Donald Trump has been fined a staggering $355 million and prohibited from engaging in business activities in New York for three years following a fraud trial verdict issued by a New York judge. The ruling deals a significant blow to Trump's business empire and financial status.
The case centered on allegations that Trump unlawfully inflated his assets and manipulated property values to secure favorable loans and insurance terms. Trump, who is widely expected to secure the Republican presidential nomination, condemned the ruling on social media, branding it a "Total SHAM" and accusing the judge and prosecutor of corruption. His legal team intends to appeal the decision.
Although the verdict carries no threat of imprisonment as it was a civil case, Trump equated the ban on conducting business in New York to a "corporate death penalty." This legal setback comes as Trump faces 91 criminal charges in separate cases, which he has used to rally his supporters and criticize his potential opponent, President Joe Biden, framing the court proceedings as attempts to undermine him politically.
Judge Arthur Engoron, delivering the ruling, justified the substantial penalties by highlighting Trump's lack of remorse and the seriousness of his actions. Trump's sons, Eric and Donald Trump Jr., who were also defendants in the case, were ordered to pay over $4 million each. Don Jr. attributed the outcome to "political beliefs."
In addition to the fines, Engoron extended the oversight of retired judge Barbara Jones as an independent monitor of Trump's business dealings. He also mandated the appointment of an independent compliance director for the Trump Organization, with candidates to be proposed by Jones.
The ruling marks a triumph for New York State Attorney General Letitia James, who had sought $370 million in restitution from Trump and pushed for his ban from conducting business in the state. Trump's rise to prominence as a property developer in New York was a pivotal point in his career, leading to ventures in the entertainment industry and eventually his presidency.
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