A judge has ruled that former President Donald Trump committed fraud against banks, insurers and others as he built his real estate empire.
This is breaking news that will be updated as more information becomes available. Keep reading below.
New York Supreme Court Judge Arthur Engoron ruled Trump and his company committed fraud by overvaluing his assets and inflating his net worth in order to secure financing and make deals, The Associated Press reported.
Trump’s alleged deception went beyond bragging, the judge said, asserting that Trump, his company and top executives frequently lied on financial statements to receive positive loan terms and lower insurance premiums.
Trump’s lawyers, who insist the lawsuit was illegally filed by New York Attorney General Letitia James, previously asked for case to be thrown out, but Engoron rejected their request.