Donald Trump, the former president of the United States, was ordered by New York Judge Arthur Engoron to pay $354.9 million in penalties on Friday for falsely inflating his net worth in order to mislead prosecutors. The verdict, which came after a hard-fought three-month trial in Manhattan, deals a serious legal setback to Trump and casts doubt on the future of his real-state business.
In a strongly worded ruling, the judge also prohibited Trump from holding any position as an officer or director of a company in New York for a period of three years. Trump's lawyer, Alina Habba, has sworn to file an appeal.
Engoron, who initially ordered the dissolution of companies controlling Trump's real estate holdings, revised the decision and appointed an independent monitor and a compliant director. The judge criticised Trump, the other defendants for
"their complete lack of contrition and remorse on the pathological."
The lawsuit was brought by New York Attorney General Lеtitia Jamеs, who accused Trump of inflating his net worth by as much as $3.6 billion annually as a way to secure favourable loan terms. Trump, who is currently facing criminal charges in multiple cases, has dismissed the lawsuit as a political vendetta.
BREAKING: New York AG Letitia James outlines the judgement in the civil fraud trial of former Pres. Trump. https://t.co/2s3Ji3YZ4A pic.twitter.com/7btg61S2Wp— ABC News (@ABC) February 16, 2024
Engorons rule includes a three-year prohibition on Trump and his companions applying for loans from any New York chartered financial institution and potentially impacting his access to credit from major U.S. banks. Trump's adult sons, Don Jr. and Eric, were also ordered to pay $4 million each, with Trump Organisation CFO Allen Wеissеlbеrg facing a $1 million penalty and a lifetime ban from managing any New York company's finances.
The total penalties for all defendants, including those included, amount to more than $450 million, according to James. The judge's decision could have substantial consequences for Trump's real estate ambition and even lead to the Republican nomination race for the 2024 presidential election.
During thе trial and Trump's tеstimony , he is characterised by Engoron as defiant and that may have contributed to the security of the pеnaltiеs. The judge criticised Trump's behaviour and stated that
"His refusal to answer the questions directly, or in some cases, at all, severely compromised his credibility."
As Trump plans to appear, the financial implications of the ruling remain unclear. The judge could require him to deposit the full amount plus interest or secure an approximate bond. However, the judges findings that Trump lied to banks about his wealth and obtained credit may prove challenging.
Despite the uncertainty surrounding Trump's financial standing and the rule, this is a significant legal setback for the former president, who continues to grapple with multiple legal challenges on various fronts.
You may also read:Trump Ordered To Pay $83.3 Million To Writer E. Jean Carroll In Defamation Verdict
(inputs from Reuters and AP)
Media sources: X ( AP, ABC and Reuters)
ⒸCopyright 2024. All Rights Reserved Powered by Vygr Media.
