Prosecutors claim he charged inflated property valuations with lenders and diminished them with tax authorities.
Engoron also ordered the cancellation of certificates that let some of Trump’s businesses, including the Trump Organization, operate in New York, and ordered the appointment of a receiver to manage the businesses’ dissolution.
The civil trial begins in October and could run through the end of the year, as Trump continues to lead the GOP field for the Republican presidential nomination.‘It’s a devastating ruling,’ said Bill Black, distinguished scholar in residence for financial regulation at the University of Minnesota Law School.‘If the decision is upheld, they have to liquidate the LLCs which actually hold the enormous bulk of the assets,’ Black said, referring to limited liability companies.
Engoron said James submitted ‘conclusive evidence’ that Trump had overstated his net worth by between $812 million and $2.2 billion. ‘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 wrote. The judgment came in a case where Trump once again delivered potentially harmful statements during a deposition.
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