The decision was made in the case filed by New York Attorney General Letitia James against former US President Donald Trump, alleging that he overstated his assets. New York State Court Judge Arthur Engoron concluded that Trump deceived banks, insurance companies and other business counterparts by over-reporting his assets and overstating his company’s net worth. In the 35-page decision, it was stated that Trump and the executives working on his behalf lied about their annual financial situations to obtain favorable loans and low insurance premiums, and that the law was violated in this way.
THE COMPANY’S OPERATIONS WILL BE EXAMINED
Engoron also decided to revoke some of Trump’s business licenses as punishment and ordered the operations of the Trump Organization to be audited by an independent observer.
A LAWSUIT WAS FILED AGAINST TRUMP
In the lawsuit filed by New York Attorney General Letitia James in September 2022, Trump, his children and the Trump Organization company were accused of declaring excess assets and providing misinformation for 10 years in order to obtain better commercial terms regarding bank loans and insurance transactions. The indictment included Trump’s Mar-a-Lago property in Florida, his penthouse in Manhattan’s Trump Tower, and various office buildings and golf courses among the overvalued assets.
Source: UAV