A federal judge has ruled that Donald Trump and his children are liable for fraud while building his New York real estate empire. The order supports the accusations of the attorney general of New York - one of Soros's prosecutors -, Letitia James , who pointed out that the Republican candidate had inflated the value of his assets. The ruling also orders that several of Trump's business licenses in the state be rescinded, making the continuity of the magnate's businesses or the opening of new contracts in New York practically impossible.
Overvaluations by three times the real value, according to the judge
According to Judge Arthur Engoron's 35-page brief, Trump and his company deceived banks, insurers and other entities by massively overvaluing their assets and presenting an exaggerated net worth in the documentation they presented to close operations and obtain financing. For example, the ruling indicates that Trump tripled the real value of his apartment in Trump Tower in his estimate, which would mean between 114 and 207 million dollars.
Exacerbating defendants’ obstreperous conduct is their continued reliance on bogus arguments, in papers and oral argument. In defendants’ world: rent regulated apartments are worth the same as unregulated apartments; restricted land is worth the same as unrestricted land; restrictions can evaporate into thin air; a disclaimer by one party casting responsibility on another party exonerates the other party’s lies. That is a fantasy world, not the real world.
James demands $250 million in fines from Trump and his company
In the ruling, the judge also determines that the attorney general and the defendants parties are "directed to recommend the names of no more than three potential independent receivers to manage the dissolution of the canceled LLCs" within a period of 10 days. In addition, it is established that Judge Barbara Jones will continue as an independent monitor of the Trump Organization.
James filed a civil lawsuit against the former president in which she sought $250 million in fines, in addition to a ban on Trump from doing business in the Empire State, and added six more charges against the magnate and his family. The trial could last until December, Engoron has said.
Trump insists on denouncing "a witch hunt at a level never seen before"
Trump issued an official statement after learning of the ruling, noting that The charges are "ridiculous and untrue" and pointed out that "this is a Democrat Political Lawfare, and a Witch Hunt at a level never seen before." executed by a "partisan" "Trump-hating" prosecutor and a "deranged" judge who also has an aversion to the favorite to represent the Republican Party in the 2024 presidential elections. The former president added that "we are rapidly becoming a communist country and my civil rights have been taken away from me." Trump also pointed to a Democratic conspiracy to prevent him from returning to the White House.
Today's action is a refutation of my status as the leading Candidate for President of the United States, including with a substantial lead over Joe Biden. It is a terrible reminder that the Radical Left Democrats will stop at nothing in trying to prevent me, and the American people, from winning the 2024 Presidential Election.
Children accuse the "ridiculous" valuation of assets with real estate ads
They did not remain silent either. Eric and Donald Jr. Trump, who attacked the ruling on social media, accusing the judge and the prosecutor of radically undervaluing the family's assets to sustain their attack and "throw" their father out of New York. As an example, they put the estimated value that Justice grants to Mar-a-Lago (18 million) comparing it with the market value of mansions that are smaller and worse located than the magnate's residence.
In an attempt to destroy my father and kick him out of New York, a Judge just ruled that Mar-a-Lago, in Palm Beach Florida, is only worth approximate “$18 Million dollars”… Mar-a-Lago is speculated to be worth we’ll over a billion dollars making it arguably the most valuable… pic.twitter.com/b0U6J5ykWJ
— Eric Trump (@EricTrump) September 26, 2023
These homes are about 1/30 the size of Mar-a-Lago, not on the beach (let alone the beach and intercostal), don’t span from once side of the Palm Beach Island to the other… it is a travesty of justice and an embarrassment to the court. pic.twitter.com/d59nEsTtwo
— Eric Trump (@EricTrump) September 26, 2023
DOJ Response to Allegations that the Biden Family Received Money from China, According to Trump Jr.
Donald Jr. It was even echoed by X users who pointed out that this ruling was the Biden Administration's response to James Comer 's revelation of the payments received from China by the Biden family .
Here you go. This is why the @realDonaldTrump NY tax case decision was dropped today.
We knew Biden news had to be coming down… https://t.co/sgowf5lZR9
— Mike Sperrazza (@MikeASperrazza) September 26, 2023