United States: A New York judge has ruled that Mr. Donald Trump consistently provided false information about his wealth to banks and insurers, exaggerating it by hundreds of millions of dollars.
This ruling settles the main allegation brought forward by New York’s attorney general Ms. Letitia James in her civil case against the former US President.
“The documents here clearly contain fraudulent valuations that defendants used in business,” the judge wrote. An attorney representing Mr. Trump criticised the judge’s decision as “an unfair judgment.”
Last September, Attorney General Ms. James filed a lawsuit against Mr. Trump. It was alleged that he, along with his two adult sons and the Trump Organisation, had provided false information about his net worth and asset values from 2011 to 2021.
Ms. James stated that the defendants deliberately falsified business records and financial statements to secure more favourable terms on bank loans and insurance agreements, as well as to reduce their tax obligations.
As part of the ruling, the Trump Organisation received an order to revoke its business licences in New York and, within 10 days, suggested independent monitors to supervise this action.
The judge’s decision will lose him control over prominent New York properties such as the Trump Tower and the Trump Building at 40 Wall Street.
Judge Mr. Engoron rejected the Trump team’s plea to dismiss the case and additionally imposed a $7,500 fine on each of the five Trump attorneys for reiterating arguments previously dismissed by the court.
The former US President is also dealing with 91 serious charges spread across four criminal cases. In those cases, he has entered a plea of not guilty.
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