CNN reported today that a New York judge has found Donald Trump and his adult sons liable for fraud and has canceled the Trump Organization’s business certification. This ruling comes as a shocking blow to the former president’s financial empire as he considers running for a second term in the White House. Judge Arthur Engoron’s decision completely rejects Trump’s argument that he did not inflate the values of his golf courses, hotels, and homes on financial statements. According to Engoron, the defendants’ claims are nothing more than a fantasy world and not reflective of reality.
The lawsuit was filed by New York Attorney General Letitia James, who is seeking $250 million in damages, a ban on the Trump family from serving as officers of a business in New York, and a halt to the Trump Organization’s business transactions for five years. The amount of damages owed will be determined in a trial next week, and the full implications of Engoron’s ruling are still unclear.
The judge’s decision also includes the cancellation of the business certifications of the Trump entities involved in the case. A receiver will be appointed to oversee the dissolution of these corporate entities. It is unclear how the receiver will handle the New York properties involved in the lawsuit, as well as properties located outside of New York, such as Mar-a-Lago.
In response to the ruling, Attorney General Letitia James stated that the judge ruled in their favor and found that Donald Trump and the Trump Organization had engaged in years of financial fraud. Trump, on the other hand, condemned the ruling and called for intervention from the highest courts to rectify what he views as a miscarriage of justice.
The allegations against Trump include inflating property values and providing faulty information in financial statements. Judge Engoron criticized the Trumps’ defense arguments and likened them to a line from the comedy film “Duck Soup.” The attorney general’s office claims that Trump and his family defrauded lenders, insurers, and other entities.
Despite this ruling, the trial will still proceed, and the attorney general’s office will not need to prove that the financial statements were false. The start date of the trial is currently on hold as a larger panel of appellate judges reviews the case. It is expected that a decision on this issue will be made soon.
In conclusion, this ruling has significant implications for Donald Trump and his financial empire. The trial will continue, and the attorney general’s office has already won on one claim. The full extent of the damages owed and the impact on Trump’s properties remain uncertain.
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