Donald Trump and his family business The Trump Organization committed fraud for years while the former US president was building his business empire, according to a New York judge. Trump is said to have increased the value of his assets and stocks, among other things.
For example, by overvaluing assets and stocks, Trump and family businesses were able to obtain favorable loans, lower insurance premiums, and tax advantages. The prosecutor says Trump increased his assets by at least $2.23 billion (2.11 billion euros). He is also said to have increased the value of his Mar-a-Lago property, his Manhattan apartment, several offices and golf courses.
The judge ruled Tuesday that the former president and the company were liable for the fraud. The trial to determine the penalty to be imposed will begin next week. This may take until December.
New York Attorney General Letitia James is demanding a fine of $250 million. It also wants to ban Trump and three of his children from doing business in New York State.
Trump denies any wrongdoing and dismisses the case, like several others against him, as a “politically motivated witch hunt.”
Impurities in the Trump Organization have also previously been the subject of a lawsuit. That case focused primarily on tax fraud. The judge also ruled that the company was guilty of this matter. Trump was not personally liable in that case, unlike the current one.
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