Former President Donald Trump has been found liable for fraud. A federal judge ruled Trump and his company have inflated the value of his properties for years, leading to a misevaluation of his net worth by billions.
Following the ruling, Judge Arthur Engoron shut down Trump’s New York business certificates and a independent receiver will now manage the dissolution of the entities under those canceled certificates.
According to CNBC, Trump’s lawyer, Chris Kise, stated the decision is “outrageous.” Engoron also dismissed Trump’s dismissal of this case while stating a connected civil case is no longer needed due to how egregious the act was.
New York Attorney General Letitia James is seeking $250 million in damages in the case and wants to shut down possibility of Trump and his sons doing business in the state.
“Today, a judge ruled in our favor and found that Donald Trump and the Trump Organization engaged in years of financial fraud,” James wrote on X. “We look forward to presenting the rest of our case at trial.”
Judge Kise also fined each attorney who represented Trump in the court filings $7,500.
Today, a judge ruled in our favor and found that Donald Trump and the Trump Organization engaged in years of financial fraud.— NY AG James (@NewYorkStateAG) September 26, 2023
We look forward to presenting the rest of our case at trial.