Judge Arthur Engoron on Friday fined former President Donald Trump and the Trump Organization more than $350 million in a civil fraud case and barred him from serving as an officer or director of a New York company for three years. .
New York Attorney General Letitia James sought a $370 million fine and life sentence for New York’s real estate industry, effectively bankrupting President Trump. Mr. James alleged that Mr. Trump committed financial fraud.
Trump plans to appeal the ruling. “This is a lawsuit that should never have been filed, and I think we should be awarded damages,” President Trump said in his closing argument.
Constitutional law scholar Jonathan Turley called the ruling “confiscating, extreme and abusive.”
The ruling is the second time this year that Trump has been found guilty and required to pay restitution to millions of people. A judge orders Trump to pay $83.3 million in a defamation lawsuit against author E. Jean Carroll.
NBC News report Incident details:
Mr. James alleged that the defendants used inflated financial statements to obtain bank loans and insurance policies at interest rates they otherwise would not have received, “reaping hundreds of millions of dollars in ill-gotten gains.”
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Among the examples of fraud cited by the attorney general’s office during the trial were Trump appraising his triplex in New York City’s Trump Tower at three times its actual size and value, and golf appraisals. In order to increase the brand value, they included the inclusion of brand value. Financial statements clearly state that brand value is not included.
Another example the Attorney-General pointed out clearly struck a chord with him. It’s a dispute over the value of Mar-a-Lago, his social club and residence in Florida. President Trump’s financial statements from 2011 to 2021 value Mar-a-Lago at between $426 million and $612 million, while the Palm Beach County assessor said it was valued at between $426 million and $612 million for the same period. It estimates the property’s market value at $18 million to $27 million.
The judge also fined Donald Trump’s children, CNN reported. report:
Judge Arthur Engoron found President Trump’s adult sons Donald Jr. and Eric liable for numerous civil fraud charges in New York, including issuing false financial statements, falsifying business records and conspiracy.
He ordered each to pay $4 million in personal benefits from the fraud.
Additionally, Engoron fined Allen Weisselberg, former chief financial officer of the Trump Organization, $1 million.
James’ lawsuit against Trump is just one of many legal challenges facing the former president. District and federal prosecutors filed four charges against the president.
The indictment includes 91 counts, including 34 charges in New York State, with a maximum penalty of 136 years. 40 cases in Miami, the longest being 450 years. In Washington, D.C., he has four cases, the longest being 55 years. Georgia has 13 cases, the longest being 76.5 years.
Wendell Husebo is a political reporter for Breitbart News and a former Republican war room analyst.he is the author of politics of slave morality.Follow Wendell “X” @WendellHusebø or society of truth @WendellHusebo.
