The decision will complicate Trump’s position in the civil trial starting next week.
Former President of the United States Donald Trump and the family businesses he manages are responsible for falsifying information to banks and insurance companies, according to a New York judge.
Judge of Arthur Engoron according to Trump and his companies misled banks and insurance companies by exaggerating their assets and net worth. The decision complicates Trump’s position in the civil trial starting next week Monday in New York, where Trump and his two sons are accused of exaggerating the value of their assets, when they were able to guarantee contracts and get loans and insurance on better terms.
Engoron also decided to revoke some of Trump’s business licenses, making it difficult to do business in New York.
Prosecutor: Trump overstated his assets by more than $2 billion
Attorney General of the State of New York Letitia James filed a lawsuit against Trump in September of last year, accusing him of lying about his wealth for a decade.
According to James, who filed the lawsuit, Trump would have knowingly overestimated the value of his assets by as much as $2.2 billion in some years.
James has demanded a penalty payment of 250 million dollars to Trump. Trump’s lawyers have tried to have the trial canceled, and said that Trump’s actions did not cause harm to outsiders.
According to Engoron, the case will be heard on October 2. However, Trump has demanded that the hearing be postponed.
Trump’s camp describes the decision as “an insult to the justice system”
Trump’s lawyer Alina Habba announced that Trump would appeal the decision, calling it “an affront to the justice system” and “fundamentally flawed in every respect.”
Trump has denied any wrongdoing. He also points out that the banking institutions received a lot of money from him, and the banks did not object to his definition of the value of his assets.
In the last six months, a total of four charges have been brought against Trump.
Source: AP, Reuters