Current:Home > MyJudge rules Donald Trump defrauded banks, insurers as he built real estate empire-DB Wealth Institute B2 Reviews & Ratings
Judge rules Donald Trump defrauded banks, insurers as he built real estate empire
lotradecoin servicequality View Date:2024-12-26 05:40:56
NEW YORK (AP) — A judge has ruled that Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House.
Judge Arthur Engoron, ruling Tuesday in a civil lawsuit brought by New York’s attorney general, found that the former president and his company deceived banks, insurers and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing financing.
The decision, days before the start of a non-jury trial in Attorney General Letitia James’ lawsuit, is the strongest repudiation yet of Trump’s carefully coiffed image as a wealthy and shrewd real estate mogul turned political powerhouse.
Beyond mere bragging about his riches, Trump, his company and key executives repeatedly lied about them on his annual financial statements, reaping rewards such as favorable loan terms and lower insurance premiums, Engoron found.
Those tactics crossed a line and violated the law, the judge said, rejecting Trump’s contention that a disclaimer on the financial statements absolved him of any wrongdoing.
Manhattan prosecutors had looked into bringing a criminal case over the same conduct but declined to do so, leaving James to sue Trump and seek penalties that could disrupt his and his family’s ability to do business in the state.
Engoron’s ruling, in a phase of the case known as summary judgment, resolves the key claim in James’ lawsuit, but six others remain.
Engoron is slated to hold a non-jury trial starting Oct. 2 before deciding on those claims and any punishments he may impose. James is seeking $250 million in penalties and a ban on Trump doing business in New York, his home state. The trial could last into December, Engoron has said.
Trump’s lawyers had asked the judge to throw out the case, which he denied. They contend that James wasn’t legally allowed to file the lawsuit because there isn’t any evidence that the public was harmed by Trump’s actions. They also argued that many of the allegations in the lawsuit were barred by the statute of limitations.
veryGood! (4)
Related
- Stuffed or real? Photos show groundhog stuck inside claw machine
- Eight Las Vegas high schoolers face murder charges in their classmate’s death. Here’s what we know
- Need help with holiday shopping? Google wants you to use artificial intelligence
- 'Ted' the talking teddy bear is back in a new streaming series: Release date, cast, how to watch
- How a small group of nuns in rural Kansas vex big companies with their investment activism
- 'NCAA doesn't care about student athletes': Fans react as James Madison football denied bowl again
- Dana Carvey’s Son Dex Carvey Dead at 32
- Will Captain Sandy Yawn Get Married on Below Deck Mediterranean? She Says...
- Proposal to allow local police to make arrests near Arizona border with Mexico will appear on ballot
- Thousands of Starbucks workers go on a one-day strike on one of chain's busiest days
Ranking
- 'Love Island UK' stars Molly-Mae Hague, Tommy Fury announce split after 5 years
- Teacher, assistant principal charged in paddling of elementary school student
- What are breath-holding spells and why is my baby having them?
- Meat made from cells, not livestock, is here. But will it ever replace traditional meat?
- Giants trading Jordan Phillips to Cowboys in rare deal between NFC East rivals
- Indian manufacturer recalls eyedrops previously cited in FDA warning
- Chicago commuter train crashes into rail equipment, injures at least 19, 3 seriously, official says
- This year, Mama Stamberg's relish shares the table with cranberry chutney
Recommendation
-
Biden to designate 1908 Springfield race riot site as national monument
-
At talks on cutting plastics pollution, plastics credits are on the table. What are they?
-
Story of a devastating wildfire that reads ‘like a thriller’ wins Baillie Gifford nonfiction prize
-
Rory McIlroy has shot land hilariously on woman's lap at World Tour Championship
-
Ranking MLB jersey advertisements: Whose patch is least offensive?
-
Max Verstappen unimpressed with excess and opulence of Las Vegas Grand Prix
-
AP PHOTOS: Singapore gives the world a peek into our food future
-
Stock market today: Asian stocks pulled lower by profit warnings and signs the US economy is slowing