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Another legal defeat for Trump over financial fraud

Another legal defeat for Trump over financial fraud

Former US President Donald Trump has suffered another setback in civil proceedings surrounding financial fraud allegations. Yesterday, an appeals court in New York rejected a request from the Republican to suspend the trial scheduled to begin on Monday. This means that the civil trial surrounding Trump’s prior information about the value of his properties should begin as planned at the beginning of the week.

The 77-year-old, who wants to return to the White House next year, had already suffered a serious legal defeat on Tuesday. The judge in charge of the case, Arthur Engoron, found that it had been proven that Trump had deliberately overstated the assets of his real estate empire in the past in order to obtain better terms for obtaining loans, for example. The real estate mogul was therefore guilty of “fraud.”

This means that the central question in the proceeding has already been clarified before the trial begins. Engoron also revoked the business licenses of a number of Trump properties, including the iconic Trump Tower in Manhattan. The exact impact of this decision is still unclear, but Trump may 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 family holding company is said to have inflated its assets by several billion dollars between 2011 and 2021 in order to obtain loans and insurance on more favorable terms. Trump denies the accusations, but Judge Engoron ruled in favor of James.

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