Former president’s empire at risk as New York judge rules his exaggerations as fraud
Former president’s empire at risk as New York judge rules his exaggerations as fraud
NEW YORK — “People want to believe that something is the biggest and the greatest and the most spectacular. I call it truthful hyperbole,” “It’s an innocent form of exaggeration, and a very effective form of promotion.” said Trump in his book authored thirty six years ago, ‘The Art of the Deal’.
However, this phenomenon is challenged in a ruling that was done by New York city based judge Justice Arthur Engoron. In a ruling that could cost the former president a fortune and terminate his gist of the business empire that made him the globe’s most renowned business-person and president of the US, Justice Engoron describes Trump’s “truthful hyperbole” as fraud.
Trump is not new to controversies, his mired in various litigations. Nonetheless, this case seems to be more personal to him. The case is set to begin this Monday, 2 October at a Manhattan courthouse near the city’s financial district.
The case was filled by New York attorney general Letitia James, this follows an expansive three-year long investigations into the Donald’s sprawling businesses. James argues that Trump overquoted the value of his assets to broker deals as well as acquire financing.
The ruling has negatively tainted the image of the former US president and his family, unearthing his shoddy deals, hampering his ability to control his New York based real estate firm. Unless overturned, the ruling could compel him to relinquish a section of his property like Trump Tower in New York. James is seeking a fine of two hundred and fifty million US Dollars.
A long-time Trump’s critic also an author of ‘The Big Cheat’ David Cay Johnston, contends that the ruling would be disastrous to Trump’s empire since he is no longer in business.
“Donald has been a thief and a liar his entire life. But nothing’s happened to him. That’s a really astonishing part because there’s an unbelievably robust record, establishing that Donald has cheated people lied to people,” said Johnston.
Trump who is line-listed as a possible witness in the case, is likely to meet Justice Engoron in the corridors of justice. Protesting the ruling, Trump referred to Engoron as a “political hack”. He further detests the ruling describing it as “the corporate death penalty”.
“The documents here clearly contain fraudulent valuations that defendants use in business,” said Engoron. The attorney general’s evidence shows that Trump was operating in a “fantasy world, not a real world” noted the judge.
Edited by Judy J. Rotich and Newsdesk Manager
