Donald Trump’s real estate empire is facing a major threat following a fraud ruling in New York. A judge found that Trump and his adult sons, Eric and Donald Jr, had inflated the value of their properties to deceive banks, insurers, and others. The ruling came in a civil lawsuit brought by Letitia James, New York’s attorney general, who accused Trump and his organization of lying about asset values and net worth to obtain better terms on loans and insurance. The inflated values included Trump’s office buildings, golf courses, and his Mar-a-Lago estate in Florida. The ruling will make it easier for James to seek damages in the upcoming trial, with a penalty of around $250 million being sought. If the ruling withstands an appeal, it will mark the first time a government investigation into Trump has resulted in punishment and will significantly impact his image as a successful business tycoon. Trump is expected to address autoworkers in Detroit today, following a rousing speech by President Biden in support of higher pay for striking workers.
