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Trump defrauded insurers, judge finds

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Trump defrauded insurers, judge finds insurance business uk

Former US President may face a fine of nine points

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In a landmark ruling, Judge Arthur Engoron has found that former President Donald Trump and his organization misled financial institutions, including insurance companies, by drastically inflating property values. This manipulation of the property’s value, as revealed in a lawsuit initiated by the New York Attorney General, could have led to manipulation of his insurance premiums.

“In the world of defendants … one party’s refusal to place responsibility on the other absolves the other party’s lies,” Angoron said in a detailed 35-page ruling that made clear the gap between the claims made and reality. has been exposed. As Angoron established, this misrepresentation not only violated the law but also likely affected insurance calculations.

Specifically, Trump’s counterclaim hinged on a disclaimer present in the financial statements he provided to banks and insurers. He argued that this disclaimer relieved him of the credibility of the information contained within. Judge Engoron summarized this argument, noting that such broad disclaimers should not be allowed to shield false statements, especially when they have real-world effects, such as in the insurance industry.

Attorney General Letitia James pointed to several instances where Trump’s claims about property values ​​appeared questionable. For example, the former president’s Manhattan Trump Tower apartment was appraised at nearly three times its actual value. Similarly, the value of his Mar-a-Lago property was valued at an astronomical figure, based largely on a hypothetical residential development use prohibited by the deed terms.

Trump faces an uphill legal battle. Although criminal charges were not filed in this particular case, the decision has significant implications for Trump’s future business ventures in New York.

Trump’s impending non-jury trial in early October will further determine the impact of these findings. Attorney General James is seeking a hefty penalty of $250 million based on the profits derived from the alleged fraud.

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