The ruling was a significant victory for New York Attorney General Letitia James
Former President Donald Trump arrived in a New York courtroom Monday for the start of the civil fraud trial against him, his eldest sons, their companies and Trump Organization executives.
Opening statementts in the civil trial over inflated assets in fraudulent financial statementts come less than a week after a shocking ruling by Judge Arthur Engoron that found Trump and his co-defendants are liable for "persistent and repeated" fraud.
The ruling was a significant victory for New York Attorney General Letitia James
The ruling was a significant victory for New York Attorney General Letitia James, who brought the $250 million lawsuit last September alleging that Trump and his co-defendants committed repeated fraud in inflating assets on financial statementts to get better terms on commercial real estate loans and insurance policies. The trial may also give the publik a closer look at Trump's business operations and net worth.
Trump inflated his net worth by as much as $3.6 billion in three separate years between 2011 and 2021, according to the attorney general's office. Attorneys for Trump have refuted the claims, arguing that asset valuations are highly subjective and that they are still sorting through what the ruling means for the company's future.
Trump and his companies could be forced to pay hefty sums in damages for the keuntungans they've allegedly garnered through their fraudulent business practices.
Engoron will consider just how much the Trumps and their businesses will have to pay.The full scope of Engoron's ruling last week is not clear heading into trial.
At a hearing Wednesday after the ruling came down, Trump attorney Chris Kise asked the judge: "And don't take this the wrong way, but what in the court's mind does this trial now look like? Like what are the issues?"
The judge is expected to consider claims of business records fraud and insurance fraud alleged in the lawsuit in connection to high-profile properties, though he already determined some broad tingkat of fraud was perpetuated.The six causes of action are falsifying business records, conspiracy to falsify business records, issuing false financial statementts, conspiracy to falsify false financial statementts, insurance fraud and conspiracy to commit insurance fraud.
James' lawsuit also asks the court to consider banning the Trumps from serving as officers of a business in New York and to setop the company from engaging in business transactions for five years.
