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Trump Found Liable For Real Estate Fraud; Business Certificates Dissolved

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  • Trump Found Liable For Real Estate Fraud; Business Certificates Dissolved

    In New York, a judge has found Trump liable in years of real estate fraud, for vastly inflating his assets and net worth in order to get money and deals from insurers and banks. The judge also cancelled his business certificates as well as those of his co-defendants (which include his sons), and will be appointing an independent receiver to manage the dissolution of the corporations in question.
    https://www.cnbc.com/2023/09/26/trum...dge-rules.html
    A judge on Tuesday ruled that Donald Trump and his company are liable for fraud by misstating the true values of multiple real estate properties for years and thus grossly overstating the former president’s net worth by billions of dollars.

    Judge Arthur Engoron in his bombshell decision also canceled the New York business certificates of Trump, the Trump Organization, and the other defendants, including two of his sons, in a lawsuit by the state Attorney General’s Office.

    The judge said he would appoint an independent receiver to manage the dissolution of the corporate entities whose business certificates he canceled.

    It is not clear whether Engoron’s decision means the Trump Organization and related entities will have to completely cease doing business in New York, or whether the companies can be legally reconstituted later.

    A spokeswoman for Attorney General Letitia James declined to comment on that question.

    But Trump’s lawyer Chris Kise, who called the decision “outrageous,” said it “seeks to nationalize one of the most successful corporate empires in the United States and seize control of private property all while acknowledging there is zero evidence of any default, breach, late payment or any complaint of harm.”

    “While the full impact of the decision remains unclear, what is clear is that President Trump and his family will seek all available appellate remedies to rectify this miscarriage of justice,” Kise said.

    Engoron’s ruling, which also dismissed Trump’s request to dismiss the case, did not settle six other claims in dispute in the case whose defendants included him, the company and his sons Donald Trump Jr. and Eric Trump, as well as former Trump Organization Chief Financial Officer Allen Weisselberg, company executive Jeff McConney.

    Those issues remaining claims will be addressed at a nonjury trial due to begin Monday.

    James is seeking $250 million in damages in the case and wants Trump and his two adult sons barred from doing business in the state.

    Engoron, in granting partial summary judgment to James on the fraud claim, found that Trump made false and misleading valuations for multiple real estate assets in statements to insurers and banks for years as he sought more favorable terms on insurance coverage and loans.

    Because of those misstatements, Trump also inflated his true net worth in annual financial statements by billions of dollars, according to the decision.

    “In defendants’ world: rent regulated apartments are worth the same as unregulated apartments; restricted land is worth the same as unrestricted land; restrictions can evaporate into thin air; a disclaimer by one party casting responsibility on another party exonerates the other party’s lies,” Engoron wrote.

    “That is a fantasy world, not the real world.”

    Engoron also ordered sanctions of $7,500 for five attorneys who represented the Trump defendants for making frivolous and previously rejected arguments in court filings. Kise is among those fined by the judge.

    “Today, a judge ruled in our favor and found that Donald Trump and the Trump Organization engaged in years of financial fraud,” James wrote in a post on the X social media site.

    “We look forward to presenting the rest of our case at trial,” James added.


    Trump, the front-runner for the 2024 Republican presidential nomination, separately faces a total of 91 felony charges in four criminal cases. Two of those cases relate to efforts to reverse his re-election defeat in 2020. Another case involves his retention of classified government documents at his Mar-a-Lago club in Florida, a property that is mentioned in Engoron’s ruling Tuesday.

    In the fourth criminal case, Trump is charged with falsifying business records related to a 2016 hush money payment to porn star Stormy Daniels.

    He has pleaded not guilty to all of the charges.

    Engoron in his ruling wrote that James’ office in its civil fraud suit “has prevailed on liability on its first cause of action ... as against all defendants.”

    The judge added that if liability for fraud is established under New York law, that statute allows the attorney general to obtain an order enjoining defendants from continuing to do business or “any fraudulent or illegal acts.”

    Even after Engoron appointed an independent financial monitor for the Trump Organization last year, “defendants have continued to disseminate false and misleading information while conducting business,” the judge wrote.

    “This ongoing flouting of this Court’s prior order, combined with the persistent nature of the false [statements of financial condition] year after year, have demonstrated the necessity of canceling the [defendants’ business] certificates ... as the statute provides,” the judge wrote.

    Engoron’s 35-page ruling details how Trump fraudulently valued his Mar-a-Lago club in Palm Beach, once by more than 2,000%, Trump Park Avenue and 40 Wall Street in New York City, his Seven Springs property in Westchester County, New York, and his golf course in Aberdeen, Scotland.

    “Time and time again, the Court is not comparing one appraisal to another; it is comparing an independent professional appraisal to a pie-in-the-sky dream of concocted potential,” Engoron wrote.

    After noting that Trump submitted statements falsely claiming that the Trump Tower apartment in which he resided for decades was nearly three times its actual size, and was worth a whopping $327 million, the judge wrote, “a discrepancy of this order of magnitude, by a real estate developer sizing up his own living space of decades, can only be considered fraud.”

    “The documents here clearly contain fraudulent valuations that defendants used in business,” Engoron wrote.

    “Defendants respond that: the documents do not say what they say; that there is no such thing as ‘objective’ value; and that, essentially, the Court should not believe its own lying eyes,” the judge noted.

    Kise, the Trump attorney, said Engoron’s “outrageous decision is completely disconnected from the facts and governing law.′

    “The Court ignored fully the Appellate Division mandate and basic legal, accounting and business principles,” Kise said. “Without even conducting a trial, the Court substituted its own judgment for that of nationally recognized experts from the NYU Stern School of Business and beyond. More importantly, the Court disregarded the viewpoint of those actually involved in the loan transactions who testified there was nothing misleading, there was no fraud, and the transactions were all highly profitable.”

    Another Trump attorney, Alina Habba, in a statement said, “It’s important to remember that the Trump Organization is an American success story and the fact that a judge without trial would say there is no question of fact and issue a decision like this in summary judgement is concerning.”

    Habba who was among the attorneys sanctioned by Engoron.

    Trump responded to Engoron’s ruling by reposting a statement on social media attacking James and the judge, while doubling down on his claims of having a much higher net worth than what was displayed on the financial statements at the center of the fraud case.

    “It is very unfair, and I call for help from the highest Courts in New York State, or the Federal System, to intercede,” Trump wrote in a post on his Truth Social site.

    In a tweet Tuesday, Eric Trump, who runs the Trump Organization with Donald Trump Jr., wrote, “In an attempt to destroy my father and kick him out of New York, a Judge just ruled that Mar-a-Lago, in Palm Beach Florida, is only worth approximate ‘$18 Million dollars’ ”

    “Mar-a-Lago is speculated to be worth [well] over a billion dollars making it arguably the most valuable residential property in the country. It is all so corrupt and coordinated,” Eric wrote.


  • #2
    Meh. Given how much Trump has been targeted *even during his campaign*, who knows. I wouldn't put the accusations past Trump but I wouldn't put it past Democrats to systematically target Trump into oblivion.
    Last edited by Diogenes; 09-26-2023, 10:30 PM.
    P1) If , then I win.

    P2)

    C) I win.

    Comment


    • #3
      Originally posted by Diogenes View Post
      Meh. Given how much Trump has been targeted *even during his campaign*, who knows. I wouldn't put the accusations past Trump but I wouldn't put it past Democrats to systematically target Trump into oblivion.
      What happens is you have a crossroads of legitimate crimes being charged by someone with a political axe to grind. Personally I think campaigning about going after a person should be automatic recusal for AG James.

      Comment


      • #4
        An absurd ruling that will hopefully be overturned on appeal. There was no crime committed here. Banks don't simply take a person's word for it about the value of collateral when they issue a loan. They do their own independent evaluation.

        This is John Galt level government targeting. A New York State judge has arbitrarily ruled, no trial – no jury, that President Trump overvalued his real estate holdings in New York, which means he paid too much in taxes, in order to secure financing and loans.

        All the banks and lenders did their own due diligence on the financing. All operational loans and business loans were paid back. There were no defaults or banking interests adversely impacted. There are no victims of what the State calls “fraud,” yet the judge is ruling the Trump organization must dissolve all business interests in the state and exit within 10 days.

        New York Attorney General Latisha James campaigned for office with promises to target the Trump Organization and Donald Trump himself. This is malicious lawfare in the extreme.

        https://theconservativetreehouse.com...ests-in-state/
        Some may call me foolish, and some may call me odd
        But I'd rather be a fool in the eyes of man
        Than a fool in the eyes of God


        From "Fools Gold" by Petra

        Comment


        • #5
          Just more dog-piling at this point. They are trying to overwhelm him with lawsuits and legal matters to keep him from running for POTUS. It won't work. The more you kick Trump and his supporters the more determined they become.

          The best way to have had Trump not run would have been to completely ignore him. Too late for that now.

          Comment


          • #6
            I like how judges "find" things. That terminology is quite amusing. It's like "hey! look what I found."



            Comment


            • #7
              So, as expected his kkkult is completely unbothered by his flagrant fraud. One can only hope the rest of the country is not so blind.

              Comment


              • #8
                Originally posted by Gondwanaland View Post
                So, as expected his kkkult is completely unbothered by his flagrant fraud. One can only hope the rest of the country is not so blind.
                with Trump's flagrant flaunting of the law on so many levels it is hard to understand how, at least perhaps to this point, he has so far been able to avoid consequence.

                It leaves me wondering is he truly an exception, or do all multimiliion/billionaire's enjoy this sort of Teflon coating against prosecution, it's just that most are smart enough not to flaunt their misdeeds piblicly.
                My brethren, do not hold your faith in our glorious Lord Jesus Christ with an attitude of personal favoritism. James 2:1

                If anyone thinks himself to be religious, and yet does not  bridle his tongue but deceives his own heart, this man’s religion is worthless James 1:26

                This you know, my beloved brethren. But everyone must be quick to hear, slow to speak and slow to anger; James 1:19

                Comment


                • #9
                  Originally posted by Sparko View Post
                  Just more dog-piling at this point. They are trying to overwhelm him with lawsuits and legal matters to keep him from running for POTUS. It won't work. The more you kick Trump and his supporters the more determined they become.

                  The best way to have had Trump not run would have been to completely ignore him. Too late for that now.
                  Just goes to show how brainwashed you Trumpsters really are. Trump: "I could shoot someone in the middle of 5th Ave and I wouldn't lose any support." But I think you're right, the more it's pointed out to you what brainwashed dupes you've been, and what a lying, crooked, narcissistic, fascist, con man Trump is, the more determined you are to support him. I figure it must be hard for you all to accept that you could be so naive as to fall under such a ones spell so you have to convince yourselves that he's a good guy, or that he's a bad guy, but that a bad guy is just what the country needs right now or some such nonsense as that. You're to the point now where you'd sell your own country out in order to save face.
                  Let's hope enough of you have charactor enough to remove the blinders you've been wearing and allow yourselves to see reality.

                  Comment


                  • #10
                    Originally posted by JimL View Post

                    Just goes to show how brainwashed you Trumpsters really are. Trump: "I could shoot someone in the middle of 5th Ave and I wouldn't lose any support." But I think you're right, the more it's pointed out to you what brainwashed dupes you've been, and what a lying, crooked, narcissistic, fascist, con man Trump is, the more determined you are to support him. I figure it must be hard for you all to accept that you could be so naive as to fall under such a ones spell so you have to convince yourselves that he's a good guy, or that he's a bad guy, but that a bad guy is just what the country needs right now or some such nonsense as that. You're to the point now where you'd sell your own country out in order to save face.
                    Let's hope enough of you have charactor enough to remove the blinders you've been wearing and allow yourselves to see reality.

                    Just goes to show how brainwashed you Bidensters really are. Biden: "I could trip on my, you know, the thing, in the middle of 5th Ave and I wouldn't lose any support." But I think you're right, the more it's pointed out to you what brainwashed dupes you've been, and what a lying, crooked, narcissistic, fascist, con man Biden is, the more determined you are to support him. I figure it must be hard for you all to accept that you could be so naive as to fall under such a ones spell so you have to convince yourselves that he's a good guy, or that he's a bad guy, but that a bad guy is just what the country needs right now or some such nonsense as that. You're to the point now where you'd sell your own country out in order to save face.
                    Let's hope enough of you have charactor enough to remove the blinders you've been wearing and allow yourselves to see reality.

                    Comment


                    • #11
                      Originally posted by Gondwanaland View Post
                      In New York, a judge has found Trump liable in years of real estate fraud, for vastly inflating his assets and net worth in order to get money and deals from insurers and banks.
                      Well, I guess his poll numbers will go up...
                      Atheism is the cult of death, the death of hope. The universe is doomed, you are doomed, the only thing that remains is to await your execution...

                      https://www.youtube.com/watch?v=Jbnueb2OI4o&t=3s

                      Comment


                      • #12
                        Originally posted by seer View Post

                        Well, I guess his poll numbers will go up...
                        Probably, which reveals the corrupt nature of the new Republican Party.

                        Comment


                        • #13
                          Originally posted by Sparko View Post


                          Just goes to show how brainwashed you Bidensters really are. Biden: "I could trip on my, you know, the thing, in the middle of 5th Ave and I wouldn't lose any support." But I think you're right, the more it's pointed out to you what brainwashed dupes you've been, and what a lying, crooked, narcissistic, fascist, con man Biden is, the more determined you are to support him. I figure it must be hard for you all to accept that you could be so naive as to fall under such a ones spell so you have to convince yourselves that he's a good guy, or that he's a bad guy, but that a bad guy is just what the country needs right now or some such nonsense as that. You're to the point now where you'd sell your own country out in order to save face.
                          Let's hope enough of you have charactor enough to remove the blinders you've been wearing and allow yourselves to see reality.
                          Thank you for proving my point Sparko

                          Comment


                          • #14
                            And then the media celebrates these "findings" as though there is no such thing as an appeals court.

                            Comment


                            • #15
                              Originally posted by seer View Post

                              Well, I guess his poll numbers will go up...
                              Yes, the drones tend to get angered when their queen is threatened

                              Comment

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