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Former President Donald Trump was found liable for defrauding banks, as a New York judge ruled that he and his company overvalued assets and his net worth as he sought financing.
The ruling from New York Judge Arthur Engoron — read the decision — was in a case brought by New York Attorney General Letitia James. She filed a civil fraud lawsuit last year against Trump, his company and three of his children. She alleged a scheme over 10 years to engage in fraudulent practices that benefited the Trumps and the company to the tune of $250 million.
The summary judgment ruling came in advance of a trial in the case, scheduled to start next week. The judge will then decide on remaining claims.
More to come.