Former US President Donald Trump and his sons have been found guilty of fraud. New York Judge Arthur Engoron revoked the Trump Organization’s business certification on the grounds that the Trumps had filed false financial statements for at least a decade.
The judge’s decision comes days before a civil case involving the New York attorney general’s office and the former president was set to go to trial.
Judge Engoron granted Attorney General Letitia James’ motion for summary judgment, finding that the former U.S. president, his sons and others “are legally responsible for systematic violations” of New York state law.
The judge found that financial statements submitted by the Trumps over 10 years to lenders and insurers were false and said they had committed repeated fraud.
This is a real blow to Trump and a complete reversal of his arguments that he did not inflate the value of his hotels, golf courses, Mar-a-Lago and Seven Springs homes in financial statements that were repeatedly used in business. Letitia James noted with satisfaction Tuesday evening, quotes CNN:
“Today, a judge ruled in our favor and found that Donald Trump and the Trump Organization engaged in financial fraud for years. We look forward to presenting the rest of our case in court.”
The attorney general sought $250 million in damages, a ban on the Trumps as business executives in New York, and a ban on the company from participating in business activities for five years.
The judge revoked the business certifications of Trump companies that are defendants in the case, including the Trump Organization, and said a receiver will be appointed to “manage the dissolution” of the corporate entities. The lawsuit involves two New York properties: a commercial tower at 40 Wall Street and the Trump family compound in Seven Springs.
However, it is not yet clear how the recipient will dispose of the property, whether the decision will affect properties located outside New York state, including Mar-a-Lago, and whether the Trumps will be able to transfer assets based in New York to a new company located out of state. outside of New York State.