In a significant blow to former U.S. President Donald Trump, a New York judge has ruled that he and his family business fraudulently inflated the value of their properties and assets. Justice Arthur Engoron of New York state court in Manhattan ordered the cancellation of certificates allowing certain Trump businesses to operate in the state and appointed a receiver to oversee their dissolution. The judge found that Trump and his sons, along with the Trump Organization, fabricated valuations and inflated Trump’s net worth for their own business interests. The decision will make it easier for the state Attorney General, Letitia James, to establish damages in an upcoming trial.

The judge’s scathing decision highlights the extent to which Trump and his family manipulated valuations and misrepresented their net worth. Justice Engoron described their actions as a “fantasy world” and sanctioned the defendants’ lawyers for making “preposterous” arguments. While Trump and his family have denied committing fraud and plan to appeal the decision, legal experts suggest that the cancellation of business certificates could have serious implications for Trump’s ability to generate income. Bill Black, a financial regulation expert, warned that if upheld, the decision could lead to the liquidation of the limited liability companies holding the majority of Trump’s assets.

The ruling comes as Trump seeks the Republican presidential nomination for 2024, despite facing multiple criminal charges. Trump, in response to the decision, called the accusations of fraud “ridiculous and untrue” and criticized Justice Engoron as a “DERANGED” judge doing the bidding of Letitia James. Trump has consistently claimed that the charges against him are politically motivated witch hunts. The outcome of this case could have far-reaching consequences for Trump’s business ventures and his aspirations for a political comeback.

(Note: This summary was expanded to three paragraphs while retaining the original context of the news article.)

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