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A judge has found former US President Donald Trump guilty of financial fraud. New York judge Arthur Engoron ruled on Tuesday that Trump had deliberately overestimated his assets in the past, for example to get better terms on loans. It is a fundamental decision before the actual start of a civil trial against Trump next week.
According to the ruling, Trump lied to banks and insurance companies by both overestimating and underestimating his assets when it was to his advantage, while at the same time inflating his wealth by billions of dollars.
Possible fine of $250 million
New York State Attorney General Letitia James sued Trump and his three eldest children in September 2022 on financial fraud charges. The Trump Organization family holding company allegedly overstated assets for years to “secure and maintain loans and insurance on more favorable terms,” according to a court document from the Attorney General’s Office.
The proceedings netted the defendants “hundreds of millions of dollars in ill-gotten savings and profits,” the document continued. Attorney General James is seeking fines of $250 million (about 230 million Swiss francs).
The lawsuit was originally against Trump’s three eldest children, Ivanka, Donald Junior and Eric Trump. However, Ivanka has since been removed from the lawsuit.
The civil trial against Trump and his two eldest sons will begin next Monday in New York. With his ruling on Tuesday, Judge Engoron already anticipated an important ruling on how this is possible in such a procedure. One question in the trial will be how severe the sentence against Trump will be. The ex-president is not threatened with prison time in this civil case.
“Based on a fantasy world”
Judge Arthur Engoron noted in his ruling that Trump’s legal arguments in defense of his statements were “based on a fantasy world and not on the real world.”
At one point, the judge also pointed out that Trump had exaggerated the size of his New York apartment to inflate its value — even though it was only a third of the stated size. “A discrepancy of this magnitude by a real estate developer who overestimates his own decades-long living space can only be considered fraud,” the judge wrote. (neo/AFP)
Source: Blick
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
