Tuesday marked the second day of a civil fraud trial against former President Donald Trump, his eldest sons, their companies and Trump Organization executives in a New York City court.
Last week, a state Supreme Court judge found Trump and his co-defendants liable for fraud for grossly inflating property valuations in financial statements. The ruling is a significant victory for New York Attorney General Letitia James, who last year brought a $250 million lawsuit alleging Trump and his co-defendants repeatedly fraudulently inflated assets on financial statements to get better terms on commercial real estate loans and insurance. principles.
Trump inflated his net worth by $3.6 billion in three separate years between 2011 and 2021, according to the attorney general’s office. Trump’s lawyers have denied the claims, arguing that asset valuations are highly subjective and that they are still sorting out what the verdict is on the company’s future.
The trial will determine the quantum of damages payable. Trump and his companies could be forced to pay large sums of money in restitution for the profits they allegedly made through their fraudulent business practices.