UNITED STATES: Former U.S. President Donald Trump and his family business have been found responsible for knowingly inflating the valuation of their properties and assets by a New York judge.
The ruling by Manhattan state court judge Arthur Engoron could have significant implications for Trump’s business activities in the state and may support the efforts of New York state attorney general Letitia James to demonstrate damages in a trial set for October 2.
Engoron’s ruling also directed the revocation of certificates that allowed certain Trump businesses to operate in New York and appointed a receiver to oversee the winding down of these businesses.
The judge detailed how Trump, along with his adult sons Donald Jr. and Eric, the Trump Organization, and other defendants, fabricated valuations and exaggerated Trump’s financial worth to align with their business objectives.
Trump and the other defendants maintain their innocence, stating that they did not engage in fraudulent activities and that the questioned transactions were financially advantageous. They plan to appeal Justice Engoron’s ruling.
The charges against Trump stem from a lawsuit filed by James in September 2022, alleging that Trump, the Trump Organization, and three of his adult children lied to banks and insurers for ten years about the value of their assets and net worth to secure better terms.
Engoron’s decision doesn’t automatically guarantee that Letitia James’ fraud case will proceed to trial on October 2. Trump has filed a lawsuit seeking to postpone the trial, alleging that both Engoron and James disregarded the appeals court’s directive to narrow down the case. The appeals court is expected to rule on the request for a trial delay later this week.
Despite these legal challenges, Trump continues to pursue the Republican presidential nomination for 2024 and remains a leading candidate in the race.
He has dismissed the allegations of fraud as baseless and part of a “witch hunt,” a stance he has consistently maintained regarding legal actions against him.
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