An American court found Trump a fraudster and decided to take away his property

A New York court found Donald Trump and his sons guilty of fraud and revoked the Trump Organization’s business certification. The decision was explained as follows: the company provided false financial statements for approximately 10 years. The court also fined Trump’s lawyers $7,500 in the case.

Donald Trump committed fraud for years, building a real estate empire that catapulted him to fame and the White House. This is how The Guardian describes the New York court’s conclusion: the former US president and his sons regularly deceived banks, insurers and others, significantly overvaluing assets and exaggerating their net worth in documents.

Judge Arthur Engoron’s decision was made in a civil suit brought by Letitia James (Attorney General of New York). The case involves allegations that Trump and his sons lied for 10 years about the value of assets and his net worth to obtain better terms on bank loans and insurance. Also part of the lawsuit was real estate in New York: a commercial tower on Wall Street and the Trump family complex in Seven Springs, CNN says.

In the 35-page decision, the judge details how Trump fraudulently appraised his Mar-a-Lago club in Palm Beach at more than 200% of its actual value and also increased his Trump Tower apartment to nearly 3 times its actual size ( the amount declared by Trump was $327 million, CNBC reports).

According to The New York Times, Trump’s lawyers suggested that the square footage calculation was subjective. They added that honest measurements can vary from 10 to 20%… But, after all, not by the “absurd” 200%.

The lawsuit means Trump could potentially lose control of his New York real estate, including his penthouse at Trump Tower in Manhattan, as well as various office buildings on Wall Street, the Daily News reported.

Prosecutors are seeking $250 million in damages in the case and want Trump and his two sons barred from doing business in the state. As the Associated Press recalls, Manhattan prosecutors were considering filing criminal charges for much the same thing.

After reviewing the case, Engoron admitted: “The documents provided clearly contain falsified estimates that the defendants used in business. This is a fantasy world, not a real world.”

Prosecutor James said: Trump increased his net worth by approximately $2.2 billion to $3.6 billion, according to annual financial statements provided to banks and insurance companies.

The judge also rejected defense arguments that the banks in question, including Deutsche Bank, were not defrauded because the loans were eventually repaid in full.

Questions remain about whether the lawsuit will affect properties located outside of New York State (including the Mar-a-Lago estate). And whether the Trumps will be able to transfer New York assets to a new company located outside the state.

In a statement posted on the website Truth Social, Trump wrote that the decision was a “terrible reminder that radical left Democrats will stop at nothing” to try to prevent him from serving as president again. Trump lawyer Christopher Kise called the decision “outrageous and completely divorced from the facts and the governing law,” the AP quoted.

Trump’s general counsel, Alina Habba, described the Trump Organization as an “American success story” and called the judge’s decision “fundamentally flawed.” America’s 45th president’s legal team previously asked Engoron to dismiss the case against him, arguing that Attorney James lacked standing to bring the case.

Eric Trump admitted in a post on X (Twitter): “Today I lost all faith in the New York legal system. Never before have I seen such hatred for one person from a judge – a coordinated effort with the Attorney General to destroy a person’s life, company and accomplishments. We ran an exceptional company – never missed a loan payment, earning the banks hundreds of millions of dollars. Today the persecution of our family continues…”

ABC recalls that in January, a New York judge had already fined the Trump Organization $1.6 million in a criminal case of tax and financial fraud.

Let’s not forget that Trump is the front-runner in the 2024 Republican presidential race. He has already been charged with 91 charges. And if we talk about his political fate, the American media are confident that Trump will get away with everything again. Analysts believe this is possible because the Republican wing has never held him accountable for his actions. In any case, the case will still go to court. A decision on this issue will be made this week.