Site icon

New York Landmark Verdict: Trump Ordered to Pay $355 Million in New York Civil Fraud Case

New York

Trump Organization fined $355 million in New York civil fraud case

Legal verdict and financial ramifications :

A New York judge has announced a landmark ruling against former US President Donald Trump and the Trump Organisation, imposing a civil fraud penalties of about USD 355 million. The 90-page verdict also imposes severe penalties on Trump’s sons, Donald Trump Jr. and Eric Trump.

Legal Restrictions and Denials :

The decision bars Donald Trump from acting as a business director in New York for three years, while his sons risk a USD 4 million fine and a two-year ban on directorship. Despite being found accountable for inflating property values, Trump and his sons categorically deny any involvement, calling the case a “fraud” and a “political witch hunt.”

Judicial background and financial consequences :

Judge Arthur Engoron’s verdict after a lengthy trial in 2023, during which Trump and his allies were held liable for significant property value inflation. The attorney general’s office first sought a fine of USD 370 million, which was significantly lower than the judge’s ultimate verdict. Allen Weisselberg, former Chief Financial Officer, faces a USD 1 million fine and a three-year ban from doing business in New York, as well as lifetime financial restrictions for himself and Jeffrey McConney.

Judicial Oversight and Legal Repercussions :

The judge ordered the continuation of an independent monitor to watch Trump’s business for three years, as well as the appointment of a “Independent Director of Compliance.” However, a prior judgement to cancel the defendants’ business certificates was overruled, but they remain subject to renewal. Trump’s lawyer denounced the decision as a “manifest injustice” and the result of a “politically fueled witch hunt.”

Legal battles and financial strain :

The trial lasted more than two months and involved testimony from 40 witnesses, including Trump, top Trump Organisation executives, and his adult children. Trump’s financial status suffers significantly as a result of the USD 354.8 million decision, which is accompanied by an additional USD 83.3 million defamation judgement against writer E Jean Carroll.

Exit mobile version