In a significant legal setback for former U.S. President Donald Trump and his family business, on Septmber 26, a New York judge has ruled that they fraudulently inflated the value of their properties and assets, a decision that could have profound implications for Trump's business operations in the state, Reuters reported.
Justice Arthur Engoron of New York state court in Manhattan delivered a scathing decision that not only impacts Trump but also sets the stage for potential damages to be established in an upcoming trial scheduled for October 2nd. Engoron's ruling has far-reaching consequences, including the cancellation of certificates that allowed some of Trump's businesses, notably the Trump Organization, to operate in New York. Additionally, the judge has ordered the appointment of a receiver to oversee the dissolution of these businesses.
In his decision, Justice Engoron outlined how Donald Trump, along with his adult sons Donald Jr. and Eric, as well as the Trump Organization and other defendants, concocted valuations and artificially inflated Trump's net worth to align with their business interests. Engoron unequivocally denounced these actions, describing them as part of a "fantasy world" that diverged from reality.
Furthermore, the judge did not spare criticism for the defendants' legal representation, sanctioning them for advancing "preposterous" legal arguments and enabling their clients' "obstreperous" conduct throughout the case.
Trump and the other defendants have vehemently maintained their innocence, asserting that they never engaged in fraudulent activities and that the contested transactions were profitable. They have expressed their intent to appeal Justice Engoron's decision.
Christopher Kise, one of Trump's lawyers, strongly denounced the ruling, saying,
"Today's outrageous decision is completely disconnected from the facts and governing law. President Trump and his family will seek all available appellate remedies to rectify this miscarriage of justice."
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