(qlmbusinessnews.com Wed, 27th Sept, 2023) London, UK —
New York Judge Rejects Trump's Attempt to Dismiss Fraud Lawsuit, Trial to Proceed
Donald Trump has been found guilty of committing fraud during the construction of his real estate empire, according to a ruling by a New York judge. The judgment comes as part of a civil lawsuit filed by Letitia James, New York's attorney general, accusing Trump and his company of consistently misleading banks, insurers, and others by significantly overestimating asset values and exaggerating his net worth on financial documents.
Judge Arthur Engoron's decision, delivered in a strongly-worded rejection of Trump's attempt to have the lawsuit dismissed, stated that the documents in question clearly contained fraudulent valuations used in business dealings.
The lawsuit alleges that Trump inflated his net worth by as much as $2.23 billion, or possibly $3.6 billion according to one measure, in annual financial statements presented to banks and insurers. Assets such as Trump's Mar-a-Lago estate in Florida, his Manhattan penthouse in Trump Tower, and various office buildings and golf courses were among those with allegedly inflated values, as stated in the lawsuit filed in September 2022.
Trump's legal team had previously sought to have the case dismissed on the grounds that James lacked the authority to file it, as there was no evidence of harm to the public resulting from Trump's actions, and many of the allegations were beyond the statute of limitations. However, Judge Engoron rejected these arguments and even indicated that he might impose sanctions on Trump's lawyers for making frivolous claims.
The ruling, which comes in the summary judgment phase of the case, addresses the central claim in James's lawsuit, while six other claims remain. The non-jury trial is scheduled to commence on October 2nd, with James seeking $250 million in penalties and a ban on Trump conducting business in his home state of New York. The trial could extend into December.
This legal battle is one of several that Trump is facing while pursuing the 2024 Republican presidential nomination. He currently faces 91 criminal charges across four indictments, including charges related to hush-money payments to an adult film star, illegal retention of classified information, and election subversion at both federal and state levels. Additionally, Trump is embroiled in a second defamation trial involving author E Jean Carroll, who accused him of sexually assaulting her in the 1990s. Trump has already been found liable for defamation and sexual abuse, resulting in fines of approximately $5 million and a judgment as a rapist.
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