Donald Trump and entities he controls own many valuable properties, including office buildings, hotels, and golf courses. The lenders required personal guarantees from Donald Trump, which were based on statements of financial condition compiled by accountants that Donald Trump engaged. Common Law Fraud The instant action is not a garden-variety common law fraud case. Common law fraud (also known as “misrepresentation”) has five elements: (1) A material statement; (2) falsity; (3)knowledge of the falsity (“scienter”); (4) justifiable reliance; and (5) damages. See, e.g., Kerusa Co. LLC v W10Z/515 Real Estate Ltd. Partnership, 12 NY3d 236, 242 (2009) (“[T]he elements of common law fraud” are “a false representation .

Source: Huffington Post February 16, 2024 20:04 UTC