A New York judge has recently issued a significant ruling against former US President Donald Trump, imposing hefty fines totaling $355 million and instituting a three-year prohibition on his ability to run companies within the state. The ruling, which arises from allegations of fraud, stands to profoundly impact Trump’s business empire and financial status.
Donald Trump, the anticipated Republican nominee for the presidency, has been held liable for allegedly inflating his wealth unlawfully and manipulating property values to secure favorable bank loans or insurance terms. While the case is civil in nature and does not carry the threat of imprisonment, the financial penalties are considerable.
Following the ruling, Donald Trump expressed his discontent on social media, denouncing the decision as a “Total SHAM” and casting aspersions on the judge and prosecutor. Trump’s legal team swiftly announced intentions to appeal, with Trump likening the ban on conducting business in New York to a “corporate death penalty.”
Judge Arthur Engoron, delivering the scathing ruling, justified the substantial penalties by highlighting Trump’s “complete lack of contrition and remorse,” which he suggested bordered on pathological. Trump’s sons, Eric and Donald Trump Jr., were also found liable and ordered to pay over $4 million each. Additionally, the judge extended the oversight mandate of retired judge Barbara Jones and appointed an independent director of compliance to the Trump Organization.
The ruling is seen as a significant victory for New York Attorney General Letitia James, who sought $370 million in damages from Trump and advocated for the business ban. James hailed the decision as a “tremendous victory,” stressing the importance of everyone adhering to the same rules, including former presidents.
This ruling concludes a tumultuous legal period for Donald Trump, who recently faced a criminal trial in New York regarding allegations of covering up hush money payments. It precedes another trial in Atlanta, Georgia, where Trump faces accusations of conspiracy to overturn the 2020 election. Meanwhile, a trial in Washington, DC, pertaining to Trump’s efforts to overturn the 2020 election is currently on hold as Trump asserts presidential immunity. Additionally, Trump is scheduled to stand trial in Florida in May on charges related to the mishandling of classified documents upon leaving the presidency.
