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HomeUnited StatesNew York Judge Finds Donald Trump Guilty of Fraudulent Valuations

New York Judge Finds Donald Trump Guilty of Fraudulent Valuations

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New York Judge Finds Donald Trump Guilty of Fraudulent ValuationsTrump engaged in fraud, inflating his net worth by millions of dollars.

The former president was found guilty of years-long fraud against banks and insurers as part of a legal action brought against him and his family business.

It is a significant setback for Mr. Trump and will probably limit his ability to conduct business in the state.

The defense of Mr. Trump and the other defendants is that they never engaged in fraud.

Trump, his two adult sons, and the Trump Organization were charged with inflating the worth of their properties by almost $2 billion (£1.65 billion) in order to benefit their business, according to New York Attorney General Letitia James.

She said that the defendants made fake financial and accounting documents in order to obtain better loan and insurance terms and reduce their tax obligations.

Judge Arthur Engoron of the New York state court delivered the harsh sentence on Tuesday after Ms. James requested a summary judgment before the trial started.

She suggested that establishing some facts as undisputed would expedite the trial.

According to the judge, Mr. Trump:

  • Mar-a-Lago was overvalued by 2,300% in one financial report.
  • Claimed that his penthouse at the Trump Tower in New York was larger than it actually was, inflating its worth.
  • It was “absurdly” asserted that estimating the size of the penthouse was subjective, with the verdict that “a discrepancy of this order of magnitude, by a real estate developer sizing up his own living space of decades, can only be considered fraud.”

The trial will now concentrate on a more limited set of the six remaining claims and evaluate the extent of any potential punishment since the verdict answers the lawsuit’s primary claim of fraud.

The trial is slated to start on October 2 and may go until at least December. In addition to a $250 million fine, Ms. James wants to prevent Mr. Trump from conducting business in his home state.

“The documents here clearly contain fraudulent valuations that defendants used in business,” Judge Engoron stated in his decision.

Business Certificates Revoked

Additionally, Judge Engoron ruled that the Trump Organization’s business certificates, which permit it to conduct business in New York, and other firms owned by the former president, must be revoked.

Although his corporation will remain in business, this might put an end to his authority over recognizable New York buildings like the Trump Tower and the Trump Building at 40 Wall Street.

The judge turned down the Trump team’s plea to have the lawsuit dismissed and separately penalized five Trump attorneys each $7,500 for supporting their clients’ “obstreperous” behavior by offering “preposterous” arguments that the court had already rejected.

Attorneys for Mr. Trump referred to this decision as “a miscarriage of justice” and said they would file an appeal.

The former president has consistently maintained his innocence and claimed on Tuesday that the investigation was just another political “witch hunt” by a prosecutor who was biased against him.

Trump’s Legal Battle

He alleged that the judge displayed a strong political bias.

Donald Trump has initiated legal action against the judge in an attempt to postpone the New York trial.

This week, an appeals court is set to make a determination on this lawsuit. If it is found against him, Mr. Trump will have to proceed with the remaining judicial proceedings.

The Republican front-runner is engaged in a number of court challenges as he prepares for a potential rematch with President Joe Biden in the general election next year.

In addition, he is accused of 91 felonies in four criminal trials. In those instances, he entered a not-guilty plea.

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