Extract from ABC News
A New York judge has ruled that former US president Donald Trump lied about his wealth for a decade, defrauding banks and insurers as he built his real estate empire.
It is one of many legal cases Mr Trump is facing while he ramps up his 2024 presidential campaign to return to the White House.
As the New York state court in Manhattan continues to dissect Mr Trump's business dealings and his claims of astronomical wealth with a trial set to begin next week, here's what has happened so far and what it all means.
What's this case about again?
The case is one of three civil cases Mr Trump is facing, in addition to four criminal cases that are underway.
It was brought by New York State Attorney-General Letitia James, who accuses Mr Trump, his adult sons and the Trump Organization of lying for a decade about asset values and his net worth to get better terms from banks and insurers.
Some of the assets include Mr Trump's golf courses, hotels, his penthouse at Trump Tower and his Mar-a-Lago and Seven Springs homes.
Justice Arthur Engoron of the New York state court found Mr Trump liable for fraudulently inflating his assets, making it easier for Ms James to establish damages at trial.
Mr Trump insists he has done nothing wrong.
How much is Trump actually worth?
Forbes estimated Mr Trump's net worth to be $US2.5 billion ($3.9 billion) in April 2023.
Justice Engoron said Ms James submitted "conclusive evidence" that Mr Trump had overstated his net worth by between $US812 million and $US2.2 billion.
Over the years, Mr Trump has often made claims of his net worth.
When launching his presidential campaign in 2015, he said his total wealth was at $US8.7 billion.
"I'm really rich," Mr Trump said at the campaign announcement.
"I have total net worth of $8.73 billion. I'm not doing that to brag. I'm doing that to show that's the kind of thinking our country needs."
A month later, his office put out a statement saying his net worth had grown to over $US10 billion.
Mr Trump's actual net worth in 2015 was $US4.1 billion, according to Forbes.
So what are the consequences for him?
In a civil case, there's no risk of going to prison, but Mr Trump could suffer significant financial losses.
The attorney-general is seeking $US250 million in damages, a five-year ban on Mr Trump's company to engage in business transactions, as well as preventing him and his sons from serving as officers of a business in New York.
The former president's legal cases are also likely to pack his schedule as he campaigns for a return to the White House, but they won't stop him from running.
What about the tax stuff?
Exaggerating his net worth is not the only financial scandal Mr Trump has been embroiled in.
As many may remember, his taxes were a burning question after he became the first US president in decades to not release his tax information during his campaign.
In late 2022, the US house of representatives released his tax returns from 2015 to 2020, showing that he had declared negative income and paid little to no income tax over that period.
Prior to the release, Mr Trump fought a three-year legal battle to keep his tax returns away from the public.
As to his tax returns after leaving the office, we don't know.
What happens next?
Justice Engoron's decision resolves the key claim in Ms James's lawsuit, but several others remain to be decided at trial, which could go on for months.
The trial is set to begin on October 2.
Mr Trump and his lawyers plan to appeal Justice Engoron's decision and have sought to delay the trial.
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