A New York judge has ordered former US President Donald Trump to pay a whopping $355 million in fines and imposed a three-year ban on running companies in the state.
The ruling, stemming from fraud allegations, is poised to have profound implications on Trump’s business empire and financial standing.
Donald Trump, the presumed Republican presidential nominee, has been found liable for unlawfully inflating his wealth and manipulating property values to secure favorable bank loans or insurance terms. The civil case, distinct from criminal proceedings, does not carry the threat of imprisonment, but the financial penalties are deemed severe.
Unsurprisingly, Donald Trump took to social media, branding the ruling a “Total SHAM” and labeling the judge as “crooked,” while accusing the prosecutor of being “totally corrupt.”
Donald Trump’s legal team promptly announced plans to appeal the decision. Despite the civil nature of the case, Trump likened a ban on conducting business in New York state to a “corporate death penalty.”
Judge Arthur Engoron, delivering the scathing ruling, justified the substantial penalties, highlighting Trump’s “complete lack of contrition and remorse,” which he suggested bordered on pathological.
Donald Trump’s sons, Eric and Donald Trump Jr., were also found liable and ordered to pay over $4 million each. The judge extended the oversight mandate of retired judge Barbara Jones and appointed an independent director of compliance to the Trump Organization.
The ruling marks a victory for New York Attorney General Letitia James, who sought $370 million from Trump and pushed for the business ban. James hailed it as a “tremendous victory,” emphasizing the importance of everyone playing by the same rules, even former presidents.
This ruling concludes a whirlwind legal week for Donald Trump, who faced a criminal trial in New York on charges of covering up hush money payments. It precedes a separate trial in Atlanta, Georgia, where Trump is accused of conspiracy to overturn the 2020 election.
Meanwhile, a trial in Washington, DC, regarding Trump’s efforts to overturn the 2020 election, is on hold as Trump asserts presidential immunity.
In May, Trump is scheduled to go on trial in Florida on charges related to taking classified documents upon leaving the presidency.
