Donald Trump declared guilty of fraud by presenting 'exaggerated value of asset's

A New York judge has held former US President Donald Trump responsible for business fraud by exaggerating the value of properties and other assets. It is considered a major setback for the former US president which could affect his ability to conduct business.

According to the British news agency Reuters, the strict decision of the New York state court in Manhattan, Justice Arthur Engron, will make it easier for State Attorney General Letitia James to determine the damages in the trial scheduled for October 2.

Justice Arthur Engron also ordered the revocation of certificates that allow some of Trump's businesses, including the Trump Organization, to operate in New York.

The judge described how Trump, his adult sons Donald Jr. and Eric, the Trump Organization, and other defendants inflated the value of assets to serve their business needs.

Justice Arthur wrote that 'this is an imaginary world, not a real-world.'

Trump and the other defendants maintain that they never committed fraud and that the challenged transactions were profitable. He plans to appeal against Justice Ngorun's decision.

"Today's outrageous decision is a complete departure from the facts and the governing law," Trump's attorney Christopher Kiss said in a statement. "President Trump and his family will use all available options to remedy this miscarriage of justice."

Attorney General Letitia James says she looks forward to taking the rest of her case to trial.

Bill Black, a prominent scholar at the University of Minnesota Law School, believes this is a "catastrophic decision." Revoking the business certificate could hurt Trump's ability to make money.

New York Attorney General Letitia James filed a lawsuit against Trump in September 2022.

Letitia James alleged that Donald Trump overstated his assets by $2.2 billion in his annual financial statements to banks and insurers.