A New York judge ruled Trump committed fraud by overvaluing his assets
Andy McCarthy: Everything is at stake for Trump in the New York case
Former assistant U.S. attorney Andy McCarthy offers legal analysis after former President Donald Trump is accused of fraud, putting his New York empire at stake on 'The Story with Martha MacCallum.'
The civil trial stemming from New York Attorney General Letitia James’ lawsuit against former President Trump and the Trump Organization is set to begin in New York City.
The non-jury trial, presided over by Judge Arthur Engoron, will begin Monday in Manhattan and comes after a New York State Appeals Court rejected the 2024 GOP primary frontrunner's request to delay the civil trial.
The former president is listed among dozens of possible witnesses.
NEW YORK AG SUES TRUMP OVER FRAUD ALLEGATIONS
Engoron last week ruled that Trump and the Trump Organization committed fraud while building his real estate empire by deceiving banks, insurers and others by overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing financing.
MANHATTAN, NEW YORK, UNITED STATES - 2023/07/10: Marquee at the main entrance to the Trump Tower building in Manhattan. (Erik McGregor/LightRocket via Getty Images)
Engoron’s ruling comes after James sued Trump, his children and the Trump Organization, alleging that Trump "inflated his net worth by billions of dollars" and said his children helped him to do so.
COURT REJECTS TRUMP'S REQUEST TO DELAY CIVIL TRIAL OUT OF NEW YORK AG JAMES' INVESTIGATION
Engoron ordered that some of Trump’s business licenses be rescinded as punishment, making it difficult or impossible for them to do business in New York. The judge said he would continue to have an independent monitor oversee the Trump Organization’s operations.
Trump has denied any wrongdoing and has said the investigation was politically motivated and a "witch hunt." The former president has argued that his assets are worth far more than what is listed on annual financial statements and argued the statements have disclaimers.
NEW YORK, UNITED STATES - 2023/07/31: State Attorney General Letitia James (Lev Radin/Pacific Press/LightRocket via Getty Images)
"I have been unfairly sued by the Trump Hating Democrat Attorney General of New York State, Letitia James, over the false fact that I inflated my Financial Statements in order to borrow money from Banks, etc. The Judge in the case, Arthur F. Engoron, refused to allow this case to go to the ‘Commercial Division,’ where it belongs, because he is a Trump Hater beyond even A.G James who campaigned against me spewing horrible inflammatory statements which are False & Defamatory," Trump posted Tuesday on his Truth Social after Engoron's ruling. "I am not even allowed a Jury!"
Trump went on to say the "facts of this case are simple."
Trump said he is "worth much more than the numbers shown on my financial statements," and said the judge "didn't even include my most valuable asset, my brand."
The civil trial stemming from New York Attorney General Letitia James’ lawsuit against former President Trump and the Trump Organization is set to begin Monday in New York City.
Former President Trump’s legal woes have been covered significantly by ABC, NBC and CBS, but prosecutors are rarely identified as Democrats, according to a new study. (Sean Rayford/Getty Images)
Trump also said the banks "were paid back in full, sometimes early, there were no defaults, the banks made money, were represented by the best law firms, & were very ‘happy.’"
"There were no victims!" Trump wrote. "On the front page of the financial statements there is a strong ‘disclaimer clause’ telling all not to rely on these financial statements."
Trump said the disclaimer clause "tells anyone reviewing the data, including financial institutions, to do their own research and analysis —it is a non-reliance clause, and could not be more clear."
"Additionally to my being worth far more than is shown in the ‘fully disclaimed’ financial statements, again, not putting down a value for my biggest asset, brand, the company has hundreds of millions of dollars in cash, and very little debt," Trump said. "It is a great company that has been slandered and maligned by this politically motivated Witch Hunt."
Trump was deposed as part of the lawsuit in April for the second time. During that deposition, the former president answered questions. The first deposition took place in August 2022, but Trump invoked his Fifth Amendment rights.
The Associated Press contributed to this report.
Brooke Singman is a Fox News Digital politics reporter. You can reach her at
