Donald Trump and his sons have been held responsible for fraudulent activities in New York. Judge Arthur Engoron, who issued the verdict, revoked the Trump Organization’s business certification, citing a decade of false financial statements provided by the Trump family.
This ruling came just before the civil case between the New York attorney general’s office and the former president was scheduled to begin.
Attorney General Letitia James’ motion for summary judgment was granted by the judge, determining that Trump, his sons, and others were legally liable for continuous violations of New York state law. According to CNN, the Trumps furnished lenders and insurers with misleading financial statements for approximately ten years, consistently engaging in fraudulent practices.
This decision represents a setback for Trump and a resounding rejection of his claims that he did not exaggerate the values of his golf courses, hotels, and properties at Mar-a-Lago and Seven Springs in financial statements extensively used in business.
“Today, a judge ruled in our favour and found that Donald Trump and the Trump Organization engaged in years of financial fraud,” James said in a statement Tuesday night. “We look forward to presenting the rest of our case at trial.”
The attorney general is seeking $250 million in damages, a prohibition on the Trumps from holding officer positions in New York-based businesses, and a five-year halt on the company’s business transactions.
Engoron revoked the business certifications of the Trump entities involved in the case, which includes the Trump Organization. He also announced the appointment of a receiver to oversee the “dissolution” of these corporate entities. Among the properties involved in the lawsuit are two in New York: the commercial tower at 40 Wall Street and the Trump family estate at Seven Springs.
However, the full extent of his ruling remains unclear. Questions arise regarding how the receiver would handle properties outside of New York, such as Mar-a-Lago, and whether the Trumps could transfer New York-based assets to an out-of-state company.
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