2023-09-28 21:28:22
Former US President Donald Trump has suffered another setback in the civil proceedings surrounding allegations of financial fraud. A New York appeals court yesterday rejected a request from the Republican to put the trial scheduled to begin on Monday on hold. This means that the civil trial surrounding Trump’s previous information regarding the value of his real estate should start as planned at the beginning of the week.
The 77-year-old, who wants to win back the White House next year, had already suffered a serious legal defeat on Tuesday. The judge responsible in the case, Arthur Engoron, saw it as proven that Trump had intentionally overstated the assets of his real estate empire in the past in order to obtain better conditions, for example for loans. The real estate mogul was therefore guilty of “fraud”.
This means that a central question in the procedure has already been clarified before the trial begins. Engoron also canceled business licenses for a number of Trump properties, including the iconic Trump Tower in Manhattan. The exact impact of this decision is still unclear, but Trump might lose control of important parts of his real estate portfolio.
New York State Attorney General Letitia James sued Trump and several of his children in September 2022 over allegations of financial fraud. The Trump Organization family holding company is said to have overstated assets by several billion dollars between 2011 and 2021 in order to obtain loans and insurance at more favorable conditions. Trump denies the allegations, but Judge Engoron ruled in favor of James.
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