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Published 9 months ago

Judge rules Donald Trump defrauded banks, insurers as he built real estate empire

  • Judge Arthur Engoron ruled that Donald Trump committed fraud and ordered his companies to be removed from his control and dissolved.
  • Engoron's ruling is a significant blow to Trump's image as a wealthy real estate mogul turned political powerhouse. By overvaluing his assets and exaggerating his net worth, Trump deceived banks, insurers, and others.
  • The ruling found that Trump inflated the value of his assets, including Mar-a-Lago, by as much as 2,300% and lied about the size of his Manhattan apartment. Limited liability companies controlling Trump's key properties will be dissolved and put under receiver authority.
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