New trial scheduled for Trump, this time for fraud

(Patria) - A New York judge on Tuesday refused to dismiss a lawsuit by state Attorney General Letitia James accusing Donald Trump of illegally inflating his assets and net worth, and ruled that Trump and the Trump Organization are liable for fraud, Reuters reported.

The decision was made by Judge Arthur Engoron of the New York State Court. James sued Trump in September 2022, accusing him and the Trump Organization of lying for a decade about the value of assets and net worth to obtain better terms on bank loans and insurance.

She said Trump inflated his net worth by as much as $2.23 billion, and by as much as $3.6 billion for one measure, on annual financial statements given to banks and insurance companies.

The state attorney general said the inflated assets include Trump's Mar-a-Lago estate in Florida, his penthouse apartment in Trump Tower in Manhattan, and various office buildings and golf courses.

Engoron said James established liability for false valuations of several properties, including Mar-a-Lago and the penthouse, and criticized Trump for offering a defense in a statement that was "wholly without basis in law or fact."

"He argues that if property values increased in the years since the (financial statements) were filed, then the figures were not inflated at the time," Engoron wrote.

"He also seems to imply that the figures cannot be inflated because he could find a 'buyer from Saudi Arabia' to pay any price he proposes," he added.

The trial is scheduled for October 2 and could last until December.