Former President Donald Trump faced a significant setback when he was found liable for fraud in a case brought against him by the New York Attorney General.
A Crucial Development
The in question case centered on allegations that Trump had consistently exaggerated his net worth by billions of dollars in financial records submitted to banks and insurers. This ruling, handed down by Justice Arthur Engoron in Manhattan, marked a crucial development in what was set to be the largest civil case against the former president.
Narrowing the Trial Focus
The decision not only resolved New York’s most substantial claim against Trump but also narrowed the scope of the upcoming trial scheduled for October 2nd. The trial, which will proceed without a jury, will now primarily address the state’s remaining claims, which include accusations of falsifying business records and issuing false financial statements.
Successfully Demonstrating Liability
Justice Engoron concluded that New York Attorney General Letitia James, who initiated the lawsuit in September 2022, had successfully demonstrated liability on the part of Donald Trump, his sons Donald Trump Jr. and Eric Trump, the Trump Organization, and its former chief financial officer – Allen Weisselberg.
Trump’s Legal Team
As a result of the judgment, members of Trump’s legal team, including Christopher Kise, were ordered to pay sanctions of $7,500 each for repeatedly advancing unsuccessful legal arguments during the case.
Consequences for Trump’s Businesses
In a significant blow to Trump’s business interests, the judge’s ruling also entitled James to obtain a court order that could dissolve any certificates issued to Trump’s limited liability companies under New York’s executive law. This decision could jeopardize Trump’s ability to continue operating his Manhattan-based company.
Trump’s Response and Claims
Trump, in a statement posted to social media, reiterated many of his assertions in the case, even those rejected by the judge. The former president maintained that he was worth more than indicated by his financial statements, argued that the banks had not suffered harm from his statements, and claimed that disclaimers on the statements made it clear they should not be relied upon. Trump called for intervention from the highest courts in New York or the federal system.
The Continued Violations
The judge’s ruling also noted that Trump had flouted a previous court order meant to curtail alleged violations of New York business law during the ongoing litigation. Even with a preliminary injunction in place and an independent monitor overseeing their compliance, Trump and his associates were found to have continued disseminating false and misleading information while conducting business.
Appeal and Last-Ditch Effort
Trump, contending that James’s lawsuit was politically motivated, is expected to appeal the ruling. He’s also attempting to delay the trial by arguing in a New York appeals court that Engoron failed to narrow the case adequately after an appellate panel questioned the relevance of some of the state’s claims.
Summary Judgment Motion
James had argued that a trial on her fraud claim was unnecessary due to the overwhelming evidence that Trump violated New York’s Executive Law. Her team had gathered proof indicating that Trump inflated his net worth by as much as $3.6 billion annually.
Donald Trump’s Defense
Trump had countered the state’s motion for summary judgment by asserting that the annual financial statements he provided to banks and insurers included “powerful disclaimers” instructing them to conduct their own valuations.
The Internet’s Response
The news of Trump’s setback was shared across the internet and people flocked to comment sections to give their views. One person said: “Wake up, America. If this country allows Trump to run for president, the Constitution is no longer a valid document.”
Rewriting the Rules
The commenter continued: “That also means the 2nd Amendment is no longer valid as well. This country should be severely afraid of what comes next if this traitor gets to run for office. The Constitution will obviously be invalid and Congress and the Senate will start rewriting their own set of rules. Be afraid, America!”
Bankrupting Trump Again
Another individual wrote: “This one could bankrupt Trump – again. The verdict will be way more than $250 million. Trump doesn’t have $250 million, let alone a larger verdict. The other outcome will be that they’ll bar Trump from doing business in New York.”
The GOP’s Leading Candidate
Others discussed the ridiculousness of the political situation surrounding the case. “The GOP’s leading candidate for president was just found [liable for] fraud. Let that sink in, Trumpsters,” one commenter said.
A Sarcastic Response
Some people responded to the news with sarcasm. One such individual wrote: “What? Trump found liable for fraudulent activities? I would have never guessed that. I mean, he seems like such a good guy. Hard to believe he would ever lie. He seems so angelic.”
Never a Businessman
Others referenced the former president’s long history of business failures. One person said: “[Trump] was never a business person. Never. Handed a fortune to the tune of 100s of millions and still managed to mess it up. No sympathy.”
A Very Dangerous Man
Another commenter wrote: “Trump can lie to and deceive the lazy and foolish voters because there is no law against it. But there are laws and courts that police the investment community for everyone’s financial safety. Trump can not fool the judge and the rest of the legal system. They are smarter than him and this is their job. He is a liar of the first rank and now it has finally caught up with him. Trump is a very dangerous man.”
A MAGA Opinion
While the majority of commenters criticized the former president, some did express support. “Who did he commit fraud against? Where are the banks who filed such claims that they were defrauded? This is all [garbage],” one person said.
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