A New York judge ruled on Tuesday that former President Donald Trump and his company committed fraud by inflating the value of Trump's assets to obtain loans and insurance. The ruling came in a civil lawsuit filed by New York Attorney General Letitia James, who has been investigating Trump's business practices for over three years.
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| Former President Donald Trump points to supporters as he arrives at Atlantic Aviation CHS in North Charleston, South Carolina, on Sept. 25, 2023. (AP Photo / Artie Walker Jr.) |
Judge Arthur Engoron found that Trump and the Trump Organization made "false and misleading statements" about the value of Trump's assets to banks, insurers, and the public. He also found that Trump and his company engaged in a "pattern of fraudulent conduct" that lasted for over a decade.
In his ruling, Judge Engoron wrote that Trump and the Trump Organization "grossly inflated the value" of Trump's assets, including his Trump Tower penthouse in Manhattan and his Mar-a-Lago resort in Florida. He also found that Trump and his company engaged in "self-serving accounting practices" to make Trump's assets appear more valuable than they actually were.
The judge's ruling is a major setback for Trump, who has repeatedly denied any wrongdoing. It is also a significant victory for Attorney General James, who has been under pressure from some Democrats to bring criminal charges against Trump.
It is unclear what the immediate consequences of the judge's ruling will be. However, it is possible that Trump and the Trump Organization could face fines, penalties, and other legal consequences. The ruling could also have a political impact, further eroding Trump's popularity and damaging his chances of running for president again in 2024.
The judge's ruling is a reminder that no one is above the law, not even a former president. It is also a victory for accountability and transparency in business.
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