Trump overstated worth by billions, New York attorney general says in civil fraud case

Donald Trump should be permanently barred from New York’s real estate industry for “outrageous” fraud, the state attorney general said in a court filing ahead of closing arguments in a civil case against the former US president.

The filing by New York Attorney General Letitia James said Trump’s “myriad deceptive schemes” to “inflate asset values and conceal facts were so outrageous that they belie innocent explanation.”

Trump’s lawyers countered in an opposing filing that the state failed to show any “real-world impact” from Trump’s financial statements to banks, which according to a judge overstated his net worth by billions of dollars.

Former US president Donald Trump. Photo: Getty Images / TNS

The final briefs for both sides will be followed by closing arguments on Thursday and the judge presiding over the case, Justice Arthur Engoron, will hand down a verdict at a later date.

The case threatens to strip Trump of prized property assets, and Engoron has already found the front runner for the 2024 Republican presidential nomination liable for fraudulently overstating his wealth by billions of dollars to secure better loan terms.

The three-month trial last year largely concerned damages. James, an elected Democrat, is seeking at least US$250 million in penalties and sharp restrictions on Trump’s ability to do business in the state.

Haley and DeSantis turn fire on Trump in Republican 2024 race

Trump has denied wrongdoing and called the case a political witch hunt.

During defiant and meandering testimony in October, Trump boasted about his business acumen and railed against what he said was political bias against him by James and Engoron.

Donald Jnr, Eric and Ivanka Trump also testified. They said they had little to no involvement with their father’s financial statements while running the Trump Organisation, an umbrella company for his wide-ranging business ventures.

Unlike her brothers, Ivanka Trump is not a defendant.

The future of Trump’s empire hangs in the balance after Engoron in September ordered the dissolution of companies controlling crown jewels of his New York portfolio, including Trump Tower and 40 Wall Street in Manhattan.

That order is on hold while Trump appeals, and some legal experts say Engoron may lack the authority to issue such a sweeping order.

Malaysia’s Najib spent nearly US$250,000 at Trump hotel amid 1MDB probe: report

Trump is under indictment in Washington and Georgia for his efforts to overturn his 2020 election loss, in Florida for his handling of classified documents upon leaving office, and in New York over hush money payments to a porn star ahead of the 2016 election.

Trump has pleaded not guilty and denied wrongdoing in all the cases.

The first of his criminal trials is set to begin in New York in March, but that is subject to change as Trump’s crowded legal calendar complicates court schedules.

FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Chronicles Live is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – chronicleslive.com. The content will be deleted within 24 hours.

Leave a Comment