27th September 2023 – (New York) In a significant legal blow to former U.S. President Donald Trump, a New York judge ruled on Tuesday that he and his sons are liable for fraud, stating that they provided false financial statements for nearly a decade.
Judge Arthur Engoron concluded that Trump and his company, through deceptive practices, misled banks, insurers, and others by inflating the value of his assets and exaggerating his net worth on documents used in business deals and securing financing. As a result, he ordered the revocation of some of Trump’s business licences as a form of punishment.
The lawsuit, filed by New York’s Attorney General Letitia James, accused Trump, three of his children, and his companies of submitting “grossly inflated” figures to banks and insurers. James is seeking penalties amounting to $250 million and a ban on Trump conducting business in New York state.
Engoron is set to preside over a non-jury trial commencing on October 2, during which he will evaluate the claims and determine appropriate penalties, if any.
Trump has consistently maintained his innocence, and his legal team had requested that the New York judge dismiss the case before the trial. However, the judge’s ruling represents a significant setback for the former president, particularly as he remains a leading contender for the 2024 Republican presidential nomination.
The outcome of this legal battle holds substantial implications for Trump’s political future. A ruling against him could tarnish his reputation and potentially impact his standing within the Republican Party as he contemplates a potential presidential run in the next election cycle.