In a significant legal setback for former U.S. President Donald Trump, a New York judge, Justice Arthur Engoron, has ruled that Trump and his family business fraudulently inflated the value of their properties and assets. This ruling could have far-reaching implications for Trump’s business activities within the state of New York. The decision paves the way for the state Attorney General Letitia James to establish damages at an upcoming trial scheduled for October 2, 2023.
Key Findings:
- Justice Arthur Engoron’s ruling makes it easier for the state Attorney General to seek damages.
- Certificates allowing some of Trump’s businesses, including the Trump Organization, to operate in New York have been canceled.
- A receiver has been appointed to oversee the dissolution of these businesses.
The judge’s decision outlined how Donald Trump, along with his adult sons, Donald Jr. and Eric, and the Trump Organization, engaged in fraudulent activities. They inflated valuations and manipulated Trump’s net worth to serve their business interests. Justice Engoron strongly criticized these actions, stating, “That is a fantasy world, not the real world.”
The judge did not spare the defendants’ lawyers, describing their legal arguments as “preposterous” and their clients’ conduct as “obstreperous.” Trump and the other defendants have consistently denied committing fraud and plan to appeal the decision.
The cancellation of business certificates could have a substantial impact on Trump’s ability to generate income. In particular, the dissolution of limited liability companies (LLCs) that hold significant assets could pose financial challenges.
Donald Trump is currently seeking the Republican presidential nomination for the 2024 election and continues to maintain a significant lead in the race despite facing criminal charges in multiple cases.
In response to the ruling, Donald Trump denounced the accusations of fraud as “ridiculous and untrue” on his Truth Social platform. He criticized Justice Engoron and labeled the case as “Democrat Political Lawfare” and a “Witch Hunt.”
Justice Engoron’s decision marks a significant development in the legal challenges faced by Donald Trump. It remains to be seen how this ruling and potential subsequent legal actions will impact Trump’s business ventures and political aspirations.
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Source: Hindustan Times
