Judge Arthur Engoron, ruling Tuesday in a civil lawsuit brought by New York’s attorney general, found that the former president and his company deceived banks, insurers and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing financing. …
Beyond mere bragging about his riches, Trump, his company and key executives repeatedly lied about them on his annual financial statements, reaping rewards such as favorable loan terms and lower insurance premiums, Engoron found.
Those tactics crossed a line and violated the law, the judge said, rejecting Trump’s contention that a disclaimer on the financial statements absolved him of any wrongdoing.
[That was the main claim from AG Letitia James in her lawsuit against Trump, but there are six other claims that will go to a non-jury trial that starts next week. Engoron rejected Trump’s defenses on this claim that largely mirror his defenses on the others, which makes this a bad sign for the Trump Organization. At stake is a demand for $250 million in fines and a permanent ban on conducting business in New York, which would put a huge dent in the family’s business interests. Trump will undoubtedly appeal this decision, of course. — Ed]
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