WASHINGTON (dpa-AFX) - A New York judge has ruled that former President Donald Trump and his adult sons are liable for fraud by repeatedly misrepresenting his wealth by millions.
Days before the beginning of the trial in the New York state court in a civil case against Trump, his two adult sons and the Trump Organization, New York Attorney General Letitia James submitted a motion for summary ruling.
Granting the motion, Judge Arthur Engoron said the Trumps are 'liable as a matter of law for persistent violations' of New York state law.
He said the former president and his business partners defrauded banks and insurers by providing false financial statements and records for nearly a decade.
He found that the defendants inflated the property value and approached banks to get higher loans.
The judge cancelled Trump Organization's business certification, which will ban some of its businesses operations in New York.
It includes the Seven Springs estate and the Trump Building at 40 Wall Street.
A receiver will be appointed to 'manage the dissolution' of the corporate entities.
The judge denied the Trump legal team's request to quash the case, and fined the attorneys.
Trump's son Eric Trump said on X that he lost all faith in the New York legal system.
The trial in a lawsuit filed by New York Attorney General against Trump in September 2022 is set to begin on October 2.
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