Former US President Donald Trump Slapped with $354.9 Million Penalty, Banned from Running Company for 3 Years
Former US President Donald Trump has been ordered by a New York judge to pay a staggering penalty of $354.9 million for fraudulently overinflating his net worth. The ruling, issued on Friday by Justice Arthur Engoron, comes as a result of a civil case brought forth by New York Attorney General Letitia James. The case alleged that Trump and his family businesses had misrepresented his net worth by up to $3.6 billion per year over the span of a decade to deceive lenders and secure favorable loan terms.
In addition to the hefty financial penalty, Justice Engoron imposed a three-year ban on Trump, forbidding him from serving as an officer or director of any New York corporation. This latest ruling deals a significant blow to Trump’s real estate empire.
Initially in September, Justice Engoron had ordered the dissolution of the companies holding Trump’s real estate assets. However, on Friday, he revised his decision and instead appointed an independent monitor and compliance director to oversee Trump’s businesses.
During the court proceedings in New York, tensions ran high as Trump vehemently maintained his innocence. On January 11, Trump expressed his anger towards both Justice Engoron and Attorney General James, accusing the judge of bias and saying, You have your own agenda. Incurring further consequences, the judge fined Trump $15,000 for twice violating a gag order that prohibited him from disparaging court staff.
While Trump plans to appeal the ruling, his legal troubles extend beyond this civil case. He currently faces indictment in four criminal cases, including one in New York involving hush money payments made to a porn star before the 2016 election. Additionally, he faces charges in Florida for mishandling classified documents post-presidency, as well as in Washington and Georgia for his attempts to overturn the 2020 election results.
Throughout all four cases, the former US president has maintained his plea of not guilty.
This news has elicited widespread interest globally, given Donald Trump’s status as a prominent figure in politics. The ruling against him carries significant financial and professional consequences, making it a crucial development in his ongoing legal battles. The magnitude of the financial penalty, coupled with the three-year ban, signals the severity of the judge’s ruling – a decision that is expected to have lasting implications on Trump’s business ventures and political aspirations.
With inputs from various sources, it is evident that this ruling against Donald Trump marks a significant setback for the former president. As the legal proceedings continue, the world will be watching closely to see how these developments shape the future of one of the most controversial figures in recent history.
