New York judge rules Trump committed fraud and lied about net worth for years

A New York judge ruled in the state attorney general's $250 million lawsuit against Donald Trump and his company that the former president committed repeated acts of fraud for years.

A New York judge ruled in the state attorney general's $250 million lawsuit against Donald Trump and his company Tuesday that the former president committed repeated acts of fraud for years.

According to the ruling, which allows the civil trial to begin next week, Trump lied to banks and insurers by both overvaluing and undervaluing his assets when it was to his benefit while exaggerating his net worth to the tune of billions of dollars.

In his 35-page ruling, Judge Arthur Engoron said Trump continually lied on his financial statements and was able to get favorable loan terms and lower insurance premiums as a result. Trump's legal arguments defending the statements are based in "a fantasy world, not the real world," Engoron wrote.

He went on to say that the case was essentially a "documents case" and that "the documents here clearly contain fraudulent valuations that defendants used in business, satisfying [the attorney general's] burden to establish liability as a matter of law against defendants. Defendants’ respond that: the documents do not say what they say; that there is no such thing as 'objective' value; and that, essentially, the Court should not believe its own eyes."

"The defenses Donald Trump attempts to articulate in his sworn deposition are wholly without basis in law or fact," Engoron added.