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In September last year, New York's Attorney General Letitia James accused the former president of having inflated his net worth by as much as $2.23 billion in annual financial statements filed with several companies.
A New York judge on Tuesday ruled former U.S. President Donald Trump liable for fraud, that he committed over nearly a decade while building his real estate empire.
Judge Arthur Engoron 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.
He said as well that Trump, his company and its top executives repeatedly lied about their wealth in their annual financial statements, thereby benefiting from favorable loan terms and lower insurance premiums.
He ordered that some of Trump's business licenses be rescinded as punishment. Engoron is expected to hold a bench trial beginning Oct. 2 before deciding on any claims and punishments it may impose.
Judge finds Trump liable for fraud in New York civil case
The court refused to dismiss a lawsuit filed by New York State Attorney General Letitia James, Reuters reports. The lawsuit accused Donald Trump of illegally inflating his assets and net worth.
In the lawsuit, New York's Attorney General Letitia James alleged that Trump, three of his children and his companies submitted "grossly inflated" numbers to banks and insurers. She is seeking 250 million U.S. Dollars in penalties and a ban on Trump doing business in New York state.
In September last year, the state attorney general accused the former president of having inflated his net worth by as much as $2.23 billion in annual financial statements filed with several companies.
Trump, a front-runner for the 2024 Republican presidential nomination, has long insisted he did nothing wrong. His lawyers had asked the New York judge to dismiss the case before trial.