New York and Donald Trump were once inseparable and synonymous with one another because this was the city where the former US President had made name and gained fame and wealth.
New York Civil Fraud Trial Results in $US 355 Million Payment Order for Donald Trump
It is the same New York where a court has slapped him with a fine totaling $355 million in a civil fraud case.
Donald Trump has been indicted for artificially inflating the value of his property to obtain favorable loan and insurance terms.
The judges ordered both Trump and his Donald J. Trump Revocable Trust to pay $354.9 million, his sons Eric and Donald Trump Jr. $4 million each and former chief financial officer Allen Weisselberg for $1 million − for a total of $364 million in penalties.
The judges also barred Trump from doing business in New York State for three years and ordered his trust to pay interest and the total dues amounted to $463.9 million.
The ruling of the court brings curtains to a long and acrimonious civil lawsuit and also could deal a severe blow to the Trump Empire, its brand, financial status and business.
It is also a big victory for Democratic New York Attorney-General Letitia James, who brought the case.
The main points in the rulings include
- Donald Trump has to pay a fine and interest totaling $463.9 million
- Debarred from doing any business or holding any position in any New York Company
- Donald’s two sons were fined $4 million each
- Both his sons are also barred from business or holding any position in any New York Company
- Former chief financial officer of the Trump Organization, Allen Weisselberg fined $US 1 million
- Allen Weisselberg barred from doing business or holding any position in any New York Company
- Trump and his associates cannot apply for bank loans in New York
Trump is facing a multitude of cases which are putting a question mark on his political future. The cases include
- A federal election interference trial
- Mishandling classified documents
- An election racketeering trial in Georgia
Trial over falsifying business records in New York
The trial over falsifying business records in New York featured an acrimonious testimony by the former U.S. president which included outbursts against the judge, his chief law clerk, prompting a gag order which was again violated by Mr. Trump and invited a fine of $15,000.
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