Trump ordered to pay 354.9m New York court civil fraud case Donald Trump News Today Headline

Donald Trump loses case, banned from New York corporations for 3 years. Must pay $354.9m for fraudulently overstating net worth.

Former US President Donald Trump has been dealt a major legal setback in a civil case in New York, where he has been ordered to pay $354.9 million in penalties for fraudulently overstating his net worth to dupe lenders. In addition to the financial penalties, a New York judge has banned Trump from serving as an officer or director of any New York corporation for three years. This ruling comes as a blow to Trump's real estate empire, as the lawsuit brought by New York Attorney General Letitia James accused Trump and his family businesses of overstating his net worth by as much as $3.6 billion a year over a decade to fool bankers into giving him better loan terms.

Despite Trump's denials of wrongdoing and claims that the case is a political vendetta, the judge's ruling is expected to have significant implications for his business ventures. The civil fraud case could potentially impact Trump's real estate empire as he leads the race for the Republican nomination to challenge Democratic President Joe Biden in the November 5 US election.

The legal troubles for Trump do not end with this case. He is currently under indictment in four criminal cases, including one in New York related to hush-money payments he made to an adult star ahead of the 2016 election. The judge overseeing that case recently set a trial date, despite objections from Trump's lawyers, who sought to delay it due to Trump's crowded legal and political schedule.

During the New York civil case, Trump's courtroom appearances were marked by defiant and meandering testimony, where he lashed out against the judge and the attorney general while proclaiming his innocence. Trump's former lawyer and "fixer" Michael Cohen also testified for the state, claiming he manipulated the values of Trump's real estate properties to match whatever number Trump told them.

The trial, which featured dramatic testimony from Trump's adult children, Donald Jr, Eric, and Ivanka, resulted in the judge ruling that Trump's financial statements were fraudulent. The focus of the trial then shifted to determining the amount of penalties Trump should pay, with James seeking $370 million in penalties and a New York commercial real estate ban on Trump and his two adult sons.

In addition to the financial penalties, the judge also ordered the partial dissolution of companies that control pillars of Trump's real estate empire. However, this ruling was later cancelled, and an independent monitor and compliance director were appointed to oversee Trump's businesses.

Despite the legal setbacks and ongoing trials, Trump continues to maintain his innocence and has pleaded not guilty in all four cases. As the legal battles continue, the impact on Trump's business ventures and political aspirations remains to be seen.

Share With Others