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Trump and Trump Organization Ordered to Pay $453.5 Million in New York Fraud Case

February 17, 2024

Photo Credit: CBS News

 

A judge in New York has ruled that former President Donald Trump and his company, the Trump Organization, must pay a staggering $354 million in fines, which balloons to $453.5 million with pre-judgment interest. The decision, delivered by Judge Arthur Engoron on Friday, marks one of the most significant corporate sanctions in the state’s history. Additionally, Trump and his organization are barred from seeking loans from financial institutions in New York for three years, and Trump himself is prohibited from serving as an officer or director of any New York corporation for the same period.

The ruling also affects key figures within the Trump Organization. Allen Weisselberg, the former CFO, and Jeffrey McConney, the former corporate controller, are banned from holding officer or director positions in any New York corporation or legal entity for three years, with a permanent prohibition on participating in financial control functions. Trump’s sons, Eric Trump and Donald Trump Jr., who are executive vice presidents at the Trump Organization, face a two-year ban from similar roles and hefty fines.

Judge Engoron’s scathing rebuke of Trump and his associates highlighted their refusal to acknowledge wrongdoing throughout the investigation and legal proceedings. He condemned their lack of remorse and cited overwhelming evidence of fraudulent financial practices. The ruling underscores the gravity of the case, emphasizing the fraudulent submission of financial data to obtain more favorable loans and terms.

New York Attorney General Letitia James hailed the decision as a victory for justice and accountability, stating that it sends a clear message that no one is above the law. However, Trump and his legal team have vowed to appeal the judgment, denouncing it as unjust and politically motivated.

Despite the impending legal battle, the ruling poses significant financial implications for Trump, further complicating his already tumultuous financial landscape.

 

 

Credit: CBS News

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