Trump Defrauded Bankers, Insurers: NY Judge
A judge ruled on Tuesday that Donald Trump had committed fraud for years while building the real estate empire that catapulted him to fame and the White House.
Judge Engoron ordered some of Trump’s licenses to be rescinded as punishment, making it impossible for them to do business in New York. I Screenshot: CUNYQueensborough YouTube
He ordered some of the former president’s companies to be removed from his control and dissolved, as reported by Michael R. Sisak for the Associated Press (AP).
Judge Arthur Engoron, ruling in a civil lawsuit brought by New York Attorney General Letitia James, found that Trump had deceived banks, insurers, and others by overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing loans.
Engoron ordered some of Trump’s licenses to be rescinded as punishment, making it impossible for them to do business in New York.
He also stated that an independent monitor would continue to oversee Trump Organization operations. The Boston Globe and Yahoo News also reported on the ruling. The order would strip Trump of his authority to make strategic and financial decisions over his key properties in the state.
Engoron’s ruling, coming just days before the start of a non-jury trial in James’ lawsuit, is the strongest repudiation of Trump’s carefully cultivated image as a wealthy and shrewd real estate mogul turned political powerhouse, Eric Tucker, Jill Colvin, Bernard Condon, and David B. Caruso also reported for AP.
Beyond mere bragging about his wealth, Trump, his company, and key executives repeatedly lied about them on his annual financial statements, reaping rewards such as favorable loan terms and lower insurance costs, as found by Engoron, as reported by Reuters, CNN, and NBC News.