Current Events > Judge: Donald Trump committed Fraud to exaggerate his wealth by up to $3.6bn

(+) Yeah! (+)

https://news.sky.com/story/trump-committed-fraud-to-exaggerate-his-wealth-and-value-of-assets-court-rules-12970629

• A judge found Trump, his company, and key executives repeatedly lied about his wealth on annual financial statements, resulting in rewards including favourable loan terms and lower insurance premiums.

Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House, a court has ruled.
Judge Arthur Engoron found that the former president and his company deceived banks and insurers by massively overvaluing assets and exaggerating his net worth on paperwork used in making deals and securing financing.
The judge found Trump, his company, and key executives repeatedly lied about his wealth on annual financial statements, resulting in rewards including favourable loan terms and lower insurance premiums.
Those tactics crossed a line and violated the law, the judge said, rejecting Trump's argument that a disclaimer on the financial statements absolved him of any wrongdoing.
The ruling came after a civil lawsuit brought by New York's attorney general, Letitia James.
Ms James sued Trump in September last year accusing him and his organisation of lying for a decade about asset values, including his Mar-a-Lago estate in Florida, his penthouse apartment in Trump Tower, and other office buildings and golf courses.
She also had said his net worth had been inflated by as much as $2.23bn (1.83bn) and as much as $3.6bn (2.96bn) on annual financial statements given to banks and insurers.
Mr Engoron wrote: "He claims that if the values of the property have gone up in the years since the (financial statements) were submitted, then the numbers were not inflated at that time.

"He also seems to imply that the numbers cannot be inflated because he could find a 'buyer from Saudi Arabia' to pay any price he suggests."

A trial is due on 2 October which could endure into December.

I am shocked I say. Shocked!

WHAT

unpossible.

https://gamefaqs.gamespot.com/a/user_image/0/1/8/AAb05zAADNFS.jpg

https://gamefaqs.gamespot.com/a/user_image/1/5/9/AAOKgXAAE4DP.jpg

https://gamefaqs.gamespot.com/a/user_image/1/6/3/AAZ1peAAE4DT.jpg

In Trump's mind, Mar-A-Lago by itself is worth 1.5 billion.

Dude is mental.

So have we got him yet?

EmilyTheCEman posted...

So have we got him yet?

What do you mean?

That's a whole lotta fraud

Ah, so THIS is why he has talked so much about his bank account the last few days on Truth

Ruvan22 posted...

What do you mean?

Is this enough to send him to prison? There have been thousands of we got him! moments but he still walks free.

EmilyTheCEman posted...

Is this enough to send him to prison? There have been thousands of we got him! moments but he still walks free.

This is part of a civil lawsuit, so he wont face any jail/prison time over this. However, as a part of this ruling, the judge canceled the business licenses for the Trump Organization, Donald Trump, Donald Trump Jr., Eric Trump, and a few others.

Theyre likely to appeal, but they cant explain away the fraud in the evidence presented. This was set to go to trial next week, but the judge ruled this way because the evidence presented by the state is so overwhelming. So the state will have to prove some other things during the trial, but this part was the core of what she was arguing.

So now, Donald Trump, Eric Trump, Donald Trump Jr., Alan Weisselberg(sp?) and others are not allowed to be officers or directors of any company in the state of New York. From what Ive been reading, theyll have to find people to handle the dissolution of companies and the assets belonging to those companies in the state.

The NY AG is seeking the following relief as a result of this lawsuit:

• $250,000,000 fine
• Permanent ban for Donald Trump, Eric Trump, and Donald Trump Jr. from being officers or directors of any company in the state
• 5 year ban for the Trump organization doing real estate business in the state

I think that about covers the basics of what the state is asking for

https://imgur.com/lnNCXgC.jpg

Also, NY AG Letitia James did make a criminal referral to federal prosecutors and the IRS, so hopefully they actually act on it.

Starks posted...

In Trump's mind, Mar-A-Lago by itself is worth 1.5 billion.

Dude is mental.

Zillows like Nah, bro.

https://gamefaqs.gamespot.com/a/user_image/2/8/3/AADYzzAAE4FL.jpg

Block_that_Kick posted...

Zillows like Nah, bro.

https://gamefaqs.gamespot.com/a/user_image/2/8/3/AADYzzAAE4FL.jpg

Those numbers can't be right. 5k sqft despite having 58 bedrooms and 33 bathrooms?

Is the orange idiot behind bars yet?

EmilyTheCEman posted...

Is this enough to send him to prison? There have been thousands of we got him! moments but he still walks free.

Do you have a list of these "thousands"? I can think of maybe ten or twenty, and the recent ones have had consequences (being in or out of prison isn't the only measure of justice)

Ruvan22 posted...

Do you have a list of these "thousands"? I can think of maybe ten or twenty, and the recent ones have had consequences (being in or out of prison isn't the only measure of justice)

Yeah This ruling by the judge is absolutely the worst consequence Trump has ever had to deal with so far. Normally, he would just pay a fine that is a fraction of his profit from his fraudulent activities. Losing his business empire in New York is huge.

https://gamefaqs.gamespot.com/a/user_image/3/5/3/AAfFpMAADyRh.jpg

"Nyhaha, he owns the libs!"