In a civil lawsuit filed by New York Attorney General Letitia James, former U.S. President Donald Trump and his family business have been found liable for fraud by a judge in Manhattan. The lawsuit accuses Trump of illegally inflating his assets and net worth over a decade to obtain better terms on bank loans and insurance. The judge ruled that James had established liability for false valuations of properties such as Mar-a-Lago and Trump Tower, and criticized Trump for offering defenses that lacked legal or factual basis. The trial is scheduled to begin on October 2 and could continue into December.
This development marks a significant legal setback for Trump, as the judge’s ruling strengthens the case against him and the Trump Organization. The lawsuit alleges that Trump lied about the values of his assets, including his Mar-a-Lago estate and Trump Tower, in order to secure favorable financial arrangements. New York Attorney General Letitia James has claimed that Trump inflated his net worth by billions of dollars on annual financial statements given to banks and insurers. The judge’s decision highlights the strength of the evidence against Trump and sets the stage for a potentially lengthy trial.
Trump’s legal team did not immediately respond to requests for comment on the ruling. The judge’s critique of Trump’s defenses underscores the challenges the former president may face in presenting a strong case. The outcome of the trial will have implications not only for Trump’s personal financial liability but also for his reputation and potential political ambitions. As the trial approaches, all eyes will be on the courtroom as the case against Trump unfolds and potentially impacts his future endeavors.
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