Court finds Trump exaggerating value of businesses to obtain funds
Judge ordered revocation of Trump’s New York business licenses, making it impossible for the Trump Organization to do business in the state
NEW YORK – A U.S. federal judge ruled Tuesday that former President Donald Trump and his company – the Trump Organization — lied to banks and insurance companies.
Judge Arthur Engoron of the 1st Judicial District of New York Supreme Court said Trump, along with his sons Eric Trump and Donald Trump Jr. and longtime chief financial officer Allen Weisselberg, participated in massively exaggerating the value of assets and net worth in documents to secure deals and financing.
In his ruling, which came just days before the start of a non-jury trial, Engoron ordered the revocation of Trump’s New York business licenses.
The move will likely make it impossible for the Trump Organization to do business in the state.
Engoron also said he would hire an independent monitor to oversee the Trump Organization’s business.
The judge also ordered the defendants to propose within 10 days up to three potential independent receivers to manage the dissolution of the dissolved limited liability companies.
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