, 2012 and 2013 — of Trump’s financial statements that the Post obtained.

During his hearing earlier this month, Cohen had claimed that Trump often inflated or deflated his net worth for “potentially improper purposes.”

The New York state Department of Financial Services also subpoenaed records from Trump’s longtime insurer, Aon, earlier this month.

A source familiar with the investigation told the Post that a “key component” was questions about whether Trump had given Aon any flawed financial statements in an effort to lower his insurance premiums.

Tags Donald Trump Michael Cohen Real estate real estate law The Trump Organization

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