Former US President Donald Trump has suffered a serious legal defeat in the New York fraud case. Judge Arthur Engoron ruled on Tuesday that the businessman and his family could be held liable for the business fraud. Accordingly, the Trumps submitted false financial statements for nearly a decade.
According to a preliminary ruling on Tuesday, they are said to have systematically overestimated the company’s value in annual reports in order to obtain loans and insurance contracts on more favorable terms.
For example, Trump has said for years that his apartment in Trump Tower is 2,800 square meters, even though it is 1,000 square meters. As a result, the property value rose to $200 million. The value of his Mar-a-Lago estate in Florida was reportedly inflated by 2,300 percent in financial documents.
Lawyers for former US President Donald Trump intend to appeal a financial fraud conviction against him and his family business. “Today’s outrageous decision is completely divorced from the facts and the applicable law,” Trump’s lawyer, Christopher Kiss, said in a statement. “President Trump and his family will exhaust all legal remedies to correct this miscarriage of justice,” he added.
Trump must pay $250 million in restitution
The court’s decision came days before a related civil trial between the New York attorney general’s office and the former president began. Judge Engoron granted the attorney general’s request for summary judgment, finding Trump, his sons and others liable for violating New York state law.
The attorney general’s office wants Trump to pay $250 million in restitution and no longer be allowed to do business in New York. A final verdict is expected in December.
Trump has been battling multiple conflicts with the US judiciary for decades. Even as a construction magnate, he was embroiled in legal disputes. During his presidency from 2017 to 2021, he was repeatedly targeted by the judiciary. Since the end of his presidency, Trump has battled on multiple fronts with legal complications or investigations that could have legal ramifications for the 77-year-old. Trump wants to run for president again next year.
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