New York judge finds Donald Trump liable for fraud
New York judge finds Donald Trump liable for fraud
A New York judge has found Donald Trump and his adult sons liable for fraud and canceled the Trump Organization’s business certification. Judge Arthur Engoron granted Attorney General Letitia James’ motion for summary judgment, finding the Trumps “liable as a matter of law for persistent violations” of New York state law. The judge determined that the financial statements provided by the Trumps for about a decade were false and that they engaged in fraud repeatedly. This ruling is a blow to Trump’s argument that he didn’t inflate property values on financial statements used in business.
Implications of the ruling
The ruling by Judge Engoron has significant implications for Donald Trump and the Trump Organization. The judge’s decision holds the Trumps responsible for fraud and cancels the business certification of the Trump entities involved in the case. Additionally, a receiver will be appointed to manage the dissolution of these corporate entities. The attorney general has sought $250 million in damages, a ban on the Trumps from serving as officers of a business in New York, and a five-year prohibition on the company engaging in business transactions. However, the full extent of the ruling and its impact on properties outside of New York state, such as Mar-a-Lago, remains unclear.
Attorney General’s response
Attorney General Letitia James welcomed the judge’s ruling, stating that it confirms years of financial fraud by Donald Trump and the Trump Organization. She expressed her intention to present the rest of the case at trial and seek the requested damages and penalties. The ruling is seen as a significant victory for the attorney general’s office in its pursuit of accountability for alleged fraudulent practices.
