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Judge Orders Trump To Pay $355 Million For Lying About His Wealth In Staggering Civil Fraud Ruling
NEW YORK — On Friday, a New York judge ordered Donald Trump to pay $355 million in penalties after determining that the former president lied about his wealth for years in a sweeping civil fraud verdict that pierces his billionaire image but does not put his real estate enterprise out of business.
Judge Orders Trump To Pay $355 Million For Lying About His Wealth In Staggering Civil Fraud Ruling
Judge Arthur Engoron’s verdict, issued following a trial in New York Attorney General Letitia James’ lawsuit, penalises Trump, his corporation, and officials, including his two eldest sons, for attempting to defraud banks, insurers, and others by exaggerating his wealth on financial statements. It demands a shakeup at the top of his Trump Organisation, subjecting the corporation to court oversight and limiting how it conducts business.
The ruling is a stunning defeat for the Republican presidential front-runner, the latest and most expensive result of his recent legal woes. The severity of the conviction, combined with penalties in other instances, may significantly deplete Trump’s financial resources and harm his reputation as a shrewd businessman who leveraged his popularity as a real estate developer into a reality TV celebrity and the presidency. He has promised to appeal and will not have to pay immediately.
Judge Orders Trump To Pay $355 Million For Lying About His Wealth In Staggering Civil Fraud Ruling
Trump’s true punishment might be considerably more costly because state law requires him to pay interest on the penalties, which James claims puts him on the hook for more than $450 million. The amount paid to the state will increase until he pays.
However, the judge made it plain that the Trump Organisation will continue to exist, reversing an earlier decision that would have dissolved Trump’s businesses.
Judge Orders Trump To Pay $355 Million For Lying About His Wealth In Staggering Civil Fraud Ruling
Engoron, a Democrat, found that Trump and his corporation were “likely to continue their fraudulent ways” without the sanctions and controls he set. Engoron decided that Trump and his co-defendants “failed to accept responsibility” and that the specialists who testified for him “simply denied reality.”
“This is a venial sin, not a mortal sin,” Engoron stated in a scathing 92-page ruling. “They didn’t rob a bank at gunpoint. Donald Trump isn’t Bernard Madoff. However, defendants are unable to admit their mistakes.
SOURCE – (AP News)
