Thursday, May 30, 2024
HomeLatest NewsJudge rules Donald Trump guilty of fraud, revokes Trump Organization's business certification.

Judge rules Donald Trump guilty of fraud, revokes Trump Organization’s business certification.

In a major blow to former President Donald Trump and his family, a New York judge has ruled that they are liable for fraud and has canceled the business certification of the Trump Organization. The judge found that Trump and his adult sons provided false financial statements for nearly a decade and engaged in persistent fraud. Attorney General Letitia James, who brought the civil case against the Trumps, has sought $250 million in damages and a ban on the Trumps serving as officers of a business in New York. The judge’s ruling grants James’ motion for summary judgment and sets the stage for a trial, where the attorney general will present the rest of her case.

The judge’s ruling specifically refers to the false financial statements that the Trumps provided to lenders and insurers for about a decade. It accuses Trump of inflating the value of his properties, resulting in overvaluations of hundreds of millions of dollars. The ruling also criticizes the Trumps’ legal defense, calling it “obstreperous” and accusing them of relying on “bogus arguments.” The judge has canceled the business certifications of the Trump entities involved in the case and ordered the appointment of a receiver to manage the dissolution of these entities. The full implications of the ruling, such as its impact on properties located outside of New York state, are still unclear.

In response to the ruling, Trump condemned it as politically motivated and called for the intervention of the highest courts. His attorney criticized the ruling as disconnected from the facts and said that Trump and his family would seek appellate remedies. Meanwhile, the attorney general’s office has claimed a major victory as the judge has ruled in their favor on the first claim and has indicated that some amount of disgorgement will be awarded. The trial is set to proceed, with the attorney general seeking to hold Trump and his sons liable for insurance fraud and false business records. A decision on a petition filed by Trump to force the implementation of an appeals court decision is also expected thi

Source link



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments