Trump Fined $354.9M In New York Fraud Case

Emmanuel EjioforFebruary 17, 20241 Mins read369

Donald Trump is US' 45th President. Photo Credit: Americas

Donald Trump has been ordered by a New York judge to pay $354.9 million for fraudulently overstating his wealth to secure better loan terms, placing his real estate empire in jeopardy.

This ruling was delivered on Friday, Feb. 16, by Justice Arthur Engoron, after a three-month trial.

The judge also barred Trump from holding an officer or director position in any New York corporation for the next three years.

Trump’s legal team, led by Alina Habba, intends to appeal the decision.

Justice Engoron’s decision was part of a lawsuit initiated by New York Attorney General Letitia James, which claimed that Trump and his family business exaggerated his net worth by up to $3.6 billion to deceive lenders.

The case adds to Trump’s legal troubles, amid which the former president of the United States has labeled the lawsuit as a politically motivated attack by Attorney General James, a Democrat.

Furthermore, the judge has installed an independent monitor over Trump’s businesses. This move is aimed at ensuring compliance, thereby overturning an earlier decision that would have dissolved key components of Trump’s business operations.

Trump’s adult sons, Don Jr. and Eric, were also ordered to individually pay $4 million. The two are part of the defendants alongside their father.

The total penalties, including interest, are over $450 million, marking a substantial financial and reputational setback for Trump.

This ruling comes at a critical time as Trump, a dominant figure in the Republican Party, is leading the US presidential race in his party. Despite facing various legal challenges, the former POTUS remains a pivotal figure in America’s upcoming 2024 elections.