Attending the trial, former US president Donald Trump was threatened with losing his business empire due to fraud. Photo/CNBC
NEW YORK – The former president of the United States (US), Donald J. Trump, is in New York to attend the trial of one of the many trials in which he is involved.
Trump (77) appeared in a New York court to face a civil lawsuit that could cause him and his son to lose control of their family business empire as quoted by Deutsche Welle, Tuesday (3/10/2023).
Last week, Judge Arthur Engoron ruled in favor of New York Attorney General Letitia James, arguing that Trump and his sons had exaggerated the size and value of the Trump Organization’s real estate and financial assets, in what James called a pattern of “persistent fraud.” and over and over again.”
Engoron found that Trump and his sons lied to tax collectors, lenders and insurance companies, regularly increasing the value of their holdings by $812 million-$2.2 billion from 2014 to 2024.
In this decision, the Trump Organization’s operational permits in New York were partially revoked. If Engoron’s decision is upheld on appeal, Trump could lose control of properties like Trump Tower.
James is now seeking a $250 million fine for the company and the removal of Trump and his sons, Eric and Don Jr., from management positions at the Trump Organization.
Trump called the case a “falsehood,” and repeated his statement.
“This is a continuation of the greatest witch hunt of all time,” he said.
Trump’s ‘phenomenal’ financial report has a disclaimer that says don’t believe these numbers