By Miriam Raftery

By Miriam Raftery

Photo: Trump Tower in New York, Creative Commons 3.0 image by Bin im Garten

September 29, 2023 (New York, NY) --  Donald Trump and his sons Eric and Don Jr. stand to lose their business empire, after New York Supreme Court Justice Arthur Engoron ruled that the company repeatedly violated the state’s fraud laws. The judge found that the Trumps  inflated the value of their assets by billions of dollars to get favorable loans and insurance terms, while claiming far lower values on the same properties when it suited them to do so.

For example, Trump valued his Mar-a-Lago golf club at $714  million on his annual financial statements, even though a tax assessor estimated its value at must $18 million. Trump even listed the size of his Mar-a-Lago  penthouse at 30,000 square feet, instead of its actual size—just 10,000 square feet, according to the civil fraud lawsuit filed by New York Attorney General Letitia James.

Judge Engoron has ordered business certificates for Trump’s New York properties cancelled and ordered independent receivers be appointed within 10 days to manage dissolving the companies, which could include selling off the assets. Trump could be entitled to money from any such sale.