In a significant legal development, a New York judge has ruled that former U.S. President Donald J. Trump and his company committed fraud by inflating the value of their assets. The decision, issued by Justice Arthur F. Engoron on September 26, 2023, marks a pivotal moment in the longstanding civil lawsuit brought forward by New York Attorney General Letitia James.
The ruling found that Trump and his business misrepresented the value of real estate holdings and other assets on financial statements, which were used to secure favorable loans and insurance deals. Justice Engoron stated that the evidence presented showed persistent and repeated fraud, undermining the integrity of business practices in the state.
This judgment could have far-reaching implications for Trump's business operations in New York, potentially leading to severe financial penalties and restrictions on his ability to conduct business in the state. The exact consequences will be determined in the forthcoming phase of the trial, where the Attorney General's office is seeking $250 million in penalties and a ban on Trump and his organization from operating in New York.
Trump's legal team has vehemently denied any wrongdoing, labeling the lawsuit as politically motivated. They have indicated plans to appeal the decision. Meanwhile, Trump continues to face multiple legal challenges, including other civil suits and criminal investigations, as he signals intentions for a political comeback.
The case highlights the ongoing scrutiny of Trump's business dealings and adds another chapter to the complex legal battles surrounding the former president. Observers note that the outcome may set important precedents for financial accountability and corporate governance.
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Trump incurs $350+ million fine and 3-year New York business ban
cgtn.com
