A New York judge has ruled that former President Donald Trump committed fraud by inflating the value of his assets and has revoked his business licenses in the state. This ruling could impact Trump’s ability to run his company.
NY judge rules Trump committed fraud, revokes business licenses
In a significant ruling, a New York judge has found former President Donald Trump guilty of committing fraud by inflating the value of his assets. Justice Arthur Engoron of the Manhattan Supreme Court agreed with New York Attorney General Letitia James, who accused Trump and his family business, the Trump Organization, of making false statements in financial documents to obtain better deals from lenders. One specific example cited was Trump’s claim that his penthouse at Trump Tower was 30,000 square feet, when it was actually only 11,000 square feet.
Business licenses revoked and properties at risk
As a consequence of the ruling, the New York business certificates of the Trump Organization and other businesses owned by Trump or his family will be cancelled. Additionally, an independent third party will be appointed to manage the dissolution of these businesses. This means that Trump could potentially lose control over some of his properties in New York, including Trump Tower.
Trump reacts angrily and plans to appeal
Unsurprisingly, Trump responded angrily to the ruling on his social media platform Truth Social. He called Justice Engoron “deranged” and accused Attorney General James of being a “completely biased and corrupt prosecutor.” Trump claimed that he was being persecuted by the Democrats and that the country was becoming communist. Trump’s lawyers have announced their intention to appeal the decision, labeling it a “miscarriage of justice.”
It remains to be seen how this ruling will impact Trump’s business ventures and his political future.
