Trump hit with $354.9 million penalty, 3-year ban in NY civil fraud case
Legal setback for Trump
Donald Trump has been ordered to pay $354.9 million in penalties for overstating his net worth to deceive lenders, according to a New York judge’s ruling on Friday. This ruling represents another legal setback for the former U.S. president in a civil case that poses a threat to his real estate empire.
Consequences for Trump
In addition to the financial penalty, Justice Arthur Engoron banned Trump from serving as an officer or director of any New York corporation for three years. This decision comes after a contentious three-month trial in Manhattan. Trump’s lawyer Alina Habba has vowed to appeal the ruling.
Repercussions of the ruling
As a result of the ruling, Trump and his companies named in the suit are barred from applying for loans from any financial institution chartered in New York for three years. This could significantly impact Trump’s ability to obtain credit from major U.S. banks. The judge cited Trump and his companies’ past run-ins with the law as a factor in the imposition of stiff penalties.
Accusations against Trump
The lawsuit brought by New York Attorney General Letitia James accused Trump and his family businesses of overstating his net worth by as much as $3.6 billion a year over a decade to deceive bankers into providing better loan terms. Trump, who faces criminal charges in four other cases, has denounced the lawsuit as a political vendetta.
Trump’s response
Trump has taken to his social media platform to criticize the ruling, calling it a “Complete and Total SHAM” and accusing the judge and James of corruption. He has also labeled the case against him as “ELECTION INTERFERENCE” and a “WITCH HUNT.”
Financial impact
The judge’s ruling could deal a significant blow to Trump’s real estate empire, potentially affecting his ability to access cash and credit. Trump’s lawyer has indicated that they intend to appeal the decision, believing it will be overturned.
Other legal challenges
Aside from this civil fraud case, Trump is currently under indictment in four criminal cases, including charges related to hush money paid to a porn star. The judge overseeing one of the criminal cases recently set a trial date. Trump has pleaded not guilty in all of these cases.
