In a bombshell ruling, a court has determined that former US President Donald Trump may have built his real estate dynasty on a foundation of fraud. Judge Arthur Engoron dropped the gavel, stating that Trump and his enterprise played financial games, fooling banks and insurers with inflated asset values and overstated net worth.
In the spotlight, it appears Trump’s empire was not always as grand as it seemed. The court discovered a pattern of deception, where his company and top brass repeatedly embellished his fortune, leading to special perks like favorable loan conditions and slashed insurance costs.
As reported by Sky News on Tuesday, September 26, 2023, Although Trump tried to deflect responsibility by pointing to disclaimers on his financial documents, Judge Engoron didn’t buy it, asserting that such tactics clearly broke the law.
This legal earthquake comes after New York Attorney General Letitia James launched a lawsuit against Trump last year. She claimed he and his organization painted a rosier financial picture for a decade, overhyping the value of assets like his famed Mar-a-Lago estate and his luxurious Trump Tower apartment.
Shockingly, James suggests Trump may have inflated his net worth by a staggering $2.23 billion to $3.6 billion in financial statements given to financial institutions.
Highlighting the audacity of Trump’s defense, Engoron remarked, “Trump suggests that if property values rise later on, earlier figures couldn’t have been inflated. And he hinted that he could always find a ‘deep-pocketed Saudi buyer’ to meet any price he asks.” The implications of this ruling could be far-reaching for Trump’s empire and legacy.