A judge’s unusually sweeping ruling this week in a civil case accusing Donald Trump of inflating property values could force him to sell his famed New York real estate.
FILE - Pedestrians and a food delivery man are seen outside the Trump building on Wall Street, in New York's Financial District, March 23, 2021. New York Judge Arthur Engoron, ruling in a civil lawsuit brought by New York Attorney General Letitia James, found that Trump and his company deceived banks, insurers and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing loans.
Experts said the full ramifications of the ruling would only emerge with further input from the judge and noted Trump has avenues to appeal it. But they said it seems clear that Trump’s ability to control his New York properties is in grave and immediate jeopardy because he cannot operate them without a state license.
In the ruling, Engoron said Trump’s defense had repeatedly made patently “bogus” arguments defending the company’s process of valuing properties on financial statements that Trump used to get loans and insurance policies. James alleges that the Trump Organization routinely ignored professional appraisals and common accounting principles to knowingly inflate the value of its assets to get better terms from banks and insurers than he may have otherwise received.
If the judge rules with Trump on whether he can own other businesses, the former president and current leading Republican candidate could possibly create a new series of LLCs and transfer his properties into the new entities, subject to the approval of a receiver. Because it is a civil trial, none of the defendants face jail time even if they are found at fault. In contrast, Trump could potential be sentenced to prison if he is found guilty in any of the criminal cases. Those include a federal indictment in Florida for allegedly mishandling classified documents after leaving the White House and obstructing government efforts to get them back; a federal indictment in D.C.
Trump’s lawyers recently sued Engoron over what they argue is a refusal by the jurist to dismiss significant portions of the case on statute of limitations grounds for events that occurred before 2014 or 2016, factoring in a 2021 waiver that could complicate which defendants or claims it applies to. They have argued Engoron ignored a June mandate from an appellate panel to eliminate parts of the case.
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