In a significant setback for the former US president that could seriously impair his capacity to conduct business in the state, a New York judge, Justice Arthur Engoron, concluded that Donald Trump and his family firm had falsely increased the worth of his properties and other assets.
Letitia James, the state attorney general, will find it easier to prove damages in a trial set for October 2 as a result of Justice Arthur Engoron’s harsh ruling in New York state court in Manhattan.
A receiver was appointed to oversee the enterprises’ dissolution, and Engoron also ordered the cancellation of certifications allowing certain of Trump’s businesses, notably the Trump Organisation, to operate in New York.
The judge explained how Trump, his adult sons Donald Jr. and Eric, the Trump Organisation, and other defendants fabricated appraisals and artificially inflated Trump’s net worth to suit their commercial objectives.
Engoron described the fraudulent activity by Trump’s organisation as “a fantasy world, not a real world.”
According to Trump and the other defendants, they never engaged in fraud, and the contested transactions were profitable. They intend to challenge Engoron’s judgement in an appellate court.