The civil case is scheduled to go to trial on Oct. 2.
September 26, 2023, 4:49 PM
Former President Donald Trump submitted “fraudulent valuations” for assets that were then used by himself, his eldest sons and his business to obtain better loan and insurance terms, a judge in New York decided Tuesday.
The judge’s determination came as he granted partial summary judgment in New York Attorney General Letitia James’ multimillion-dollar civil fraud lawsuit.
The judge cites “false and misleading square footage” of Trump’s Fifth Avenue apartment among other faulty valuations.
The judge immediate canceled all of the defendants’ business certificates in New York, and ordered that they must recommend no more than three potential independent receivers to manage the dissolution of the canceled LLCs within 10 days.
This severely restricts Trump’s ability to conduct business in New York going forward
In this June 24, 2023, file photo, Republican presidential candidate and former President Donald Trump speaks at an event in Washington, D.C.
Drew Angerer/Getty Images, FILE
The judge said Trump and the other defendants have a “propensity to engage in persistent fraud,” severely undercutting the defense Trump will offer when the case goes on trial next month.
A lawyer for the New York attorney general’s office had earlier described “staggering” misrepresentations about the value of Trump’s properties and assets, arguing that Trump engaged in a prolonged “bait-and-switch” to lower his tax burden while inflating his assets to obtain favorable loan terms.
This is a developing story. Please check back for updates.
Source: abc news
