By Sam Cabral,

BBC News-Washington: In a stunning legal blow to former U.S. President Donald Trump, a New York judge has ruled that he committed fraud by deliberately misrepresenting his wealth to banks and insurers for years, potentially derailing his business interests in the state.

The case, brought forward by New York Attorney General Letitia James, accused Trump and his family business of inflating property values by a staggering $2 billion, a move allegedly made to gain favorable financial advantages, such as lower taxes and more favorable loan terms.

The pivotal ruling was delivered by Judge Arthur Engoron, who swiftly dismissed the defense’s argument that the valuation disparities were mere matters of opinion. Judge Engoron unequivocally labeled the discrepancies as “clearly fraudulent,” casting a shadow over Trump’s business empire. As a consequence of this verdict, some of Trump’s business licenses in New York have been revoked, putting his control over prominent properties like the iconic Trump Tower in jeopardy.

Donald Trump, no stranger to legal battles, vehemently denied any wrongdoing, characterizing the case as a “political witch hunt” and accusing the judge of harboring political biases. Despite these fervent denials, Trump is set to face a trial commencing on October 2, with the focus shifting towards determining penalties. Attorney General James seeks a staggering $250 million in damages and the possibility of banning Trump from conducting business in New York.

This legal maelstrom couldn’t have come at a more critical time for the former president, who has hinted at a potential run for the presidency in 2024. Alongside this high-profile case, Trump finds himself embroiled in several other legal disputes that threaten to shape his political and financial future. The outcome of this legal battle may not only have repercussions for Trump’s businesses but could also influence the trajectory of his political ambitions in the years to come.