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According to the BBC, New York court judge Arthur Engoron has ruled that former US President Donald Trump and his two sons, Eric and Don Jr., were guilty of fraud for inflating the value of real estate and financial assets of the Trump Organization over several years.
The decision was made in connection with the lawsuit filed by New York State Attorney General Letitia James against Mr. Trump. In the lawsuit, Ms. James accused the former US President and his two sons of business fraud by submitting inflated figures to banks and insurance companies.
In addition, the Trump family deceived tax authorities, banks, and insurance companies for years by repeatedly misrepresenting the value of the corporation's assets to enrich themselves.
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| Former President Donald Trump speaks in Columbia, South Carolina, on January 28, 2023. Source: VNA |
The New York State Attorney General stated that Trump's corporation inflated its net worth by billions of dollars between 2011 and 2021 to secure and maintain loans and insurance policies on favorable terms, resulting in millions of dollars in illicit profits.
In January, the Trump Organization was fined $1.6 million by a New York judge in a financial fraud and tax evasion case.
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