Donald Trump and his family business were found liable for fraud on Tuesday in state attorney general Letitia James’s civil lawsuit accusing the former president of illegally inflating his assets and net worth.
The decision was issued by Justice Arthur Engoron of the New York state court in Manhattan.
James sued Trump in Sept. 2022, accusing him and the Trump Organization of lying for a decade about asset values and his net worth to get better terms on bank loans and insurance.
She has said Trump inflated his net worth by as much as $2.23 billion, and by one measure as much as $3.6 billion, on annual financial statements given to banks and insurers.
The attorney general has said assets whose values were inflated included Trump‘s Mar-a-Lago estate in Florida, his penthouse apartment in Manhattan’s Trump Tower, and various office buildings and golf courses.
(Reporting by Jonathan Stempel in New York; editing by Chris Reese and Deepa Babington)
How much did Letitia James claim that Donald Trump exaggerated his net worth by?
Trump Found Liable for Fraud in Lawsuit
Former President Donald Trump and his family business have been found liable for fraud in a civil lawsuit brought by New York state attorney general Letitia James. The lawsuit accuses Trump of illegally inflating his assets and net worth to obtain favorable terms on bank loans and insurance.
The decision was issued by Justice Arthur Engoron of the New York state court in Manhattan.
Letitia James filed the lawsuit against Trump in September 2022 alleging that he and the Trump Organization lied about the value of assets and his net worth for over a decade. The purpose of these false statements was to secure more favorable deals with banks and insurance companies.
The attorney general claims that Trump exaggerated his net worth by up to $2.23 billion, and in some cases, by as much as $3.6 billion, on annual financial statements provided to banks and insurers. Assets whose values were allegedly inflated include Trump’s Mar-a-Lago estate in Florida, his penthouse apartment in Manhattan’s Trump Tower, and various office buildings and golf courses.
This verdict marks a significant blow to the reputation and financial standing of Donald Trump and his family business. It demonstrates that the former president has been found liable for fraudulent practices and raises questions about the integrity of his business dealings.
This is not the first legal trouble that Trump has faced since leaving the White House. He has been subject to multiple investigations and lawsuits, including a criminal inquiry by the Manhattan District Attorney’s office into his financial activities.
The outcome of this civil lawsuit further highlights the legal challenges and potential consequences awaiting Trump. It is yet another indication that his actions are being closely scrutinized, and he may be held accountable for any illegal or unethical behavior.
The implications of this verdict extend beyond the individual case. It raises broader concerns about honesty and transparency in the business world, particularly when it comes to dealings with financial institutions. The verdict sends a clear message that fraudulent practices will not be tolerated and that those who engage in such behavior will face legal consequences.
With this decision, Letitia James has achieved a significant victory in her pursuit of accountability for alleged financial misconduct. The outcome of this lawsuit further cements her reputation as a staunch enforcer of the law and a champion for justice.
As the legal proceedings continue, it remains to be seen what further repercussions Trump may face. However, this verdict has undoubtedly dealt a blow to his credibility and underscores the importance of upholding honesty and integrity in both public and private sectors.
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