A judge in New York has barred former US President Donald Trump from operating businesses in the state for three years and ordered him to pay an astounding $355 million in fines.
The decision, which is based on accusations of fraud, is likely to have a significant impact on Trump’s financial situation and commercial empire.
In order to obtain advantageous bank loans or insurance terms, Donald Trump, the presumptive Republican presidential nominee, has been found guilty of falsely exaggerating his wealth and altering property prices. Unlike criminal cases, civil cases do not carry the prospect of jail time, but the financial penalties are nevertheless considered to be rather high.
🚨BREAKING: Donald Trump, his eldest sons and associates have been ordered to pay over $350 Million by a New York judge who found them guilty of intentionally committing financial fraud over the course of a decade.
‼️The figure could increase with interest payments if he doesn’t… pic.twitter.com/g0mIyFN4I4
— Ivano Panetti (@ivanopanetti) February 16, 2024
Of course, Donald Trump immediately rushed to social media to criticize the decision, calling it a “Total SHAM,” calling the judge “crooked,” and calling the prosecutor “totally corrupt.”
Promptly, Donald Trump’s legal team declared that they will be appealing the ruling. Even though the case is civil in nature, Trump compared a prohibition on doing business in New York state to the “corporate death penalty.”
In his devastating decision, Judge Arthur Engoron cited Trump’s “complete lack of contrition and remorse,” which he thought was almost pathological, to support the severe punishments.
Eric and Donald Trump Jr., the sons of Donald Trump, were also found guilty and given orders to pay more than $4 million apiece. The judge appointed an independent director of compliance to the Trump Organization and extended retired judge Barbara Jones’ supervision power.
Letitia James, the attorney general of New York, who fought for the company ban and asked Trump for $370 million, has won this case. James celebrated it as a “tremendous victory,” stressing how crucial it is that everyone—including past presidents—play by the same rules.
With this decision, Donald Trump’s hectic court week comes to an end. He was charged with concealing payments for hush money and was put on trial in New York. It comes before a different trial in Atlanta, Georgia, where Trump is being charged with plotting to rig the 2020 election.
As Trump claims presidential immunity, a trial in Washington, DC, pertaining to his attempts to rig the 2020 election, has been put on hold.
Trump is set to face trial in Florida in May on allegations that he stole secret information when he was president.
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