A New York judge has ruled against former President Donald Trump in his civil fraud case, imposing penalties nearing $355 million. The case, led by New York Attorney General Letitia James, accused Trump and his organization of inflating asset values on financial statements to benefit from tax reductions and insurance deals. Judge Arthur Engoron’s decision, detailed in a 92-page document, also restricts Trump from engaging in New York business activities for three years.
The trial, which lasted over two months, featured testimonies from 40 witnesses, including Trump’s adult sons and former executives of the Trump Organization. Despite Trump’s defense arguing no fraud occurred and citing due diligence by banks like Deutsche Bank, Engoron found Trump, his sons Donald Jr. and Eric, and former CFO Allen Weisselberg guilty of fraud. Weisselberg faces a $1 million penalty and a business ban alongside Trump, while Trump’s sons are fined over $4 million each.
This ruling adds to Trump’s financial woes, including a separate $83.3 million judgment for defamation. Trump, whose net worth is estimated between $2.6 billion and $3.1 billion, might see a significant impact from these legal outcomes. Additionally, Trump’s legal expenses are surging, with his fundraising committees spending about $50 million on legal consulting in 2023 alone.
Discover more from News Facts Network
Subscribe to get the latest posts sent to your email.
