When it rains, it pours. Former President Donald Trump has yet another legal problem to address after a New York judge found him and his adult sons liable for fraud.
Judge Arthur Engoron found Trump and his sons guilty of fraud, a crime he said the accused had been committing for years during the time the former president was building his real estate empire. The ruling was a response to a civil lawsuit filed by New York Attorney General Letitia James. The suit alleged that Trump and his accomplices significantly overinflated the value of a number of their real estate holdings in order to secure more favorable loans and financial deals from banks, insurers, and other financial institutions.
Ruling Against Donald Trump
The ruling also included an order to rescind the business licenses of several of Trump’s companies, which would make it impossible for them to operate in New York. An independent monitor was also appointed to oversee the operations of the Trump Organization.
Trump has the option to appeal, but should he lose that, he would also lose the ability to control and make decisions regarding several of his key businesses in New York, which would at the very least, put him in complicated financial straits as he faces massive expenses related to his campaign for GOP Presidential nominee – and a likely Presidential campaign as well given his poll numbers and strong support from Republican voters – as well as his legal bills stemming from the multiple indictments and lawsuits he is facing.
In response to the ruling, the former president posted this rant on his Truth Social account:
“Remember when Racist New York State Attorney General, Letitia ‘Peekaboo’ James, went after former Governor of New York, Andrew Cuomo, only to announce that she was going to run for Governor, and she did, but got trounced in the Polls, getting almost ZERO, and quitting the race? She then went back to being A.G. were she said she would happily continue to ‘GET TRUMP,’ even though her original plan was to use the Trump Witch Hunt to become Governor. She even quickly convinced a Trump Hating Judge that my assets were valued too high and I was using totally ‘Disclaimered Financial Statements’ to take advantage of highly sophisticated & well represented Banks & Insurance Companies, who got & get back ALL of their money, ‘no babies they!’ This highly partisan Democrat ‘Judge’ (All the Clubs, etc.) just ruled that Mar-a-Lago was WORTH just 18 Million Dollars when, in fact, it may be worth 100 times that amount. James convinced him, likewise, on other assets. THIS IS A NEW YORK POLITICAL SCAM!”
The decision does not mark the conclusion of N.Y. AG James’ suit against Trump. In fact, Judge Engoron’s decision only covers the key claim of James’ suit, and he has yet to rule on several other claims – including a request for $250 million in penalties – in the civil complaint. The trial to address these other claims starts in early October.
Tim Ramos has written for various publications, corporations, and organizations – covering everything from finance, politics, travel, entertainment, and sports – in Asia and the U.S. for more than 10 years.
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