In 2022, the New York Attorney General’s office filed a civil lawsuit against Donald Trump, his business networks, and his associates. Their claims consisted of financial fraud and other fiscal crimes. They claim that the Trump organization led the government, investors, and the public with false property values and accuse the Trump organization and executives of deceiving banks and insurers about the size of his wealth/assets, for example, Trump Tower and Mar-a-Lago. Former President Donald Trump now has to pay a bond worth $175 million down from the original 454 million dollars in various penalties and or fees.
Courtesy of Swiss Info
Former President Trump is accused of overstating his net worth to defraud investors. Another action driving the discretion of his real estate empire seemingly imperils his life’s work to an even greater extent. The lawsuit was brought forward by the New York Attorney General’s office by Letitia James who accused Trump and his business of overstating his wealth by billions of dollars claiming Donald Trump fooled bankers, investors, and the general public.
New York Justice Arthur Engoron’s decision issued after a long three-month trial in Manhattan resulted in the former President being banned from “serving as an officer or director of any New York corporation for three years.” Later Trump’s lawyer, Alina Habba, vowed to appeal. The findings showed that Trump and his companies were engaged in a longtime scheme to inflate Trump and the company’s assets used to secure loans.
Courtesy of Salon.com
The ruling requires Trump to pay a significant fine and place his companies under court supervision among other agreements. Donald Trump himself has criticized the ruling calling it “election interference” alluding to plans to appeal despite the court reducing the original amount owed and granting Trump an extra ten days to pay the amount.
The reduction is extremely significant as it relieves Trump, his team, companies, and assets of the financial burden while they attempt to appeal the verdict. He was previously requesting a 30-day extension to allow for an “orderly judgment process” which makes sense due to the magnitude of this case and subsequent decision. The request was denied as the reduction and extension are considered related to the proceedings and have nothing to do with the judgment or decision.
Investment firms now alleging their files were stolen by Donald Trump’s personal media company specifically stolen by the board of directors. Eric Swider is accused of stealing access to the firm’s computer data systems. The reasoning for doing this was to mount a hostile takeover replacing Patrick Orlando, former CEO of Digital World Acquisition Corporation. This caused Trump’s Trump-owned social media platform Truth Social to soar in the stock market due to a merger taking the company public. Trump is also being sued by the co-founders of the app for mismanagement of the merger attempting to bar them from owning stock.
Donald Trump has since narrowly escaped a major financial disaster that has been looking for a while now. He is spared from paying 454 million dollars in the civil fraud case while he attempts to appeal it. The collection is not allowed to go through until the appeal is resolved before the extension. Trump was only given 10 days to come up with the bond. If Donald Trump does not come up with the money quickly he will have to pay an extremely taxing fine. If he does not win his case he will be barred from doing business in New York for some time being a major blow to the former president.
This situation is currently developing, please stay tuned.
