A New York judge has issued a significant ruling against former President Donald Trump and his family business, declaring that they fraudulently inflated the values of their properties and assets. This judgment by Justice Arthur Engoron will potentially have severe consequences for Trump's ability to conduct business in New York and strengthens the case brought by the state's Attorney General Letitia James, who is pursuing damages in an upcoming trial scheduled for October 2.
The judge's decision also includes the cancellation of certificates allowing some of Trump's businesses, including the Trump Organization, to operate in New York. Engoron characterized the actions of Trump, his adult sons, and the Trump Organization as inventing valuations and inflating Trump's net worth to serve their business interests, describing it as a "fantasy world."
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Engoron criticized the defendants' lawyers for making "preposterous" legal arguments and for encouraging their clients' "obstreperous" behavior throughout the case. Trump and the other defendants have maintained that they did not commit fraud and plan to appeal the judge's decision. This ruling could have financial implications for Trump as it might necessitate the liquidation of assets held by limited liability companies (LLCs) that are central to his business holdings.
Trump is currently seeking the Republican nomination for the 2024 presidential election despite facing multiple criminal charges in various cases. In response to the decision, Trump referred to accusations of fraud as "ridiculous and untrue" and criticized the judge as "DERANGED." He characterized the situation as "Democrat Political Lawfare" and a "Witch Hunt." The ruling reinforces the ongoing legal challenges Trump faces and could impact his political ambitions.
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