Fraud verdict against Donald Trump: wealth and assets exaggerated by billions

Status: 26/09/2023, 23:16 p.m.

By: Sophia Lother

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Donald Trump is facing new trouble. (Archive photo) © picture alliance/dpa/AP | Alex Brandon

A court in New York has now ruled that former US President Donald Trump has been cheating for years.

New York – New trouble for Donald Trump. According to an Associated Press report, a civil lawsuit filed by the Attorney General of New York found that the former president and his company defrauded banks and insurers.

Judge Arthur Engoron found that Trump, along with his team, massively overvalued assets and exaggerated the net worth in business deal and financing documents. The former US president is said to have inflated his assets by up to 3.6 billion US dollars, the BBC reports.

Fraud verdict against Donald Trump: This is what the lies are said to have brought him

It is not only the exaggeration of his wealth that the former US president is accused of. According to the judge, Trump and key executives of his company also lied repeatedly. For the lies, they would have collected rewards such as favorable credit conditions and lower insurance premiums. In doing so, he not only crossed a line, but also violated the law. Engoron also rejected Trump's claim that a disclaimer on the financial reports would exempt him from any wrongdoing.

The Associated Press also reports that Judge Engoron will hold a trial without a jury beginning October 2 before deciding on any sentences. James is demanding a $250 million fine and a ban on Trump from doing business in his home state of New York. The trial could continue into December, Engoron said. (slo)