Former President Donald Trump has been ordered to pay a staggering $355 million by a New York judge. [Source]
The ruling, stemming from a civil fraud case led by New York Attorney General Letitia James, accuses Trump of grossly inflating his net worth by billions over a decade to deceive banks and insurers.
This judgment also temporarily bars Trump from conducting business in New York, a state pivotal to his real estate empire.
Justice Arthur Engoron, presiding over the case in the Manhattan Supreme Court, found the evidence of fraud compelling, highlighting that the “frauds found here leap off the page and shock the conscience.”
As a consequence, Trump, along with his two eldest sons, who are also implicated, face a temporary ban from serving as officers or directors in any New York-based company. The sons are additionally fined $4 million each.
The Trump legal team has vehemently criticized the ruling, describing it as a “manifest injustice” and a product of political persecution. Alina Habba, Trump’s attorney, expressed confidence that the decision would be overturned on appeal, criticizing it as a message that “New York is no longer open for business.”
The former president, undeterred by the verdict, has launched a scathing attack on the judicial and prosecutorial figures behind the case. [Source]
Speaking at a campaign event in Michigan, Trump labeled Judge Engoron as a “crooked” and “radical left-wing judge” and referred to Attorney General James as a “crazed lunatic.” He condemned the decision as an “unconstitutional atrocity,” likening it to actions seen in “banana republics” rather than the United States.
This ruling adds to a series of legal challenges faced by Trump, including a recent $83.3 million defamation damages verdict and ongoing criminal indictments related to the 2020 election and classified documents.
Despite these hurdles, Trump remains a formidable figure in the upcoming election, leading in polls in crucial swing states like Michigan.
The financial implications of the judgment are substantial, with the combined penalties and interest potentially pushing Trump’s legal debts beyond half a billion dollars. This comes at a time when Trump’s political action committees have already expended over $50 million in legal fees last year, with expectations of rising costs as he navigates multiple legal battles.
Trump’s resilience in the face of adversity is evident. His net worth, although impacted, remains substantial, and his political influence is undiminished, as indicated by his leading position in the polls against Biden in Michigan.
This story is still developing…