Former US President Donald Trump and his company, the Trump Organization, faced a significant legal setback as they were recently found liable for fraud in a civil case in New York.
Former US President Donald Trump and his company, the Trump Organization, have been found liable for fraud in a civil case in New York, Reuters reported.
This ruling marks a notable development in Trump’s legal challenges and could have far-reaching implications for his financial and political future.
The verdict underscores the ongoing legal scrutiny surrounding Trump and his business dealings and the potential consequences of his actions during his presidency.
A New York judge turned down a motion by Trump’s lawyers to dismiss the case.
In a significant legal development, New York Attorney General Letitia James filed a civil lawsuit in September 2022, accusing former President Donald Trump of engaging in fraudulent activities. The lawsuit alleges that Trump illegally inflated his company’s assets and net worth, the Trump Organization, to secure more favourable terms on bank loans and insurance.
As the case unfolds, it is expected to shed light on the intricacies of Trump’s financial dealings. It could have substantial legal and financial ramifications for him and his business empire.
According to the prosecution, the net worth was inflated by between $2.23 billion and $3.6 billion.