Donald Trump has been accused by a New York judge of repeatedly misrepresenting his wealth by up to $3.6 billion to banks and insurers. The judge’s decision resolves the key claim made by New York’s attorney general in her civil lawsuit against the former president, which accuses him, his two adult sons, and the Trump Organization of lying about his net worth and asset values. The lawsuit alleges that the defendants issued false business records and financial statements to obtain better loan terms, insurance deals, and to pay less tax. The non-jury trial is set to begin on October 2nd, where the attorney general will seek $250 million in penalties and a ban on Mr. Trump doing business in New York.
As a result of the judge’s ruling, the Trump Organization has been ordered to cancel its New York business licenses, potentially stripping Donald Trump of control over signature New York properties such as the Trump Tower and Trump Building. The judge also denied the Trump team’s request to throw out the case and fined five Trump attorneys $7,500 each for making arguments already dismissed by the court. However, Mr. Trump has dismissed the case as a “witch hunt” and accused the judge of being “highly politicized.” He has also filed a lawsuit against the judge in an attempt to delay the trial.
This ruling and upcoming trial represent a significant blow for Donald Trump, as it exposes allegations of fraudulent valuations and financial misconduct. While he continues to deny any wrongdoing, the outcome of the trial could have severe consequences for his business interests and political aspirations. This case is just one of several legal battles that Trump is currently facing as he seeks a rematch with President Joe Biden in next year’s election. With a frontrunner position for the Republican nomination, his legal challenges could impact his chances of returning to the White House.