A New York judge ruled today that failed former president Donald Trump and his company, the Trump Organization, committed massive and systematic fraud for years and should be held accountable.
According to the Associated Press, “Judge Arthur Engoron, ruling Tuesday in a civil lawsuit brought by New York’s attorney general, found that the former president and his company deceived banks, insurers and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing financing.”
Engoron’s ruling comes just days before a non-jury civil trial brought by New York Attorney General Letitia James is set to begin and suggests that the ex-president’s company could be in serious trouble moving forward.
James is asking the court to impose $250 million in penalties and bar the Trump Organization from doing business in the Empire State, which would be a devastating blow to a company that is believed to be financially strapped and teetering on the brink of collapse, according to some reports.
For years, Trump has reportedly lied about his success as a businessman, but today’s summary judgement goes far beyond claims of mere exaggeration, as the former president and top Trump Organization executives have now been found liable of forging financial documents to gain increased loans from banks and reduced tax rates.
Today’s ruling also gives James leverage if she decides to seek what’s known as the “corporate death penalty,” a move that would dissolve the Trump Organization entirely and lead to the seizure of assets owned by the company.
Should Trump be unable to pay a massive fine, James could also seek to have some of his properties sold off in order to compensate the state for the fraud.
After the verdict was handed down, Trump took to another of his failing properties, Truth Social, to whine:
Translation: Donnie’s pissed off he got caught and now he wants us all to feel sorry for him.