The former President of the Republic of America, Donald Trump, following a civil fraud trial involving his finances, has been ordered to pay a huge sum of $354.9 million in penalties.
Not just ordered to make payments of the above-mentioned amount, but he has also been barred from serving as an officer or director of any New York corporations or legal entities for three years.
The former president’s Organization was also restricted from applying for loans from New York-chartered financial institutions during the same time frame, this was after Judge Arthur Engoron filed the 92-page ruling on Friday.
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This new development comes a few weeks after a New York jury ordered Trump to pay $83.3 million in damages to former Elle columnist E. Jean Carroll for defamatory statements he made about her in 2019.
In a decisive move on Friday, justice was served as Judge Engoron imposed hefty penalties on former President Trump. Notably, the judge has also mandated over $4 million in fines each from his sons, Donald Jr. and Eric, along with imposing a two-year ban on their ability to occupy top executive roles within New York businesses.
Moreover, a stern $1 million fine was ordered against the former Trump Organization CFO Allen Weisselberg. Weisselberg faces a prohibition from serving as an officer or director for three years and is permanently precluded from holding financial authority in any New York-based business.
In September, Engoron ruled that Trump committed fraud while building his real estate empire, with the subsequent trial serving to determine his punishment.
The case against Trump was brought by New York Attorney General Letitia James, whose office sued him with an allegation that the former president — with the help of his adult sons and senior executives at the Trump Organization — falsely inflated his net worth by billions of dollars to secure more favorable loan terms and lower insurance premiums.
According to an official statement released by James’ office, it has been asserted that, over a period spanning 2011 to 2021, Mr. Trump, along with the Trump Organization, deliberately devised in excess of two hundred inaccurate and deceptive assessments of assets. This was consistently reflected in the annual Statements of Financial Condition, purportedly with the intention to mislead financial institutions.
The attorney general sought to have Trump fined at least $370 million in penalties and restricted from doing business in the state.
Trump has been in the news since leaving office 2021 on couple of searious legal issues and investigations in regard to his business as well as political grounds.
Four of those investigations have led to indictments — the first one making him the only U.S. president to face criminal charges, and the next two further distinguishing him as the only president to face federal charges.
Still, Trump — who hopes to return to the White House in 2025 — is polling well among Republican voters and appears the front runner to earn the party’s presidential nomination in July.
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