Likely Republican Presidential candidate Donald Trump has been hit with a massive fine of $364 million in a civil fraud case in New York. The judge also ruled that Trump would be barred from running any business in the state for three years. The three-month trial centered around allegations that Trump inflated asset values in order to secure better loan terms.
According to presiding judge Arthur Engoron, Trump’s team submitted false financial data to accountants, resulting in fraudulent financial statements. Despite being presented with the evidence during the trial, Trump’s fact and expert witnesses denied reality, and he failed to accept responsibility or implement internal controls to prevent such misconduct in the future.
The case was further marred by legal mistakes made by Trump’s team, making his appeal all the more challenging. However, under New York law, Trump will be required to put up a significant portion of the damages in escrow.
This is not the first legal blow for Trump, as last year, he lost a separate case involving allegations of sexual assault and defamation, resulting in a fine of $88.3 million.
Despite these legal setbacks, Trump remains the favored candidate to occupy the White House in the upcoming presidential elections.
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In conclusion, Donald Trump’s recent civil fraud case loss in New York has resulted in a staggering $364 million fine and a three-year ban on running businesses in the state. Known for inflating asset values to secure better loan terms, Trump now faces significant legal and financial repercussions.
While it remains to be seen whether Trump’s appeal will be successful, this case adds to a growing list of legal setbacks for the business mogul, including his previous fine of $88.3 million for sexual assault and defamation.
As the political landscape continues to evolve, Trump remains a controversial figure, with his bid for the presidency generating significant interest. The implications of this case will undoubtedly have bearing on his future prospects and potential influence in the upcoming elections.
