- Trump found guilty of fraud.
- Inflated wealth, misled banks.
- Trial set for October.
A judge has determined that Trump, his company, and key executives repeatedly misled about his wealth on his annual financial statements, resulting in favorable loan terms and reduced insurance premiums.
The court has ruled that Donald Trump committed fraud for years while building the real estate empire that propelled him to prominence and the presidency.
Judge Arthur Engoron found that the former president and his company deceived banks and insurers by grossly overvaluing assets and inflating the former president’s net worth on documents used to negotiate transactions and secure financing.
The judge found that Trump, his company, and key executives repeatedly misled about his wealth on annual financial statements, resulting in rewards including favorable loan terms and lower insurance premiums.
The judge stated that these tactics crossed a line and were illegal, rejecting Trump’s argument that a disclaimer on the financial statements absolved him of wrongdoing.
The decision resulted from a civil complaint filed by New York’s attorney general, Letitia James.
In September of the previous year, Ms. James filed a lawsuit against Trump, accusing him and his company of lying for a decade about the value of his assets, including his Mar-a-Lago estate in Florida, his penthouse apartment in Trump Tower, and other office buildings and golf courses.
According to her claims, his net worth was inflated by as much as $2.23 billion (£1.83 billion) and as much as $3.6 billion (£2.96 billion) on annual financial statements provided to banks and insurers.
Mr. Engoron wrote, “He claims that if the property values have increased in the years since the (financial statements) were submitted, then the figures were not inflated at the time.
“He also appears to imply that the numbers cannot be inflated because he could find a ‘buyer from Saudi Arabia’ willing to pay any price he suggests.”
A trial is scheduled for October 2 and could extend until December.
