In a landmark ruling, former President Donald Trump has been slapped with a $354.8 million penalty and barred from running a business in New York for three years. The decision follows a three-month civil fraud trial initiated by New York Attorney General Tish James, shedding light on Trump’s alleged orchestration of massive business fraud.
Trump’s Downfall Unfolds
The verdict, delivered by Justice Arthur Engoron, deals a significant blow to Trump’s identity as a successful businessman, unraveling years of alleged financial misconduct. This ruling is the latest legal setback for the former president, who recently faced an $83.3 million defamation penalty in a separate case.
Massive Penalty and Business Ban
Justice Engoron issued a staggering $354.8 million penalty against Trump, asserting that he systematically inflated his net worth to secure favorable terms from financial institutions and insurers. Moreover, Trump faces a three-year ban on running a business in New York, marking a pivotal moment in his post-presidential legal battles.
Implications for Trump Organization
The penalties go beyond hitting Trump personally; they also impact the Trump Organization. Trump’s sons, Eric Trump and Donald Trump Jr., have been banned from running New York companies for two years, each facing fines exceeding $4 million. Former Trump Organization executive Allen Weisselberg has been fined $1 million.
Lack of Contrition
Justice Engoron criticized Trump and other defendants for their “complete lack of contrition and remorse,” describing it as behavior that “borders on pathological.” The ruling underscores the severity of the allegations and the court’s response to the defendants’ reactions throughout the trial.
Trump’s Reaction and Future Implications
Trump’s lawyer, Chris Kise, expressed the former president’s intent to appeal the verdict, condemning it as a “tyrannical abuse of power.” The ruling could have lasting implications for Trump’s political ambitions, particularly as he explores the possibility of a 2024 presidential run.
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