New York, Sept 26 (The Street Press) – On Tuesday, a New York judge made a decision in a case brought by state Attorney General Letitia James, finding Donald Trump and his family business responsible for fraud. The case accused the former U.S. president of falsely increasing the value of his assets and overall wealth.
Justice Arthur Engoron, a judge in New York state court in Manhattan, made a ruling. James filed a lawsuit against Trump in September 2022. James accused Trump and the Trump Organization of telling falsehoods about their assets and Trump’s wealth for ten years to secure more favorable bank loans and insurance terms.
She claimed that Trump exaggerated his net worth, potentially by up to $2.23 billion, and in some assessments, by as much as $3.6 billion. This exaggeration was found in the yearly financial documents provided to banks and insurers.
The attorney general pointed out that the inflated values covered assets like Trump’s Mar-a-Lago estate in Florida, his penthouse apartment in Trump Tower in Manhattan, and several office buildings and golf courses.
No comments were provided by Trump and the other defendants’ lawyers when requested.
Engoron stated that James successfully proved that there were false valuations of multiple properties, such as Mar-a-Lago and the penthouse. He also criticized Trump for presenting defenses during a deposition that had no legal or factual basis.
Engoron mentioned that Trump argued that if property values had increased in the years after the financial statements were submitted, then the numbers in those statements were not inflated at the time.
Engoron also noted that Trump appeared to suggest that the numbers couldn’t be inflated because he believed he could always find a buyer, even from Saudi Arabia, willing to pay whatever price he proposed.
There’s a trial set for October 2, and it might extend well into December.