Donald Trump and his family business The Trump Organization have committed fraud for years by exaggerating the company’s assets, according to a judge in New York. The judge ruled on Tuesday that the former president and the company are liable for fraud, reports said Reuters news agency.
By lying about his wealth and asset values, Trump and the family business are said to have deceived banks and insurers as the former president built his business empire. This allowed the company to receive low premiums, favorable loans and tax benefits.
According to prosecutor Letitia James, Trump had exaggerated his wealth by at least 2.23 billion dollars (2.11 billion euros). He is also said to have increased the values of his penthouse in Manhattan, several offices and golf courses and his estate in Mar-a-Lago.
Punishment
Trump denounced the judge’s decision in a statement, calling it “un-American” and part of an ongoing plot to damage his presidential campaign.
“My civil rights have been violated and this decision must be reversed,” Trump said on his social media platform Truth Social. His company has done “a fantastic job for the state of New York,” Trump said, calling the ruling a sad day for the state’s justice system.
The trial will begin next week to determine what the punishment will be for Trump and his company. James wants to impose a fine of $250 million and also ensure that the former president and three of his children are no longer allowed to do business in New York state.