Former President Donald Trump has been told to shell out nearly $355 million to New York State for providing false information about his property values, according to a judge’s ruling.
Judge Arthur Engoron also issued a ban preventing him from being a company director or obtaining loans from banks within the state for three years.
Instead of facing the dissolution of some of his companies, which could have led to bankruptcy, the New York real estate tycoon now faces hefty financial consequences.
Reacting from his Florida residence, Mr. Trump expressed his intent to appeal, calling the ruling a “political witch hunt” and labeling the judge a “crooked New York state judge.”
“The frauds found here leap off the page and shock the conscience,” Judge Engoron remarked in his 92-page decision, highlighting the seriousness of the deception.
The judge spared Trump’s empire from the harshest possible punishment, opting instead for oversight measures, including the appointment of an independent monitor and a compliance director.
In addition to the hefty fine, Trump’s sons and co-defendants, Donald Jr. and Eric are each required to pay $4 million and are prohibited from conducting business in New York for two years.
New York Attorney General Letitia James, who brought the civil case against Trump and his associates, accused them of significantly inflating property values to secure favorable loans.
She emphasized the importance of equal treatment under the law, even for former presidents.
“Donald Trump may have authored the art of the deal, but he perfected the art of the steal,” James remarked.
Judge Engoron’s detailed ruling outlined how Trump and his associates had submitted false financial data to lenders to secure loans at lower rates.
Despite Trump’s claims of innocence, the judge found significant evidence of deception.
While the financial penalty is substantial, it’s not expected to bankrupt Trump, whose net worth is estimated at $2.6 billion.
In a separate defamation case, Trump also faces an $83.3 million penalty to writer E Jean Carroll.
However, despite these legal setbacks, Trump remains a wealthy individual.
