Donald Trump Built Empire on Defrauding Banks and Insurers, NY Judge Rules
New York judge deals Donald Trump a major blow in court.
Sept. 26 2023, Published 6:30 p.m. ET
A New York judge ruled that Donald Trump defrauded banks and insurers while building his real estate empire, RadarOnline.com has learned. The ruling in the civil case filed by New York Attorney General Letitia James was issued Tuesday afternoon.
Judge Arthur Engoron found the ex-president committed fraud in dealings with banks and insurers.
Judge Arthur Engoron ruled against Trump regarding discrepancies in the ex-president's reported net worth, which was used to secure business deals and funding.
Engoron found that Trump defrauded banks, insurers, and others by exaggerating his net worth — and as a punishment for the deceitful practices, he recommended that some of his business licenses be rescinded, which would present a roadblock in the company's ability to conduct business in the state.
Trump was sued by New York Attorney General Leticia James.
In addition to having some of his business licenses rescinded, Judge Engoron said that an independent monitor would be required to oversee the organization's operations post-ruling, according to reporting from the AP.
The ruling contradicted Trump's own claims regarding his network and success as a real estate mogul.
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Following Judge Engoron's Tuesday ruling, James had six remaining legal matters against Trump.
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In his ruling, the New York judge rejected Trump's claim that a disclaimer on the documents associated with exaggerated statements on his net worth absolved the GOP frontrunner of wrongdoing.
"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," Engoron said in the scathing 35-page ruling.
"That is a fantasy world, not the real world," the judge noted.
Judge Engoron is set to hear the next case against Trump in October.
The case was brought before Engoron as a civil matter after AG James initially considered criminal charges against Trump before ultimately deciding to sue The Apprentice star and seek penalties for the illegal manner in which in conducted business in his home state.
While Judge Engoron's Tuesday ruling resolved the main accusation against Trump in relation to his legal matters with James, six additional cases had yet to be ruled on.
In fact, another case from James was scheduled to start in a matter of days.
Judge Engoron is set to hear another non-jury case against Trump on October 2 before issuing a ruling on claims and penalties related to Tuesday's ruling.
The New York AG sought a steep $250 million in penalties from the infamous Trump Tower resident in addition to her mission to prevent the ex-president from practicing business in her state.
Trump's attorneys initially sought to have the case dismissed based on the claim that there was no evidence to prove the public was harmed by Trump's practices, to which Engoron "emphatically rejected" and branded the MAGA lawyer's arguments akin to a "time-loop in the film ‘Groundhog Day."
The judge said that the October case could stretch into December.
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