A judge in New York just ruled that the Malignant Loser was responsible for defrauding banks and insurance companies during his time as head of the Trump Organization. A civil suit was brought by New York Attorney General Letitia James alleging that Trump manipulated the values of his property in order to obtain favorable loan rates and insurance. From the Associated Press:
"Judge Arthur Engoron, ruling in a civil lawsuit brought by New York Attorney General Letitia James, 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.
Engoron ordered that some of Trump’s business licenses be rescinded as punishment, making it difficult or impossible for them to do business in New York, and said he would continue to have an independent monitor oversee the Trump Organization’s operations. [snip]
The decision, days before the start of a non-jury trial in 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 costs, 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. [snip]
Manhattan prosecutors had looked into bringing criminal charges over the same conduct but declined to do so, leaving James to sue Trump and seek penalties that aim to 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 several others remain. He’ll decide on those claims and James’ request for $250 million in penalties at a trial starting Oct. 2. Trump’s lawyers have asked an appeals court for a temporary delay." (our emphasis)
Developing story, but a major blow to the life long con man and fraudster. Here's the ruling from Judge Engoron. A slam dunk for Attorney General James.
