September 27th 2023.
Donald Trump is set to stand trial in October of this year for allegedly lying about his wealth for years. The former US president expressed his outrage at a New York judge's ruling, calling it a "sad day" for the justice system.
Justice Arthur Engoron's decision makes it easier for New York Attorney General Letitia James to establish damages at trial. James' office has accused Trump of fraudulently inflating his property valuations with lenders while diminishing them with tax authorities.
Engoron has also ordered the cancellation of certificates that allowed Trump's businesses, including the Trump Organization, to operate in New York, and appointed a receiver to manage the dissolution of the companies. The judge noted that Trump and his sons, Donald Jr. and Eric, had allegedly invented asset values to suit their business needs.
In a Truth Social post, Trump criticized Engoron for making the ruling, saying it was a "very sad day for the New York State System of Justice." He went on to say that "can you imagine ruling against me for having done business perfectly, and yet letting people go on a rampage on the sidewalks of New York?"
The civil trial is set to begin in October and could last until the end of the year. James has said she looks forward to presenting the rest of her case at trial. Bill Black, a distinguished scholar in residence for financial regulation at the University of Minnesota Law School, has called the ruling "devastating." He believes it could affect Trump's ability to make money, as the cancellation of business certificates could lead to the liquidation of the limited liability companies that manage his assets.
In spite of the accusations, Trump has continued to lead the GOP field for the Republican presidential nomination for 2024. He has repeatedly asserted without evidence that the indictments he faces are "witch hunts," and referred to Engoron as a "deranged" judge doing the bidding of James, a Democrat.
The judge found that Trump had overstated his net worth by between $812 million and $2.2 billion, including his Mar-a-Lago estate in Florida, his penthouse apartment in Manhattan's Trump Tower, and various office buildings and golf courses. Engoron particularly took issue with Trump's claim that his penthouse was 30,000 square feet, nearly three times its actual size. He described this discrepancy as "fraud."
In a deposition, Trump compared his golf and real estate empire to the Mona Lisa and other priceless artworks. He described Mar-a-Lago and his property at 40 Wall Street as "the Mona Lisas of properties" and bragged about his golf course in Turnberry, Scotland being "like selling a painting."
Trump and his lawyers are asking the judge to dismiss the case, calling it a "crusade" over loans that have long been repaid. However, the appeals court is due to rule on the request to delay this week.
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