A judge orders Donald Trump to pay $355 million to New York State
A judge has mandated former President Donald Trump to settle nearly $355 million (£281 million) with New York State for providing false information about his property values, along with other punitive measures. Judge Arthur Engoron’s ruling also includes a ban preventing Trump from serving as a company director or acquiring loans from New York banks for three years.
Trump, reacting from his Florida estate, denounced the ruling as a political vendetta, vowing to appeal the decision. The judge’s ruling cited previous instances of misconduct, including the Trump Organisation’s conviction in a criminal tax fraud case, as grounds for the significant penalty imposed.
Judge Engoron spared Trump’s empire from the most severe consequence of potential dissolution, opting instead for two tiers of oversight and financial penalties. Trump is further required to pay interest on the fraudulent gains, potentially escalating the total penalty to approximately $450 million. Additionally, Trump’s adult sons, Donald Jr. and Eric, along with a co-defendant, Allen Weisselberg, are individually penalized.
New York Attorney General Letitia James, who led the civil case, accused Trump and his associates of inflating property values and falsifying financial statements to secure loans under favourable terms. She hailed the ruling as a demonstration of equal justice under the law.
Previously, Judge Engoron found Trump liable for business fraud, highlighting instances where Trump misrepresented his wealth significantly. The comprehensive ruling, spanning 92 pages, delineates the judge’s rationale, emphasising Trump’s refusal to acknowledge wrongdoing.
Despite Trump’s persistent denial of misconduct, the ruling underscores the severity of his fraudulent practices and their potential impact on lenders and financial institutions. This penalty compounds Trump’s legal troubles, adding to the substantial defamation case filed against him by E. Jean Carroll.
While the financial penalty is substantial, it is not expected to financially ruin Trump, given his estimated net worth of $2.6 billion. However, it serves as a significant legal setback and underscores the accountability of public figures for financial misrepresentations.
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