The former US President Donald Trump has to appear in New York Court on Monday for a trial of a civil fraud case which leaves his business empire in jeopardy. He is accused of misrepresenting the value of his properties on paper to secure better loans and insurance. His legal team had tried to delay the case but failed, unfortunately.
Allegations on Trump
New York Attorney General Letitia James accused Trump of inflating the values of his assets by billions of dollars on paper to secure better loans and insurance terms. Trump, his two adult sons, and the family business are accused of exaggerating the value of their properties by more than $ 2 billion.
He is alleged for showing the value of his Manhattan apartment 3 times its actual cost, Judge Engoron stated that he has overvalued his Mar-a-Lago, Florida property by 2,300%.
These accusations were a result of a years-long investigation by James, who sued him in September 2022.
Image Source – Live Law
Is It A Financial catastrophe For Trump?
The New York civil fraud trial was the biggest fear of the former US President which could lead to a death blow to his business, Michael Cohen his Ex- attorney of stated this on Sunday. He feared losing all his money and that he would no longer be considered a mega-billionaire like the way he tries to portray himself.
The Trial which took place today is a result of a judgment passed by Justice Arthur Engoron on Sept 26 that Trump is liable to face penalties in this civil fraud case.
James demands a fine of at least 250 million dollars, a permanent ban on Trump and his three children from running business in New York and a 5-year restriction on his commercial real estate activities and his organization.
Moreover, Justice Arthur Engoron canceled the License and business certificate to his 10 companies including trump tower, his golf club, and his Wall Street office building. Justice Arthur Engoron stated that he would independently monitor the Trump Organization’s operations.
Image Source- AL Jazeera
Trump in his Defense
Trump maintains his innocence in this case and he argues that this case is a politically motivated witch hunt, he faces several legal headaches as he campaigns for the 2024 elections to retake the white house.
He has accused Judge Engoron of being biased, unfair, unhinged, and vicious, he calls the whole case shameful and recently posted on his Truth social media platform that he will be going to court and will be fighting for his name and reputation.
This Civil fraud is just one of the legal cases he is fighting, he is also criminally charged in cases like election interface and controlling of classified documents.