Explainer: What’s at stake in the civil fraud case against Trump?

explainer:-what’s-at-stake-in-the-civil-fraud-case-against-trump?
Explainer: What’s at stake in the civil fraud case against Trump?

Former U.S. President Donald Trump is scheduled to appear in court in New York on Monday to determine the amount of penalties he and his family business owe. This comes after a judge found that they had inflated Trump’s assets by billions of dollars in order to secure more favorable loan and insurance terms. The case has been brought by New York Attorney General Letitia James, a Democrat and a frontrunner for the 2024 Republican presidential nomination.

The accusations against Trump include inflating assets by as much as $1.9 billion to $3.6 billion per year between 2011 and 2021. The goal was to save hundreds of millions of dollars on loans and insurance. James’ office claims that incorrect figures and false assumptions were used to arrive at these inflated values.

Justice Arthur Engoron, the judge in the case, ruled on September 26 that James had successfully proven that Trump and his co-defendants fraudulently inflated his assets. As a result, the trial will primarily focus on determining the amount of penalties they must pay.

While Trump does not face criminal penalties in this civil case, he could face significant financial and business consequences. James is seeking at least $250 million in penalties and is also requesting a ban on Trump and his sons, Donald Jr. and Eric, from running businesses in New York. Additionally, she is seeking a five-year commercial real estate ban against Trump and the Trump Organization.

In his ruling, Judge Engoron ordered the cancellation of certificates that 10 of Trump’s business entities need to operate some of his prominent properties, including Trump Tower and his golf clubs in New York. He also stated that he would appoint independent receivers to oversee their dissolution. The full implications of this ruling on Trump’s business empire are still unclear, but the trial may provide clarity on whether the disputed assets will be liquidated.

Trump’s lawyers have disputed James’ figures, arguing that they are based on flawed accounting methods that fail to consider Trump’s own asset valuations. During a deposition in April, Trump himself dismissed the allegations and emphasized his achievements as president while distancing himself from day-to-day decision-making at the Trump Organization. On the day of the ruling, Trump took to his Truth Social platform to call the fraud accusations “ridiculous and untrue” and criticized Judge Engoron as “DERANGED.”

The trial will shed light on the future of Trump’s business holdings and the potential consequences he may face.

About News Team

Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

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