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Sun, Dec 22 | 4:50 pm

Trump Fined $438 Million in Landmark Fraud Case

by | Feb 18, 2024

In a significant blow to former President Donald Trump, Judge Arthur Engoron delivered a crushing blow by imposing a staggering fine of $355 million for fraudulent practices in inflating property values. This ruling marks the largest punishment Trump has faced to date, adding to the $83 million judgment previously issued against him for defamation, summing up to a hefty $438 million in the past four weeks alone.

The verdict, issued on Friday, highlights the enduring impact of civil litigation on Trump’s business interests, as he faces a series of criminal trials, the first of which is slated to commence next month. Engoron found Trump culpable for fraud, conspiracy, and disseminating false financial statements and business records. Additionally, he prohibited Trump from serving as a director of a New York-based company for three years.

While Engoron refrained from dismantling the Trump Organization entirely, his scathing 93-page opinion portrayed the former president as unrepentant and prone to future fraudulent activities. Engoron lambasted Trump’s lack of contrition, describing it as “bordering on pathological.”

Key takeaways from the ruling include the monumental fines imposed on Trump, surpassing any previous penalties levied against him. New York Attorney General Letitia James had sought a $370 million fine, alleging a longstanding fraud scheme involving the inflation of Trump’s assets on financial statements. Engoron’s ruling came close to this figure, targeting the defendants for their ill-gotten gains.

Engoron’s verdict also implicated Trump and his entities in profiting from the sale of properties through fraudulent means. The judge held Trump accountable for $126 million in profits from the Old Post Office sale in Washington, D.C., and $60 million from the Ferry Point sale in the Bronx. Moreover, Trump faces additional payments for interest, potentially inflating the total amount owed to over $100 million.

The ruling underscored Engoron’s disapproval of Trump’s conduct throughout the trial, condemning his lack of cooperation and tendency to deflect questions with politically charged speeches. While Engoron refrained from dissolving the Trump Organization, he imposed stringent oversight measures, including the appointment of independent monitors to supervise the company’s operations.

Trump’s legal team has already indicated plans to appeal Engoron’s ruling, citing alleged errors and misinterpretations of the law. The contentious legal battle is expected to drag on in the appellate courts, prolonging the financial and reputational repercussions for the former president.

Tags:lawsuit | politics | trump | US

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