A US judge ruled on Tuesday that Donald Trump committed years of fraud while building the real estate empire that catapulted him to fame and paved his path to the White House.
Judge Arthur Engoron, ruling on a civil lawsuit filed by the New York Attorney General, found that the former president and his company had defrauded banks, insurance companies and others by overvaluing his assets and exaggerating his net worth on documents used in the make deals and obtain financing.
Engoron ordered that several of Trump’s business licenses be revoked as punishment, making it difficult or preventing those business units from doing business in New York. Engoron said he would continue to deploy independent monitors to oversee the Trump Organization’s operations.
A Trump spokesman did not immediately respond to a request for comment on the decision. Trump has long maintained that he did nothing wrong.
The decision, which came days before the start of a non-jury trial in Attorney General Letitia James’ lawsuit, is the strongest rebuttal to Trump’s carefully crafted image as a wealthy, savvy real estate mogul turned man of immense political power.
Not only did he brag about his wealth, Trump, his company and his top executives repeatedly lied about their wealth in annual financial reports, reaping rewards such as favorable loan terms and lower insurance premiums, Engoron found.
The tactic crossed the line and violated the law, the judge said, rejecting Trump’s contention that exculpatory statements on financial statements cleared him of any wrongdoing. (my/rs)