Tuesday, April 30, 2024
13.2 C
New Jersey

Donald Trump Faces $250 Million Civil Fraud Trial with Potential Business Ban in New York

Must read

Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

The $250 Million Civil Fraud Trial: Could Donald Trump Be Banned from Doing Business in New York?

The trial that has the potential to permanently ban Donald Trump from conducting business in New York is set to begin on Monday. The trial, which Trump himself plans to attend, was initiated by New York Attorney General Letitia James a year ago. James filed a lawsuit against Trump, his company, three of his adult children, and top Trump Organization officials.

In her lawsuit, James alleged that the defendants had manipulated the values of real estate properties in their business records, leading to better loan and insurance terms, as well as tax benefits, totaling billions of dollars.

Last week, Judge Arthur Engoron delivered a major blow to Trump and the other defendants by ruling them liable for the fraud claims. As a result of this ruling, their New York business certificates were canceled, and an independent receiver was appointed to oversee their dissolution.

Letitia James, who will also be present in Manhattan Supreme Court on Monday morning, stated, “For years, Donald Trump falsely inflated his net worth to enrich himself and cheat the system. We won the foundation of our case last week and proved that his purported net worth has long been rooted in incredible fraud. No matter how rich or powerful you are, there are not two sets of laws for people in this country. The rule of law must apply equally to everyone, and it is my responsibility to make sure that it does.”

In this trial, Engoron, rather than a jury, will determine whether the defendants are liable for the other six claims. The trial is expected to conclude in late December.

Please note that this is developing news. Check back for updates.

More articles

Leave a Reply

Latest article