New York Attorney General Letitia James just notched a surely to be appealed win, with a judge ruling on her side in a civil suit against former President Donald Trump and some of his adult children who work as executives for the Trump Organization, finding that the former president committed fraud by inflating the asset values of his properties since 2011.
That ruling means that Trump, unless his legal team manages to successfully appeal the decision and have it thrown out, will be liable for the key claim in New York AG James’ lawsuit, which is the inflation of asset values of his properties.
In the ruling, Judge Arthur Engoron found that “the former president and his company deceived banks, insurers, and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing financing.” Inflating the values “on his annual financial statements” was important, Judge Engoron found, because it led to his “reaping rewards such as favorable loan terms and lower insurance premiums.”
Former federal prosecutor Renato Mariotti commented on the decision and what Judge Engoron found, saying, “In addition to finding that Trump committed fraud, the judge canceled the certificates of various Trump businesses, appointed a former judge as an independent monitor of the Trump Organization, and will appoint receivers to manage the canceled LLCs. This is a pretty big deal.”
In addition to finding that Trump committed fraud, the judge canceled the certificates of various Trump businesses, appointed a former judge as an independent monitor of the Trump Organization, and will appoint receivers to manage the canceled LLCs.
This is a pretty big deal. https://t.co/0Z4y3lkHTK
— Renato Mariotti (@renato_mariotti) September 26, 2023
Trump, for his part, posted up a storm on Truth Social about the matter. On Monday, he posted a two-part attack on NY AG James and the mischaracterizations he alleged me made, arguing that her valuations didn’t take into account his personal brand and that the numbers given were broad estimates. As he put it:
I have been unfairly sued by the Trump Hating Democrat Attorney General of New York State, Letitia James, over the false fact that I inflated my Financial Statements in order to borrow money from Banks, etc. The Judge in the case, Arthur F. Engoron, refused to allow this case to go to the “Commercial Division,” where it belongs, because he is a Trump Hater beyond even A.G. James, who campaigned against me spewing horrible inflammatory statements which are False & Defamatory. I am not even allowed a Jury! The facts of this case are simple. 1) I AM WORTH MUCH MORE THAN THE NUMBERS SHOWN ON MY FINANCIAL STATEMENTS. 2) I DIDN’T EVEN INCLUDE MY MOST VALUABLE ASSET, MY BRAND. 3) THE BANKS WERE PAID BACK IN FULL, SOMETIMES EARLY, THERE WERE NO DEFAULTS, THE BANKS MADE MONEY, WERE REPRESENTED BY THE BEST LAW FIRMS, & WERE VERY “HAPPY.” THERE WERE NO VICTIMS! 4) ON THE FRONT PAGE OF THE FINANCIAL STATEMENTS THERE IS A STRONG “DISCLAIMER CLAUSE” TELLING ALL NOT TO RELY ON THESE…. (continued)
FINANCIAL STATEMENTS. THE DISCLAIMER CLAUSE TELLS ANYONE REVIEWING THE DATA, INCLUDING FINANCIAL INSTITUTIONS, TO DO THEIR OWN RESEARCH AND ANALYSIS – IT IS A NON RELIANCE CLAUSE, AND COULD NOT BE MORE CLEAR. ADDITIONALLY TO MY BEING WORTH FAR MORE THAN IS SHOWN IN THE “FULLY DISCLAIMED” FINANCIAL STATEMENTS, AGAIN NOT PUTTING DOWN A VALUE FOR MY BIGGEST ASSET, BRAND, THE COMPANY HAS HUNDREDS OF MILLIONS OF DOLLARS IN CASH, AND VERY LITTLE DEBT. It is a great company that has been slandered and maligned by this politically motivated Witch Hunt. It is very unfair, and I call for help from the highest Courts in New York State, or the Federal System, to intercede. THIS IS NOT AMERICA!
Then, on Tuesday night, he released a statement on it, saying, “The widespread, radical attack against me, my family, and my supporters has now devolved to new, un-American depths, at the hands of a DERANGED New York State Judge, doing the bidding of a completely biased and corrupt “Prosecutor,” Letitia James, who ran for office based on a “GET TRUMP” platform, before even knowing anything about me. 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. Regardless of Party, we cannot let this happen in the United States of America! As my lead in the polls over Joe Biden continues to skyrocket, these Corrupt and Highly Political Prosecutors and Judges are getting more and more desperate and dangerous. We are rapidly becoming a Communist Country, and my Civil Rights have been taken away from me. The New York State Attorney General went before a Highly Politicized Democrat Judge, who refused allowing the case to go to the Commercial Division, where it belonged, to simply rule, despite all of the evidence to the contrary, that I committed fraud, which is both ridiculous and untrue. As an example, this Democrat Operative valued Mar-a-Lago, the most spectacular and valuable property in Palm Beach, Florida, to be worth as low as $18 Million, when in actuality, it could be worth almost 100 times that amount. He hated everything about me at a level that I have never seen before, even beyond the hatred of that displayed by Letitia James. There was no trial and no jury for the supposed “wrongdoing” OF FULLY PAYING BACK SOPHISTICATED WALL STREET BANKS IN FULL, WITH INTEREST, WITH NO DEFAULTS, AND WITH NO VICTIMS. These Banks were represented by the largest, most sophisticated Law Firms in the Country. This is Democrat Political Lawfare, and a Witch Hunt at a level never seen before. It is an attempt to badly injure the opposing Party’s Leading, by far, Political Candidate. Nothing like this has ever happened in our Country before. My Civil Rights have been violated, and some Appellate Court, whether Federal or State, must reverse this horrible, un-American decision. If they can do this to me, they can do this to YOU!”
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