Saturday, December 2, 2023

Trump defrauded banks and insurers while building his fortune, the ruling rules

A New York judge on Tuesday refused to dismiss state Attorney General Letitia James’ lawsuit. accused Donald Trump of illegally inflating his assets and net worth, and ordered that the former president and the Trump Organization is responsible for the fraud. The decision was issued by Judge Arthur Engoron of the New York State Court in Manhattan.

Judge Arthur Engoron found that the former president and his company defrauded banks, insurers and others by overvaluing his assets and exaggerating his net worth in the papers used in business and securing financing. Trump, his company and key executives repeatedly lied about them in their financial statements every year, reaping rewards such as favorable loan terms and lower insurance premiums, Engoron found.

Read Also:  What is Simons Banking? | Another controversial suggestion from Milei

Lettita James sued Trump in September 2022, accusing him and the Trump Organization of lying for a decade about asset values ​​and his net worth to get better terms on bank loans and insurance .

He said Trump inflated his net worth to $2.23 billion. and to an extent up to $3.6 billion, in annual financial statements presented by banks and insurers. The attorney general said the properties whose values ​​were inflated include Trump’s Mar-a-Lago estate in Florida, his penthouse in Trump Tower in Manhattan and several office buildings and golf courses.

Attorneys for Trump and the other defendants did not immediately respond to requests for comment. Engoron said James established liability for false valuations of several properties, including Mar-a-Lago and the penthouse, and criticized Trump for offering defenses in a statement that was “absolutely which lacks truth or law.”

Read Also:  Underlying inflation, how does it affect you?

“He says that if the property values ​​have increased in the years since (the financial statements) were filed, then the numbers have not increased during that time,” Engoron wrote. “You also seem to imply that the numbers cannot be raised because you will find a ‘Saudi buyer’ who will pay whatever price you propose.”

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news