(Reuters) – A New York state judge is expected to rule on Friday in a $370 million civil fraud case against former U.S. President Donald Trump, who is accused of inflating his net worth to dupe bankers into giving him better loan terms.
Justice Arthur Engoron’s ruling could deal a major blow to Trump’s real estate empire as the businessman turned politician seeks the Republican nomination to challenge Democratic President Joe Biden in the Nov. 5 U.S. election.
The lawsuit brought by New York Attorney General Letitia James accused Trump and his family businesses of overstating his net worth by as much $3.6 billion a year over a decade. Trump has denied wrongdoing and called the case a political vendetta by James, an elected Democrat.
In addition to monetary penalties, James is seeking to permanently ban Trump from New York’s real estate industry and sharply limit his ability to do business in the state. She is also seeking five-year industry bans for Trump’s two adult sons, Don Jr. And Eric, who are also defendants in the case.
Engoron ruled in September that Trump had engaged in fraud and ordered his business empire be partially dissolved. The full implications of that order are still unclear, and Trump is appealing.
The ruling expected Friday comes after a contentious three-month trial in Manhattan.
During defiant and meandering testimony in November, Trump conceded that some of his property values were inaccurate but insisted banks were obligated to do their own due diligence.
He used his occasional court appearances as impromptu campaign stops, delivering incendiary remarks to reporters and insisting his enemies are using the courts to prevent him from retaking the White House.
Trump is cruising to the Republican nomination despite a host of other legal troubles.
He is under indictment in four criminal cases, including one in New York related to hush money payments he made to a porn star ahead of the 2016 election. The judge overseeing that case on Thursday set a March 25 trial date over the objections of Trump’s lawyers, who sought to delay it due to Trump’s crowded legal and political schedule.
Trump has also been charged in Florida for his handling of classified documents upon leaving office and in Washington and in Georgia for his efforts to overturn his 2020 election loss.
Trump has pleaded not guilty in all four cases.
Source: Economy - investing.com
