Donald Trump and his family business are said to have misled banks and insurance companies for years by grossly overstating the value of assets on paper. Yesterday, a judge in New York ruled that the former president and the company were also liable for the fraud.
For example, by lying about his assets and the values of his assets, Trump and his family businesses were able to obtain favorable loans, lower insurance premiums, and tax advantages. According to the prosecutor, Trump has increased his wealth by at least $2.23 billion (€2.11 billion). He is also said to have increased the value of his Mar-a-Lago property, his Manhattan apartment, several offices and golf courses.
The trial to determine the fraud penalty is scheduled to begin next week. The attorney general wants not only a $250 million fine, but also to ban Trump and three of his children from doing business in New York state. The civil case could continue until December.
Trump’s lawyers also did not emerge from the trial unscathed. They were fined $7,500 (about 7,100 euros) per lawyer because they continued to use arguments that the court had already rejected.
Trump denies any wrongdoing and dismisses the case, like several others against him, as a “politically motivated witch hunt.”
The Trump Organization was previously fined $1.6 billion for tax fraud. The CFO was sentenced to five months in prison for his role in this fraud. Trump himself was not personally liable in this case.
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