Trump loses appeal of financial fraud case

investmentnews.com:

In a case that is being closely watched by the financial sector, the civil fraud trial against former President Donald Trump regarding allegations of exaggerated property valuations could commence as early as Monday. An appeal by Trump to postpone the trial was dismissed by a New York appeals court earlier Thursday.

This development follows Justice Arthur F. Engoron’s ruling earlier in the week that delivered a significant setback to Trump. Engoron found Trump responsible for “persistently overvaluing his assets,” which could have implications on the business operations of the former president in New York.

New York Attorney General Letitia James, who instigated the legal action against Trump, claims the property valuation inflation was leveraged to secure favorable bank loan terms.

Although Trump’s legal avenues are narrowing, there remains the potential to appeal Engoron’s initial decision. The overarching issue yet to be resolved in the trial includes the determination of possible sanctions against Trump and his company, with James eyeing the recovery of an estimated $250 million.

During the legal proceedings, Trump’s attorneys pointed to a prior appeals court decision from June, suggesting that some allegations against the ex-president might be time-barred. However, Thursday’s ruling seemed indifferent to this argument.

Christopher M. Kise, Trump’s lawyer, expressed strong dissatisfaction with the judgment, labeling it “outrageous” and accusing Engoron of overlooking “basic legal, accounting, and business principles.”

Trump has vehemently refuted all the allegations. He has also suggested that political bias might be at play, referencing both the judge and the attorney general’s political affiliations. Furthermore, he