WEB DESK
Former US President Donald Trump has been found liable for fraud in a New York civil case. Justice Arthur Engoron of New York state court ruled that Mr.Trump repeatedly misrepresented his wealth by hundreds of millions of dollars to banks and insurers. The judge canceled the business certifications of the Trump entities that are defendants in the case, including the Trump Organization. He said that a receiver will be put in place to manage the dissolution of the corporate entities. He described how Trump, his adult sons Donald Junior and Eric, the Trump Organization, and other defendants made up valuations and inflated Trump’s net worth to suit their business needs.
The ruling is seen as a major setback for the former president ahead of a trial in the civil case due to begin on Monday. This will reportedly make it easier for New York state Attorney General Letitia James to establish her claims. In her civil lawsuit, she accused Trump and his two eldest sons of business fraud for allegedly submitting grossly inflated numbers to banks and insurers. Ms. James said that she looks forward to presenting the rest of her case at the 2nd October trial.
Meanwhile, Trump and the other defendants have argued that they never committed fraud, and that the challenged transactions were profitable. They plan to appeal Engoron’s decision. Mr. Trump has denied any wrongdoing and dismissed the case in New York as another political witch hunt brought by a prosecutor biased against him. He accused the judge of being highly politicised. He is seeking the Republican presidential nomination for 2024 and has maintained a commanding lead in the race, despite the criminal charges he faces in multiple cases.