A New York judge found Donald Trump and his family business fraudulently inflated the value of his properties and other assets, in a major defeat for the former U.S. president that could severely hamper his ability to do business in the state.
The scathing decision by Justice Arthur Engoron of New York state court in Manhattan will make it easier for state Attorney General Letitia James to establish damages at a scheduled Oct. 2 trial.
Trump and the other defendants have argued that they never committed fraud, and that the challenged transactions were profitable. They plan to appeal Engoron's decision. Trump is seeking the Republican presidential nomination for 2024 and has maintained a commanding lead in the race despite the criminal charges he faces in multiple cases.
James sued Trump in September 2022, accusing him, three of his adult children and the Trump Organization of lying for a decade about asset values and his net worth to defraud banks and insurers into providing better terms. The judge said Trump's overvaluations included his Mar-a-Lago estate in Florida, his penthouse apartment in Manhattan's Trump Tower, and various office buildings and golf courses.
The judge said Trump also grossly overvalued Mar-a-Lago, estimating it was worth as much as $612.1 million, though an assessor said its market value was no more than $27.6 million.
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