Trump hits out over bank and insurance fraud ruling

Trump hits out over bank and insurance fraud ruling | Insurance Business America

Insurance News

Trump hits out over bank and insurance fraud ruling

Ex-President faces October trial as Attorney General seeks $250 million in penalties

Insurance News

By
Jen Frost

Ex-President Donald Trump has hit back following a New York judge’s ruling that he defrauded banks and insurers for years.

In a statement shared on social media platform Truth Social, former US President Trump called foul on what he labeled a “ridiculous and untrue” decision, which found that he and affiliated organizations had misled banks and insurers by inflating asset values while building out his real estate business.

In one example, Trump, who is currently campaigning for the 2024 US presidential election, argued that his Palm Springs, Florida Mar-a-Lago property could be worth “almost 100 times” the lower end of the scale value of $18 million that it was appraised at by the Palm Beach County Assessor.

Liability had been demonstrated for the “false valuation” of the property and other assets including 40 Wall Street and Trump’s Aberdeen, Scotland, golf course, the New York judge found.

In his Truth Social statement, Trump blasted what he referred to as the “un-American” summary judgment, which was made prior to an upcoming non-jury trial set for early October.

Trump claimed that his civil rights had been violated and largely appeared to blame political machinations for the case and its findings. The ex-president called for an appellate court to reverse the decision.

Attorney General of New York Leticia James has sought to recoup $250 million in penalties. Just what the ruling means for Trump is expected to be determined at the October trial.