A New York grand jury has indicted former President Donald Trump on 30 counts of fraud, alleging that he and his company, the Trump Organization, engaged in a "scheme to defraud banks and tax authorities."
The indictment, which was unsealed Thursday, charges Trump with 10 counts of first-degree criminal tax fraud, 15 counts of second-degree criminal tax fraud, and one count of first-degree criminal conspiracy.
The charges stem from a years-long investigation into Trump's business dealings by the Manhattan district attorney's office. The investigation began in 2018, after Trump's former personal attorney, Michael Cohen, pleaded guilty to lying to Congress about hush money payments that he made on Trump's behalf to two women who alleged that they had affairs with Trump.
The indictment alleges that Trump and the Trump Organization engaged in a "scheme to defraud banks and tax authorities" by inflating the value of Trump's assets in order to obtain loans and reduce his tax liability.
The indictment also alleges that Trump and the Trump Organization engaged in a "scheme to defraud insurance companies" by undervaluing the value of Trump's properties in order to obtain insurance payouts.
Trump has denied all of the allegations in the indictment. His attorney, Rudy Giuliani, called the indictment a "political witch hunt" and said that Trump would be "vindicated" in court. The indictment is the first time that a former U.S. president has been indicted on criminal charges. It is unclear whether Trump will face trial. If he does, the trial could begin as early as next year.
The indictment is a major setback for Trump, who is considering running for re-election in 2024. The charges could also complicate Trump's efforts to raise money for his campaign. The indictment is also a major victory for Manhattan District Attorney Cyrus Vance Jr., who has been investigating Trump for years. Vance has been criticized by Trump and his allies for pursuing the investigation.
The indictment is likely to further divide the country along partisan lines. Trump's supporters are likely to view the charges as politically motivated. Trump's critics are likely to view the charges as a sign that Trump is finally being held accountable for his actions.
The indictment is a major development in the long-running investigation into Trump's business dealings. It is unclear what the long-term implications of the indictment will be. However, the indictment is a major setback for Trump and a major victory for Vance.