A judge ruled Tuesday that Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House, and he ordered some of the former president香蕉视频直播檚 companies removed from his control and dissolved.
Judge Arthur Engoron, ruling in a civil lawsuit brought by New York Attorney General Letitia James, found that Trump and his company deceived banks, insurers and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing loans.
Engoron ordered that some of Trump香蕉视频直播檚 business licenses be rescinded as punishment, making it difficult or impossible for them to do business in New York, and said he would continue to have an independent monitor oversee Trump Organization operations.
If not successfully appealed, the order would strip Trump of his authority to make strategic and financial decisions over some of his key properties in the state.
Trump, in a series of statements, railed against the decision, calling it 香蕉视频直播渦n-American香蕉视频直播� and part of an ongoing plot to damage his campaign to return to the White House.
香蕉视频直播淢y Civil rights have been violated, and some Appellate Court, whether federal or state, must reverse this horrible, un-American decision,香蕉视频直播� he wrote on his Truth Social site. He insisted his company had 香蕉视频直播渄one a magnificent job for New York State香蕉视频直播� and 香蕉视频直播渄one business perfectly,香蕉视频直播� calling it 香蕉视频直播淎 very sad Day for the New York State System of Justice!香蕉视频直播�
Trump香蕉视频直播檚 lawyer, Christopher Kise, said they would appeal, calling the decision 香蕉视频直播渃ompletely disconnected from the facts and governing law.香蕉视频直播�
Engoron香蕉视频直播檚 ruling, days before the start of a non-jury trial in James香蕉视频直播� lawsuit, is the strongest repudiation yet of Trump香蕉视频直播檚 carefully coiffed image as a wealthy and shrewd real estate mogul turned political powerhouse.
Beyond mere bragging about his riches, Trump, his company and key executives repeatedly lied about them on his annual financial statements, reaping rewards such as favorable loan terms and lower insurance costs, Engoron found.
Those tactics crossed a line and violated the law, the judge said, rejecting Trump香蕉视频直播檚 contention that a disclaimer on the financial statements absolved him of any wrongdoing.
香蕉视频直播淚n defendants香蕉视频直播� world: rent regulated apartments are worth the same as unregulated apartments; restricted land is worth the same as unrestricted land; restrictions can evaporate into thin air; a disclaimer by one party casting responsibility on another party exonerates the other party香蕉视频直播檚 lies,香蕉视频直播� Engoron wrote in his 35-page ruling. 香蕉视频直播淭hat is a fantasy world, not the real world.香蕉视频直播�
Manhattan prosecutors had looked into bringing criminal charges over the same conduct but declined to do so, leaving James to sue Trump and seek penalties that aim to disrupt his and his family香蕉视频直播檚 ability to do business.
Engoron香蕉视频直播檚 ruling, in a phase of the case known as summary judgment, resolves the key claim in James香蕉视频直播� lawsuit, but several others remain. He香蕉视频直播檒l decide on those claims and James香蕉视频直播� request for $250 million in penalties at a trial starting Oct. 2. Trump香蕉视频直播檚 lawyers have asked an appeals court for a delay.
香蕉视频直播淭oday, a judge ruled in our favor and found that Donald Trump and the Trump Organization engaged in years of financial fraud,香蕉视频直播� James said in a statement. 香蕉视频直播淲e look forward to presenting the rest of our case at trial.香蕉视频直播�
Trump香蕉视频直播檚 lawyers, in their own summary judgment bid, had asked the judge to throw out the case, arguing that there wasn香蕉视频直播檛 any evidence the public was harmed by Trump香蕉视频直播檚 actions. They also argued that many of the allegations in the lawsuit were barred by the statute of limitations.
Engoron, noting that he had rejected those arguments earlier in the case, equated them to the plot of the film 香蕉视频直播淕roundhog Day.香蕉视频直播� He fined five defense lawyers $7,500 each as punishment for 香蕉视频直播渆ngaging in repetitive, frivolous香蕉视频直播� arguments, but denied James香蕉视频直播� request to sanction Trump and other defendants.
James, a Democrat, sued Trump and the Trump Organization a year ago, accusing them of routinely inflating the value of assets like skyscrapers, golf courses and his Mar-a-Lago estate in Florida, padding his bottom line by billions.
Engoron found that Trump consistently overvalued Mar-a-Lago, inflating its value on one financial statement by as much as 2,300%. The judge also rebuked Trump for lying about the size of his Manhattan apartment. Trump claimed his three-story Trump Tower penthouse was nearly three times its actual size, valuing it at $327 million.
香蕉视频直播淎 discrepancy of this order of magnitude, by a real estate developer sizing up his own living space of decades, can only be considered fraud,香蕉视频直播� Engoron wrote.
On X in the wake of the ruling, Eric Trump insisted his father香蕉视频直播檚 claims about Mar-a-Lago were correct, writing that the Palm Beach estate is 香蕉视频直播渟peculated to be worth well over a billion dollars making it arguably the most valuable residential property in the country.香蕉视频直播� He called the ruling and the lawsuit 香蕉视频直播渁n attempt to destroy my father and kick him out of New York.香蕉视频直播�
Under the ruling, limited liability companies that control some of Trump香蕉视频直播檚 key properties, such as 40 Wall Street, will be dissolved and authority over how to run them handed over to a receiver. Trump would lose his authority over whom to hire or fire, whom to rent office space to, and other key decisions.
香蕉视频直播淭he decision seeks to nationalize one of the most successful corporate empires in the United States and seize control of private property all while acknowledging there is zero evidence of any default, breach, late payment or any complaint of harm,香蕉视频直播� Kise said after the decision.
James香蕉视频直播� lawsuit is one of several legal headaches for Trump, the Republican front-runner in next year香蕉视频直播檚 election. He in the last six months 香蕉视频直播� accused in Georgia and Washington, D.C., of plotting to overturn his 2020 election loss, in Florida of hoarding classified documents, and in Manhattan of falsifying business records related to hush money paid on his behalf.
The Trump Organization was convicted of tax fraud last year in an unrelated criminal case for helping executives dodge taxes on perks such as apartments and cars. The company was fined $1.6 million. One executive, Trump香蕉视频直播檚 longtime finance chief Allen Weisselberg, pleaded guilty and served five months in jail.
James香蕉视频直播� office previously sued Trump for misusing his charitable foundation to further his political and business interests. Trump was ordered to give $2 million to charity as a fine while his own charity, the Trump Foundation, was shut down.
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