Former President Donald Trump is at a New York City courthouse Tuesday for the second day of a civil fraud trial against him, his eldest sons, their companies and Trump Organization executives.
Last week, a state Supreme Court judge found Trump and his co-defendants liable for fraud for grossly inflating asset valuations on financial statements. The ruling was a significant victory for New York Attorney General Letitia James, who brought a $250 million lawsuit last year alleging that Trump and his co-defendants committed repeated fraud in inflating assets on financial statements to get better terms on commercial real estate loans and insurance policies.
Trump inflated his net worth by as much as $3.6 billion in three separate years between 2011 and 2021, according to the attorney general’s office. Attorneys for Trump have refuted the claims, arguing that asset valuations are highly subjective and that they are still sorting through what the ruling means for the company’s future.
The trial will determine the amount of damages owed. Trump and his companies could be forced to pay hefty sums in damages for the profits they’ve allegedly garnered through their fraudulent business practices.
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