'Damaging' fraud ruling could spell the end of Donald Trump's New York business empire

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Judge's ruling could strip Donald Trump of his authority to make strategic and financial decisions over some of his key properties in the state.

According to Engoron's ruling, Trump and his company overstated the valuations of many properties by hundreds of millions of dollars. For instance, the Palm Beach Assessor valued Trump's Mar-a-Lago club as little as $18 million between 2011 and 2021 — a valuation that his local property taxes were based on. During those years, however, Trump valued the same property as high as $714 million on his annual statements of financial conditions.

Engoron huddled with his law clerk Allison Greenfield, whispering for several minutes, before replying that he doesn't yet have an answer."But we will take that up in various contexts, I'm sure," Engoron said. "Which of the entities are actually covered here? You have New York entities that own just a house, like a townhouse or something, like Eric's or Don Jr.'s residence," Kise said, referring to Trump's sons, Donald Trump, Jr. and Eric Trump.

Business certificates, once approved by a state, legally authorize an entity to do business within that state, Cintron noted.

 

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Donald Trump and his company 'repeatedly' violated fraud law, New York judge rules'The documents here clearly contain fraudulent valuations that defendants used in business,' Judge Engoron wrote in his ruling, ordering Trump's New York business certificates canceled.
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