Verdict Expected Friday in Trump’s $370 Million Civil Fraud Trial.
On Friday, a New York state judge is expected to decide in the civil fraud case against former U.S. President Donald Trump. He is accused of inflating his net worth to deceive bankers into offering him better loan terms.
Former President Donald Trump was seen at the closing arguments of his Trump Organization civil fraud trial in New York State Supreme Court in Manhattan on January 11, 2024. A verdict is expected on Friday, adding to a momentous week in Trump’s legal battles.
Trump could face hefty penalties and other consequences as Judge Arthur Engoron is expected to rule against him. Engoron previously determined that Trump inflated his wealth on financial documents provided to banks, insurers, and others to secure deals and loans.
The New York Attorney General, Letitia James, is pursuing legal action against Donald Trump and several others, seeking a $370 million penalty and a prohibition on their business activities in New York. This move could potentially impact Trump’s real estate empire, which played a significant role in shaping his public image as a wealthy entrepreneur and contributed to his rise to prominence in politics.
Arthur F. Engoron will soon make a decision after listening to 40 witnesses, including Trump, for over 2 and a half months. They had discussions about the case, but neither Letitia James’ team nor Trump’s lawyers wanted a jury to decide. So, it’s up to Engoron, the judge, to make the final decision.
According to court officials, Arthur F. Engoron is expected to release his decision on Friday, unless unforeseen circumstances arise that would require a delay.
It’s been a significant week for Trump in court. A New York judge ruled on Thursday that Trump will stand trial on March 25. The charges involve allegations that Trump falsified his company’s records to silence individuals with potentially embarrassing stories about infidelity. Trump maintains his innocence.
If the schedule goes as expected, it will mark the first trial among the four criminal cases Trump is facing.
Also on Thursday, a judge in Atlanta heard arguments regarding the potential removal of Fulton County District Attorney Fani Willis from Trump’s Georgia election interference case due to her personal relationship with a special prosecutor she appointed.
According to James’ office, Trump inflated his wealth by as much as $3.6 billion. They allege he used these inflated figures to secure lower insurance premiums and more favorable loan terms, saving at least $168 million in interest payments alone.
Trump denies any wrongdoing, and his lawyers have stated they will appeal if Engoron rules against him.
The leading contender for the Republican presidential nomination stated on November 6 that his financial statements understated his true net worth. He also mentioned that banks independently assessed his finances and were satisfied with his business dealings. During the January closing arguments, he described the case as a “fraud against me.”
Engoron is currently considering six claims in Letitia James’ lawsuit against Trump, including allegations of conspiracy, falsifying business records, and insurance fraud. According to state lawyers, Trump inflated his wealth by as much as $3.6 billion in one year.
Prior to the trial, Engoron ruled that Trump’s financial statements were fraudulent. Consequently, the judge ordered some of Trump’s companies to be removed from his control and dissolved. However, an appeals court has temporarily halted this decision.
Since this is a civil case, there is no possibility of prison time; it is not a criminal matter.