Judge Arthur Engoron of New York recently held Donald Trump, his grown children, and the Trump Organization accountable for fraud, and proceeded to nullify the organization’s business certification. The basis of this ruling was a plethora of dishonest financial statements from the Trumps spanning an entire decade.
The proceedings took place mere days before the commencement of a civil case involving the former president and New York attorney general’s office. The Attorney General Letitia James secured a summary judgement in her favor, concluding that Trump, his progeny, and their cohorts were legally liable these continuous infractions of state law. Financial records presented by the Trump family to lenders and insurance companies over this ten-year period were deemed fraudulent, indicating repeated engagement in such activities.
Judge Engoron’s ruling is a severe setback for Trump, rendering his claims of not inflating the financial values of his property holdings – such as golf courses, hotels, and residences at Mar-a-Lago and Seven Springs – null and void.
Declaring an upper hand in the legal tussle, Attorney General James stated, “The court has held that Donald Trump and the Trump Organization have perpetrated financial fraud for years. We eagerly await the opportunity to present the remainder of our case at the trial.”
James is aiming for a $250 million damages penalty, the prohibition of the Trump family from holding business office positions in New York, and a five-year halt on business transactions for the company. The Judge has annulled the business certifications of all the Trump entities involved in the case, with the Trump Organization topping the list. He declared the appointment of a receiver to oversee the dissolution of the aforementioned corporate entities.
However, the full scope of this ruling is yet to be made clear. Unresolved queries include the methods of property dissolution by the receiver, the effects on properties outside New York like Mar-a-Lago, and the possibility of the Trumps transferring their New York assets to an out-of-state company.
While fraudulent statements issued by the authorities are usually disclaimed, Judge Engoron ruled that any reliance on such disclaimers to dismiss the case was futile. This legal victory for the Attorney General’s office on its first claim has allowed it to seek a yet undetermined amount of disgorgement a trial.
Though the trial is set to occur at an undecided date, there’s no need for the office to prove the falsity of the financial statements anymore as it strives to hold Trump and his sons accountable for insurance fraud and false business records.
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