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12/30
In September 2023, a New York judge ruled that Donald Trump and his adult sons -- Donald Trump Jr. and Eric Trump -- are liable for fraud for inflating the value of their family businesses in order to get better deals from banks and insurers. If the ruling stands, it would essentially gut the former president's business empire. The same month, the judge also canceled the business certifications of the Trump entities that are defendants in the case including the Trump Organization, CNN reported.
The ruling came as part of a lawsuit filed by New York Attorney General Letitia James, who's seeking $250 million in damages. Trump denied the charges and said in a deposition that his financial statements were not fraudulent because they contained disclaimers, which the former POTUS called a "worthless clause."
But the judge argued in turn, "The defendants' reliance on these 'worthless' disclaimers is worthless. The defenses Donald Trump attempts to articulate in his sworn deposition are wholly without basis in law or fact."
Trump slammed the ruling on social media, writing, "It is a great company that has been slandered and maligned by this politically motivated Witch Hunt. It is very unfair, and I call for help from the highest Courts in New York State, or the Federal System, to intercede. THIS IS NOT AMERICA!"
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