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Former President Donald Trump and his family business are gearing up for a legal showdown in the heart of Manhattan as they prepare a civil fraud trial case that threatens to send shockwaves through the real estate mogul’s empire.
Set to commence on Monday, this trial is poised to have far-reaching implications not only for Trump’s business interests but also for his political future, as he remains a frontrunner for the 2024 Republican presidential nomination.
The civil fraud trial case
Brought forward by Democratic New York Attorney General Letitia James, the case centers around accusations that Trump inflated the value of his assets by billions of dollars in a bid to secure more favorable loan and insurance terms.
This trial follows closely on the heels of a recent ruling by Justice Arthur Engoron, who found Trump liable for fraud.
Penalties & restrictions
Attorney General James is seeking substantial consequences, including fines of at least $250 million, a permanent ban on Trump and his sons, Donald Jr. and Eric, from operating businesses in New York, and a five-year restriction on Trump’s involvement in commercial real estate activities, along with his flagship Trump Organization.
In his ruling, Justice Engoron criticized the defendants for concocting inflated valuations, such as Trump’s claim that his Trump Tower apartment was three times its actual size. “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,” Engoron declared.
Engoron’s decision also had immediate consequences as he canceled business certificates for companies controlling key pillars of Trump’s empire, including Trump Tower and his New York golf clubs.
While this ruling applies to only a fraction of the roughly 500 entities in Trump’s vast portfolio, it notably encompasses some of his most valuable properties. The specific implementation of Engoron’s order remains pending, but the potential loss of these prized assets could pose a significant financial setback for Trump.
The trial is scheduled to extend through early December and is expected to involve more than 150 potential witnesses, including Trump himself. However, much of the courtroom battle will likely revolve around expert testimonies and financial documents, shaping the future not only for Trump but also for his sprawling real estate empire.
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The post Fraud trial: Threatens Trump business empire and political future appeared first on The Independent News.
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