A judge found former President Donald Trump liable for fraud in a recent ruling related to his business empire. The decision in the New York County (Manhattan) Supreme Court could have large repercussions, with the former president decrying the ruling.
Justice Arthur Engoron determined that the former president was liable for fraud in the case brought before him by New York Attorney General Letitia James (D).
The ruling determined that Trump had exaggerated the wealth of his companies and his personal holdings. According to the judge, Trump inflated the value of his Mar-a-Lago estate despite being valued similarly to properties surrounding his Florida home.
Engoron’s decision stems from a number of accusations made by former Trump attorney Michael Cohen, including that Trump had overstated the value of his properties, which allowed his businesses to borrow more money for future purchases.
The judge also ruled against Trump’s attorneys, fining them for their motions to dismiss the case. Engoron deemed these efforts to be frivolous and handed down $7,500 fines.
The judge’s ruling in part hinged on estimated property values from the Palm Beach, Florida Assessor’s Office which were vastly different than Trump’s estimated value of Mar-a-Lago at $612 million.
🚨BOMBSHELL TRUMP RULING SHOCKS POLITICAL AND REAL ESTATE WORLDS
Supreme Court Judge Arthur Engoron's Tuesday ruling, without a jury, has left industry experts perplexed and has enraged Trump and his supporters.
In a stunning verdict, Engoron found that Trump committed fraud by… pic.twitter.com/fPteeHu6Zq
— Mario Nawfal (@MarioNawfal) September 27, 2023
Trump’s legal team expects to appeal the ruling. His son Eric stated that he was enjoined in the suit as “collateral damage” due to the fact that his “last name is Trump.”
The judge’s ruling deemed Trump liable for the difference in assessed value and that some of the former president’s business licenses should be ended.
The result would make it difficult for Trump to do business in his former home state of New York. It also indicated that the Trump Organization would come under closer government scrutiny.
As of Wednesday afternoon, there had not yet been an official statement from the Trump organization or the former president himself on the ruling. However, in the past Trump vigorously maintained that he never exaggerated his net worth.