Trump's Net Worth Under Scrutiny as Legal Troubles Mount

Former President Trump's net worth under scrutiny amid legal troubles, with questions about the accuracy of his claimed wealth and the competence of his chosen auditors. Significant implications for his business, legal cases, and political future.

Nasiru Eneji Abdulrasheed
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Trump's Net Worth Under Scrutiny as Legal Troubles Mount

Trump's Net Worth Under Scrutiny as Legal Troubles Mount

Former President Donald Trump's net worth has come under increased scrutiny amid a series of ongoing scandals and legal troubles. Questions have been raised about the accuracy of Trump's claimed wealth, with some experts suggesting that his true net worth may be significantly lower than he has previously stated.

One key issue revolves around the accountant hired to audit Trump's social media company, Trump Media & Technology Group (TMTG). The accountant, BF Borgers, has been found to have spelled his own name in 14 different ways in regulatory filings, raising serious concerns about his competence and the reliability of the audits. Additionally, Borgers' accounting firm has been cited for multiple deficiencies in its audits over the past two years and was removed from a peer review program.

TMTG engaged BF Borgers as its auditor in January 2022 after their previous auditor, WithumSmith+Brown, quit due to not wanting to be associated with Trump and his company. The volatile stock price of TMTG has also contributed to the uncertainty surrounding Trump's net worth. At one point, the soaring stock price boosted Trump's net worth by over $4 billion, but those gains were quickly erased as the stock crashed by nearly 40% in a matter of weeks.

Why this matters: The questions surrounding Trump's true net worth and the competence of his chosen auditors have significant implications for his business dealings, legal cases, and political future. As a former president and potential 2024 candidate, the accuracy and transparency of Trump's financial disclosures are of great public interest and could impact his credibility and electability.

Trump's legal troubles have also been mounting, with growing legal debts and criminal charges. He faces a $175 million bond for a civil fraud case in New York and $83.3 million in defamation damages, as well as three ongoing criminal cases related to the 2020 election and classified documents. The New York attorney general's office has accused Trump of significantly overstating his net worth between 2011 and 2021, by as much as $3.6 billion, according to a recent court filing.

A campaign finance watchdog, the Campaign Legal Center (CLC), has also filed a complaint with the Federal Election Commission (FEC) accusing Trump's 2024 campaign -affiliated political groups and an accounting firm, Red Curve Solutions, of violating U.S. law in a scheme designed to obscure the true recipients of a significant portion of Trump's legal bills. The CLC alleges that over $7.2 million was paid to Red Curve Solutions in a way that concealed the identities of the attorneys and firms providing legal services and the amounts they were paid.

Despite these challenges, Trump has defended his financial position, claiming on Truth Social that he has 'PHENOMENAL NUMBERS' and 'BIG CASH.' He has also accused the state of New York of defaming him. The civil fraud case is set to go to trial on October 2, 2024, and Trump's attorneys have not responded to requests for comment on the latest allegations and developments.

Key Takeaways

  • Trump's net worth under scrutiny due to accounting issues, legal troubles.
  • Auditor hired by Trump's company has questionable competence, firm cited for deficiencies.
  • TMTG's volatile stock price contributed to uncertainty around Trump's net worth.
  • NY AG accused Trump of overstating net worth by up to $3.6B from 2011-2021.
  • Campaign finance watchdog alleges $7.2M in Trump legal bills were obscured.