In the Flamingo, Chief's Crown crossed the wire first but was disqualified for interference, moving Proud Truth up to the winning position.
As a tune-up, Proud Truth won the Peter Pan Stakes but suffered a fracture in his left front leg and was unable to race in the Belmont.
Under jockey Jorge Velásquez, he came from last place to defeat a strong field that included heavy favorite Chief's Crown, Gate Dancer, which finished second by a head, Turkoman, and Vanlandingham.
He sired a number of North American stakes winners including Truth of It All who was voted the 1992 Canadian Sovereign Award for Champion 2-Year-Old Male Horse.
In Panama he met with considerable success, siring six champions, including Spago who won the 2004 Panamanian Triple Crown and was voted Horse of the Year honors.