A New York Supreme Court judge on Friday ordered Trump to pay $364 million. fine, handing down a significant fine after a months-long civil trial in which New York’s attorney general accused Trump and others of financial fraud.
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Trump cannot serve as an officer or director of any New York company for three years, CNBC reports.
The final decision was made by Manhattan Supreme Court Judge Arthur Engoron, who conducted the trial without a jury.
Trump may appeal the decision.
The trial stems from a lawsuit filed by New York Attorney General Letitia James, who accused Trump, his two adult sons, his company and top managers of fraudulently inflating Trump’s assets in order to increase his wealth and obtain various financial privileges.
In a pre-trial decision, Engoron ordered summary judgment on James’ primary cause of action – that the defendants committed fraud by violating New York law.
Engoron said Trump’s financial statements from 2014 to 2021 inflated the value of his assets by between $812 million and $2.2 billion.
Engoron also ordered the defendants’ business certificates to be revoked and an independent receiver to be appointed to manage the dissolution of Trump’s corporate entities. Some experts called the decision a death sentence for the Trump Organization.
In the dock, Trump confronted Engoron and James. Trump also criticized his former fixer and personal lawyer Michael Cohen, who testified that Trump ordered him to falsely manipulate his wealth.
Over the course of four weeks, Trump violated the speech ban twice, for which he was fined a total of $15,000.
Case history
On August 31, New York City Attorney Letitia James called on the court to find Trump a fraud even before his trial.
On September 26, in New York State Court, Judge Arthur Engoron found former US President Donald Trump guilty of fraud in a case brought by State Attorney General Letitia James, who ruled that Mr. Trump inflated the value of his property in order to obtain lucrative loans.
On October 27, a court ruled that the daughter of US President Donald Trump, Ivanka Trump, must testify in a fraud case against her brothers and father in New York.
On Friday, February 2, a New York state judge in the $370 million civil fraud case against ex-President Trump postponed its decision until mid-February.
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.