In a landmark ruling by the New York Supreme Court, former President Donald Trump has been levied with fines totaling $US354.9 million ($544 million) and subjected to a three-year ban on working for any New York company. The court’s decision came as a result of a civil fraud case, determining that Trump had artificially inflated his property values to secure advantageous loan and insurance terms.
Judge Arthur Engoron, presiding over the case, handed down several significant penalties:
Donald Trump to pay fines amounting to $US354.9 million.
A three-year prohibition on Trump serving as an officer or director of any New York company.
Donald Trump Jr. and Eric Trump, Trump’s sons, to each pay $US4 million and face a two-year ban on serving as officers or directors of New York companies.
Allen Weisselberg, former CFO of the Trump Organization, to pay $US1 million and endure a three-year ban on holding officer or director positions in New York companies.
Additionally, a three-year prohibition on Trump or his companies applying for bank loans in New York was imposed.
Judge Engoron, in his scathing rebuke, criticized Trump and his co-defendants for their lack of contrition and warned against their tendency to engage in fraudulent activities. Despite this, the judge emphasized that the court’s role was to ascertain facts and apply the law impartially to safeguard the integrity of the financial market.
New York Attorney General Letitia James, heralding the ruling as a triumph of justice, underscored the significance of holding everyone, including former presidents, accountable under the law. She highlighted the egregiousness of Trump’s fraud, emphasizing the principle of equal treatment before the law for all citizens.
The case, which unfolded over an 11-week trial, centered on Trump’s exaggerated claims of wealth and the overvaluation of his assets. Allegations surfaced that Trump had inflated the value of properties such as Trump Tower and Mar-a-Lago, far beyond their actual worth, to bolster his financial standing.
Throughout the trial, Trump and his legal team vehemently denied any wrongdoing, maintaining that the court had undervalued his assets. However, Judge Engoron’s ruling underscored a pattern of fraudulent behavior within the Trump Organization, citing previous instances of liability for fraud.
Trump’s combative legal strategy, characterized by personal attacks on the attorney general and the court, backfired, with legal experts describing it as a “scorched earth defense.” The judge’s decision to impose severe financial penalties was seen as a response to Trump’s disparaging remarks and his likelihood to repeat misconduct.
Reacting to the ruling, Trump decried it as “illegal” and “unAmerican,” pledging to appeal. His lawyer affirmed the intention to challenge the decision, warning of its detrimental impact on business in New York. Despite this setback, Trump’s vast real estate empire, comprising properties like Trump Tower and Mar-a-Lago, remains intact for now.
As Trump faces a myriad of legal challenges, including criminal charges and ongoing civil cases, the recent ruling marks a significant setback for the former president, signaling potential financial and reputational repercussions for his business ventures.
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