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Trump fined $355 million in civil fraud trial, barred from running N.Y. companies for 3 years

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Former President Donald Trump has been slapped with a staggering $364 million in penalties following a civil fraud trial in New York. The trial, presided over by Judge Arthur Engoron, accused Trump of orchestrating a scheme to deceive banks and other entities with inflated financial statements, purportedly inflating his wealth.

The penalties include a hefty fine of nearly $355 million imposed directly on Trump himself, accompanied by a three-year ban on serving as an officer or director at any company within the state.

Trump’s adult sons, Eric Trump and Donald Trump Jr., who hold officer positions within the company, also faced repercussions, each fined over $4 million and similarly barred for two years. Additionally, Trump Organization’s chief financial officer, Allen Weisselberg, was fined $1 million, while both Weisselberg and former Trump Organization controller Jeffrey McConney were permanently banned from serving in financial control roles within New York corporations.

A spokesperson for New York Attorney General Letitia James’ office revealed that Trump and his co-defendants may actually owe $463.9 million, inclusive of pre-judgment interest. Trump’s share of this amount stands at $453.5 million, with accruing figures until payment is made. The trial’s conclusion marks the culmination of years of legal pursuit initiated by James in 2022, alleging Trump’s extensive history of deceptive practices during the creation of his real estate empire.

In her statement following the ruling, Attorney General James emphasized the significance of holding individuals accountable, regardless of their wealth or influence. She asserted that Trump’s actions, characterized by deceptive business practices and financial fraud, had unjustly enriched him and his family, perpetuating an unfair advantage within the system. Judge Engoron concurred with these assertions, highlighting Trump’s active involvement in submitting false financial data to secure favorable loan terms and inflate his assets’ value.

Despite the verdict, Trump remains defiant, vowing to appeal the decision. From his Mar-a-Lago estate in Florida, he lambasted the trial as politically motivated, denigrating the justice system’s integrity and labeling James as corrupt. His legal team echoed these sentiments, branding the ruling as a grave miscarriage of justice fueled by political vendettas. Meanwhile, the Trump Organization decried the decision as a threat to New York’s business environment, warning of potential repercussions on the state’s economy.

The civil fraud trial is just one among several legal battles confronting Trump as he pursues political ambitions. With additional criminal trials looming, including one related to hush money payments and another regarding efforts to overturn the 2020 presidential election, Trump faces mounting legal pressure. Despite his steadfast denials and accusations of persecution, the verdict underscores the ongoing scrutiny surrounding his business practices and personal conduct.

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