Trump Slapped with $355 Million Penalty in Civil Fraud Trial

  • Ingrid Jones
  • Africa
  • February 16, 2024

In a landmark decision, New York Supreme Court Justice Arthur Engoron has ordered former President Donald Trump to pay a staggering $355 million in penalties, capping off a months-long civil trial in which Trump, alongside his sons Donald Trump Jr. and Eric Trump, faced allegations of financial fraud brought by New York Attorney General Letitia James.

The ruling, celebrated by Attorney General James as a “massive victory,” not only imposes a substantial financial burden on Trump but also comes with additional sanctions. Trump is now barred from serving as an officer or director of any New York corporation or legal entity within the state for three years. Furthermore, he is prohibited from applying for loans from any financial institution registered in the state during these three years.

The Trump sons, Donald Jr. and Eric, also faced the consequences of their involvement in the case. Each was fined $4 million and is now prevented from serving as an officer or director for any New York corporation for two years.

The case revolved around allegations that Donald Trump manipulated the value of his assets, particularly about the bidding process for the Old Post Office lease contract in Washington. Justice Engoron, in his ruling, determined that Trump had deliberately misrepresented the worth of his assets during this crucial transaction.

New York Attorney General Letitia James expressed her satisfaction with the court’s decision: “Justice has been served. For years, Donald Trump engaged in massive fraud to falsely inflate his net worth and unjustly enrich himself, his family, and his organization.”

The penalties mark a significant financial blow for the former President, and the accompanying sanctions will likely impact his business activities in New York for years to come. The court’s decision sends a strong message about the consequences of financial fraud and misrepresentation, emphasizing that even high-profile individuals are not exempt from accountability.

As the news of the judgment reverberates, how Donald Trump will respond to this significant legal setback remains to be seen. The case, initiated by Attorney General Letitia James, has not only resulted in a substantial financial penalty but has also imposed restrictions that may shape the trajectory of Trump’s business ventures in New York for the foreseeable future.