A judge ruled on Tuesday that Trump is liable for fraud in New York, adding to the former president’s growing mountain of legal woes
A New York judge ruled on Tuesday that former President Donald Trump, his two adult sons, and several of his associates are liable for fraud. The ruling establishes that Trump overvalued his properties and inflated his net worth over several years, thus deceiving banks, investors, and insurers.
The partial summary from Judge Arthur Engoron comes days before the massive $250 million civil fraud lawsuit brought in April by New York Attorney General Letitia James was set to go to trial, and deals a massive blow to Trump’s defense. Engoron denied Trump’s motion to dismiss the case outright, and the trial is expected to begin on Oct. 2 to resolve the remaining issues.
Engoron sided with the state of New York, which has argued that over the course of several years Trump inflated his net worth by hundreds of millions and even billions of dollars, with the largest discrepancy being an over-valuation of more than $2.2 billion in 2014.
According to the plaintiffs, Trump inflated the values of his various properties, including his golf clubs, residential properties, and commercial holdings over several years, and used the exaggerated numbers to deceive banks and other financial entities.
James and the state of New York are seeking $250 million in damages and a ban on Trump and his family from conducting business within the state.
Source link: https://www.rollingstone.com/politics/politics-news/trump-committed-fraud-inflating-net-worth-1234832197/