A New York judge has found former United States President Donald Trump liable in a civil lawsuit for fraudulent business practices. Judge Arthur Engoron ruled that Trump and his company engaged in deception to maintain monopoly power in the real estate industry, impacting banks, insurers, and other entities.
This ruling is part of a lawsuit brought by New York’s Attorney General, concluding a four-year investigation. The lawsuit alleges that Trump and his organization inflated asset values and exaggerated net worth in financial documents used for business deals and financing. As a result, Judge Engoron has ordered the rescindment of some of Trump’s business licenses in New York and the continuation of independent monitoring of the Trump Organization’s operations.
Trump and his representatives have not yet commented on the ruling. Trump has previously maintained that he did nothing wrong.
The lawsuit claims that Trump’s financial practices, such as penalizing sellers for lower prices elsewhere and forcing sellers to use specific warehouses and delivery services, violated the law. These actions allegedly led to inflated costs for consumers and sellers.
The decision represents a significant challenge to Trump’s reputation as a successful real estate mogul. It also has broader implications, as the judge has requested a permanent injunction to halt these practices by Trump and his company.
Manhattan prosecutors previously considered a criminal case over similar conduct but ultimately did not proceed, leaving the civil lawsuit to address the issue. Judge Engoron’s ruling resolves a critical claim in the lawsuit, but six other claims remain pending. A non-jury trial is set to begin on October 2 to address these remaining claims and determine any further penalties.
Trump’s legal team had sought to dismiss the case, arguing that no public harm was demonstrated by Trump’s actions and that many allegations were barred by the statute of limitations. However, these arguments were emphatically rejected by Judge Engoron.
The lawsuit, initiated by Attorney General Letitia James, accuses Trump of consistently overstating the value of various assets, including properties and his Mar-a-Lago estate. The lawsuit also contends that Trump valued his New York City apartment and Mar-a-Lago at figures far beyond reasonable market estimates, based on inflated assumptions.
Trump has faced several legal challenges recently, including indictments related to the 2020 election, handling classified documents, and other business practices. In a separate case, the Trump Organization was convicted of tax fraud last year, resulting in a fine.
Attorney General James’s lawsuit seeks several penalties against Trump and his business, including barring him and his three eldest children from running a New York-based company and imposing sanctions to address the alleged fraudulent activities. The lawsuit is part of James’s broader examination of Trump’s business practices, which began in 2019 following congressional testimony by Trump’s former personal lawyer, Michael Cohen.
Your go-to for supply chain report news updates: The Supply Chain Report. For international trade tools, see ADAMftd.com.
#DonaldTrump #TrumpOrganization #BusinessFraud #FraudulentBusinessPractices #RealEstateMonopoly #NewYorkCourtRuling #TrumpLawsuit #AttorneyGeneral #LetitiaJames #CivilLawsuit #BusinessLicenses #AssetInflation #MonopolyPower #LegalChallenges #FraudInvestigation #TrumpLegalCase #TrumpReputation #CourtDecision #FraudulentAssets #LegalRuling #TrumpVsNY #MarALago #TrumpTaxFraud #MonetarySanctions #CivilTrial #TrumpFamilyBusiness
