Former President Trump Appears in Court for Fraudulent Loan Charges
Prosecutors Claim $3 Trillion in Asset Value Inflated
Former President Donald Trump voluntarily appeared in a civil trial concerning fraudulent loan payments at the Federal District Court of New York on the 2nd of this month. Seated in the defendant’s box, Trump listened to the plaintiffs’ comments with crossed arms and an angry expression on his face. The trial accuses him of inflating the size of the Trump Organization’s real estate assets in order to obtain easy loans. Trump, however, dismissed the case as a “witch hunt.”
On the morning of the 2nd, Trump personally attended the civil trial held in the Manhattan District Court in New York City, denouncing it as a “witch hunt” orchestrated by a corrupt New York State Attorney General. In response, Letitia James, the Attorney General, objected by stating that Trump’s fraudulent actions had already been recognized by the court, emphasizing that no one, regardless of power or wealth, is above the law.
The New York State Attorney General’s office alleges that Trump’s team purposely undervalued a variety of assets, including a New York mansion, high-end apartments, buildings, and golf courses in England and New York, in order to secure bank loans more easily. Last September, a civil suit was filed in New York state court, accusing Trump of inflating the reported value to about $2.2 billion (approximately 3 trillion won). Prosecutors contend that the values of three key real estate properties owned by Trump, including Trump Tower, 40 Wall Street, and Seven Springs, were artificially inflated.
It is important to note that this civil case is separate from the four criminal cases against Trump. These criminal charges involve allegations of accounting manipulation to suppress a sex scandal, disclosure of classified White House documents, incitement of a Capitol riot, and an attempt to overturn the presidential election.
Judge Arthur Engoron of the Manhattan District Court, who oversees this case, partially agreed with the plaintiffs’ claims during a summary judgment decision on the 26th of last month. He recognized that former President Trump had significantly inflated the value of his assets and subsequently revoked the Trump Organization’s license to operate real estate holdings in New York State.
Depending on the outcome of the trial, the Trump Organization may lose its right to conduct business in New York State. Secretary James has requested a fine of $250 million (approximately 340 billion won) and a permanent ban on Trump from engaging in business activities in the state.
Reporter: Choi Young-kwon
Fraudulent loan charges… Come to court in person
Prosecutors say, “3 trillion won in asset value was blown up”
You could lose your right to do business in New York State
▲ Former President Donald Trump (center) appears voluntarily in a civil trial on fraudulent loan payments held in the Federal District Court of New York on the 2nd (local time) and is seated in the defendant’s box. Former President Trump stood in court with his arms crossed and an angry expression on his face, shaking his head from time to time as he listened to the plaintiffs’ comments. NEW YORK AP (AP) Yonhap News Former US President Donald Trump was accused of inflating the size of the Trump Organization’s real estate assets to get easy loans in the past, but he defended the case by calling it a “witch hunt.”
Former President Trump appeared in person at a civil trial on fraudulent loan payments held in Manhattan District Court in New York City on the morning of the 2nd (local time) and claimed, “This is a witch hunt by a corrupt New York State Attorney. General,” and “It is fraud and nonsense.” In response to this, New York State Attorney General and Prosecutor General Letitia James objected, saying, “His fraudulent actions have already been recognized in court,” and “No matter how powerful they are or how much money there is by them, no one can stand. above the law.”
New York State Attorney General James said former President Trump’s team reduced the value of a number of assets, including a mansion in New York, high-end apartments, buildings, and golf courses in England and New York, to about $2.2 billion (about 3 trillion won) for more than 10 years in order to get bank loans easily A civil suit was filed in New York state court in September last year, alleging that the report was inflated. Prosecutors believe that the asset values of Trump’s three major real estate properties, including Trump Tower on Fifth Avenue in Manhattan, New York, 40 Wall Street in downtown Wall Street, and the Seven Springs real estate in Westchester County, were inflated.
This case is a separate civil case unrelated to the four criminal cases of former President Trump, who was indicted on charges of manipulating accounting to silence a sex scandal, leaking classified White House documents, inciting a Capitol riot, and attempting overturn the presidential election. .
Judge Arthur Engoron of the Manhattan District Court, who presided over this case, recognized some of the plaintiff’s claims that former President Trump greatly inflated the value of his assets in a summary judgment decision on the 26th of last month before for the formal proceedings to begin, and also recognize the real estate holdings of the Trump Group in New York State. The license to operate was revoked.
Depending on the outcome of the future trial, the Trump Organization may lose its right to do business in New York state. Secretary James has asked former President Trump to be fined $250 million (340 billion won) and permanently banned from doing business in New York state.
Reporter Choi Young-kwon
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