Updated 23:19 | Published 22:48
Former US President Donald Trump is guilty of fraud after years of exaggerating the value of his assets, defrauding banks and investors.
That’s what a judge has concluded in a civil case in the state of New York. As a direct result of the ruling, several of Trump’s businesses have had their permits revoked.
Judge Arthur Engoron considers it proven that by boasting and outright lying about his assets, Trump was able to obtain favorable contracts, lower interest rates on loans and lower insurance premiums for his companies.
According to the ruling, Trump and his aides have inflated their assets by several billion dollars.
In addition to the ex-president, his sons Donald Trump Jr. and Eric Trump are also mentioned, as well as the corporate group Trump Organization’s chief financial officer Allen Weisselberg and CEO Jeff McConney.
The judge’s decision comes days before a trial in the matter is scheduled to begin, on Monday, October 2. The ruling applies to the main point in the civil case, but six more points remain – including that Trump undervalued the assets to lower taxes.
The head of the state’s Department of Justice, Letitia James, wants to see a fine of 250 million dollars, corresponding to more than 2.7 billion kroner for Donald Trump. She also wants the Trump family to be stopped “from running New York businesses for good” and for the family and Trump’s companies to be prevented from buying real estate in the state for five years.
The trial is believed to last until December.