The decision was made by Judge Arthur Engoron of state court in Manhattan. Trump was sued in September 2022 for allegedly lying about his net asset values for a decade to obtain better terms on bank loans and insurance.
According to the prosecutor, the former president allegedly overstated the value of his assets by US$2.23 billion, and in the case of asset declarations submitted to banks and insurance companies by US$3.6 billion.
The assets in question include the Mar-a-Lago property in Florida, an apartment in Trump Tower and several other office buildings and golf courses.
Trump allegedly explained that he did not increase the value of his assets because “you can find a buyer from Saudi Arabia who will pay the price I quote.”
Trump and criminal charges
This is not the first legal scandal in which the former US president has been involved. In addition to the civil case mentioned above, Trump is also facing criminal charges.
He currently faces 91 criminal charges in four separate criminal cases – Some of them are punishable by up to 20 years in prison. In America, penalties can accumulate for each separate crime, but they don’t have to. If Trump is convicted on all counts and receives the maximum statutory sentence for each count, he faces 641 years in prison.
However, this scenario is highly unlikely, and Trump – even if convicted – will be able to appeal.
More on the Trump impeachment case:
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