Justice Arthur Engoron found that Trump’s annual statements of financial condition overstated his assets by between $812 million and $2.2 billion a year. The best-known example: his Trump Tower triplex was listed at 30,000 square feet, about three times its real size. Other values ignored legal restrictions on land use. [1]
Trump’s defense was that the statements carried disclaimers, banks did their own checks, the loans were repaid and the lenders made money. That is true, and the appeals court took it seriously. But the law the attorney general used does not require proof that a victim lost money. [1][2]
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