A recent ruling by Judge Arthur Engoron in a civil lawsuit brought by New York's attorney general has exposed years of fraudulent behavior by former president Donald Trump. The ruling, handed down on Tuesday, found Trump and his company guilty of deceiving banks, insurers, and others through the overvaluation of assets and the inflation of net worth on paperwork used in various business deals and financing arrangements.
This decision represents a significant blow to Trump's carefully crafted image as a successful real estate magnate turned political figure. Beyond mere boasting about his wealth, Trump and his company repeatedly lied about their financial status on annual statements, which resulted in advantageous loan terms and lowered insurance premiums, according to Judge Engoron.
Judge Engoron's ruling, issued during the summary judgment phase of the case, resolves the primary claim in James' lawsuit. However, six additional claims are still pending, and a non-jury trial is scheduled to commence on October 2nd. Following the trial, Engoron will decide on the remaining claims and determine any appropriate penalties. James is seeking $250 million in penalties and a prohibition on Trump conducting business within his home state. The trial is anticipated to run until December.
Trump's legal team had sought to dismiss the case altogether, but their request was denied by the judge. They argued that James lacked legal grounds for initiating the lawsuit, asserting that there was no evidence of public harm resulting from Trump's actions. Additionally, they claimed that many of the allegations were time-barred under the applicable statute of limitations.