James has alleged that Trump, three of his children, his companies and his business executives defrauded lenders, insurers and other entities. The state supreme court judge likened the Trumps’ legal defense of his fraudulent financial statements to a Chico Marx line in the comedy “Duck Soup”: “Well, who ya gonna believe, me or your own eyes?” tries to figure out the future of its business after fraud ruling “Exacerbating defendants’ obstreperous conduct is their continued reliance on bogus arguments, in papers and oral argument,” Engoron wrote.Ī doorman stands outside of Trump Tower, in New York, New York, on April 3, 2023. The judge was unsparing in his decision, criticizing the Trumps’ defense arguments. “A discrepancy of this order of magnitude, by a real estate developer sizing up his own living space of decades, can only be considered fraud,” Engoron wrote. He added: “While the full impact of the decision remains unclear, what is clear is that President Trump and his family will seek all available appellate remedies to rectify this miscarriage of justice.”Īmong other things, Trump is accused of inflating the value of his triplex apartment at Trump Tower by three times its size, resulting in an overvaluation of between $114 million to $207 million, Engoron wrote. Trump’s attorney Christopher Kise called the ruling “completely disconnected from the facts and governing law.” It is very unfair, and I call for help from the highest Courts in New York State, or the Federal System, to intercede. “It is a great company that has been slandered and maligned by this politically motivated Witch Hunt. Trump condemned the ruling in a statement, accusing Engoron of “doing the bidding” of James.

“We look forward to presenting the rest of our case at trial.” “Today, a judge ruled in our favor and found that Donald Trump and the Trump Organization engaged in years of financial fraud,” James, a Democrat, said in a statement Tuesday night. Questions remain as to how the receiver would dissolve the properties, if the ruling would impact properties located outside of New York state, including Mar-a-Lago, and if the Trumps could transfer the New York-based assets into a new company located out of state. There are two New York properties that are part of the lawsuit, the commercial tower at 40 Wall Street and the Trump family compound at Seven Springs. The judge canceled the business certifications of the Trump entities that are defendants in the case, including the Trump Organization – a major blow to the business that has been so synonymous with the former president’s personal brand.Ī receiver will be put in place to “manage the dissolution” of the corporate entities. RELATED: New York AG’s office alleges Trump inflated his net worth by as much as $2.2 billion in 1 yearĪ trial is expected to begin next week on the amount of damages owed, and the full breadth of Engoron’s ruling – or how it will play out – remains unclear. The ruling came in response to the lawsuit by New York Attorney General Letitia James, who is seeking $250 million in damages, a ban on the Trumps from serving as officers of a business in New York and to stop the company from engaging in business transactions for five years. “That is a fantasy world, not the real world,” Engoron said. “In defendants’ world: rent-regulated apartments are worth the same as unregulated apartments restricted land is worth the same as unrestricted land restrictions can evaporate into thin air a disclaimer by one party casting responsibility on another party exonerates the other party’s lies,” the judge wrote.

Trump can get away with skipping a debate but can't evade legal consequences President and Republican presidential candidate Donald Trump speaks during a 2024 presidential election campaign event at Sportsman Boats in Summerville, South Carolina, U.S.

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