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New York judge finds Donald Trump and adult sons liable for fraud in civil case
A New York judge on Tuesday refused to dismiss state Attorney General Letitia James’ lawsuit accusing Donald Trump of illegally inflating his assets and net worth, and ruled Trump and the Trump Organization are liable for fraud.
Issued on: 26/09/2023 – 23:05
1 min
Former U.S. President and Republican presidential candidate Donald Trump speaks during a 2024 presidential campaign rally in Dubuque, Iowa, US September 20, 2023.
Former U.S. President and Republican presidential candidate Donald Trump speaks during a 2024 presidential campaign rally in Dubuque, Iowa, US September 20, 2023. © Scott Morgan, Reuters
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NEWS WIRES
The decision was issued by Justice Arthur Engoron of the New York state court in Manhattan.
James sued Trump in Sept. 2022, accusing him and the Trump Organization of lying for a decade about asset values and his net worth to get better terms on bank loans and insurance.
She has said Trump inflated his net worth by as much as $2.23 billion, and by one measure as much as $3.6 billion, on annual financial statements given to banks and insurers.
The attorney general has said assets whose values were inflated included Trump’s Mar-a-Lago estate in Florida, his penthouse apartment in Manhattan’s Trump Tower, and various office buildings and golf courses.
Lawyers for Trump and the other defendants did not immediately respond to requests for comment.
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Engoron said James had established liability for false valuations of several properties, including Mar-a-Lago and the penthouse, and chided Trump for offering defenses in a deposition that were “wholly without basis in law or fact.”
“He claims that if the values of the property have gone up in the years since the (financial statements) were submitted, then the numbers were not inflated at that time,” Engoron wrote.
“He also seems to imply that the numbers cannot be inflated because he could find a ‘buyer from Saudi Arabia’ to pay any price he suggests.”
A trial is scheduled for Oct. 2, and could last well into December.
(REUTERS)
