(WNY News Now) -A New York judge has ruled that former President Donald J. Trump persistently committed fraud by inflating the value of his assets, leading to the stripping of control over some of his key New York properties.
NYC – Justice Arthur F. Engoron’s ruling negates the need for a trial, affirming that Trump had fraudulently secured favorable loan and insurance terms. Ms. James alleges Trump inflated property values by as much as $2.2 billion, seeking a penalty of approximately $250 million in an upcoming trial.
Justice Engoron determined that Trump’s submitted annual financial statements contained “clearly fraudulent valuations” used in business dealings. In response, Ms. James stated, “We look forward to presenting the rest of our case at trial.”
Trump’s lawyer, Christopher M. Kise, intends to appeal the decision, calling it “outrageous” and “disconnected from the facts and governing law.” Trump, in his criticism, labeled Justice Engoron “deranged.”
While the trial will establish the penalty’s size, the ruling already delivered a major blow by canceling business certificates, potentially jeopardizing properties like 40 Wall Street and Trump Tower. It won’t dissolve Trump’s company, but it will certainly impact its New York operations.
Justice Engoron’s decision also narrows the issues for trial, highlighting the validity of Ms. James’s core case. He criticized Trump’s defenses and imposed sanctions on Trump’s lawyers for repeatedly presenting arguments he had previously rejected.