(Bloomberg) -- Donald Trump rode down the escalator at Trump Tower to announce he was running for president in 2015. The Fifth Avenue skyscraper had long served as the backdrop to his business success story, which in turn became the foundation for his rise in politics.
The New York judge who ruled on Tuesday that the former president committed fraud by inflating the value of many of his assets also authorized state Attorney General Letitia James to cancel certificates for companies that hold those assets. Judge Arthur Engoron said James, who sued Trump last year, could seek an order as well barring him and his companies from continuing to conduct business in New York.
Losing certificates would mean Trump could no longer do business in New York as he had before, said Janet Sabel, a former chief deputy at the state attorney general’s office. “But exactly how that plays out and what happens to his assets remains to be decided,” she said. “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 said.Trump received market-value appraisals for the 200-acre New York property in 2000, 2006, 2012 and 2014 valuing it at $30 million or less. Even so, Trump’s 2011 statements of financial condition reported the value to be $261 million and reached as high as $291 million in 2014. An outside firm increased its valuation to $56.
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Judge rules Donald Trump defrauded banks, insurers as he built real estate empireNEW YORK (AP) — A judge has ruled that Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House.
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Judge: Trump Committed Fraud For Years While Building Real Estate EmpireThe judge found Trump and his company deceived banks, insurers and others by massively overvaluing his assets and exaggerating his net worth.
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Judge rules Donald Trump defrauded banks, insurers as he built real estate empireJudge Arthur Engoron found that the former president and his company deceived banks by massively overvaluing his assets on paperwork used in making deals and securing financing
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Judge rules Donald Trump defrauded banks, insurers while building real estate empireNEW YORK (AP) — A judge ruled Tuesday that Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House.
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Judge rules Donald Trump defrauded banks, insurers while building real estate empireA judge ruled Tuesday that Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House.
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