The lawsuit, initiated by James in September 2022, alleged that Trump and his organization had engaged in a decade-long deception, artificially inflating the valuation of their assets and Trump's personal net worth. This alleged manipulation was purportedly carried out to secure more favorable terms for bank loans and insurance.
James contended that Trump had exaggerated his net worth by staggering amounts, with estimates ranging from $2.23 billion to an astonishing $3.6 billion on annual financial documents submitted to financial institutions and insurers. Some of the assets accused of being overvalued included Trump's opulent Mar-a-Lago estate in Florida, his extravagant penthouse apartment in Manhattan's Trump Tower, and various commercial properties and golf courses.
As of now, legal representatives for Trump and the other defendants have not provided any immediate comments or responses.
Justice Engoron's ruling underscored the establishment of liability for false property valuations, particularly focusing on Mar-a-Lago and the penthouse. Furthermore, Engoron rebuked Trump for offering defenses during a deposition that were, in his words, "wholly without basis in law or fact."
Engoron highlighted, "He claims that if the values of the property have gone up in the years since the (financial statements) were submitted, then the numbers were not inflated at that time. He also seems to imply that the numbers cannot be inflated because he could find a 'buyer from Saudi Arabia' to pay any price he suggests."
The legal saga is far from over, as a trial is scheduled to commence on October 2, with expectations that it may extend well into December. This landmark case has garnered widespread attention and is sure to continue making headlines as it unfolds.
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