Posted on Sep 26, 2023
Judge rules Donald Trump defrauded banks, insurers while building real estate empire
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https://apnews.com/article/donald-trump-letitia-james-fraud-lawsuit-1569245a [login to see] b8d3ba5da74249
A judge ruled Tuesday that Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House.
Judge Arthur Engoron, ruling in a civil lawsuit brought by New York Attorney General Letitia James, 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.
Engoron ordered that some of Trump’s business licenses be rescinded as punishment, making it difficult or impossible for them to do business in New York, and said he would continue to have an independent monitor oversee the Trump Organization’s operations.
A judge ruled Tuesday that Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House.
Judge Arthur Engoron, ruling in a civil lawsuit brought by New York Attorney General Letitia James, 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.
Engoron ordered that some of Trump’s business licenses be rescinded as punishment, making it difficult or impossible for them to do business in New York, and said he would continue to have an independent monitor oversee the Trump Organization’s operations.
Judge rules Donald Trump defrauded banks, insurers while building real estate empire
Posted from apnews.com
Donald Trump
Fraud
Real estate
Lawsuit
Banking
Posted 1 y ago
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I still wonder why the state of NY has standing to file such a lawsuit. The state was not harmed in any way. The creditors did their due diligence before offering loans and were satisfied with their loans that have since been repaid.
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LTC Eugene Chu
Issue is not loan repayment but business tax valuation.
Trump Organization intentionally provided two different valuations as part of its standard procedures. They cooked the books to get private money but illegally pay less than what should have been owed.
Trump Organization intentionally provided two different valuations as part of its standard procedures. They cooked the books to get private money but illegally pay less than what should have been owed.
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Jim Miller
LTC Eugene Chu - Was the state harmed with a higher tax valuation? Or does the state wish to tax these properties at a lower valuation? This is a civil suit which means one or more parties were harmed in some way.
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