Donald Trump has been dealt a major blow in his fraud trial as Justice Arthur Engoron ruled that he and his organization are liable for nearly $355m in penalties. In addition, Trump has been barred from doing Business in New York for three years.
The judge sided with Attorney General Letitia James’ argument that the Trump Organization should pay a steep price for misrepresenting their assets to obtain more favorable loans and interest rates. While the judge reversed an earlier ruling that threatened to dissolve many of Trump’s businesses in New York, the decision still represents a significant setback for the former president.
Key points to note about Justice Engoron’s decision include:
1. Trump faces a massive financial penalty of nearly $355m, with the possibility of heavy interest added to the total. This comes after he was recently ordered to pay $83.3m to a writer he defamed. It’s an overwhelming defeat for the former president, and he will likely appeal the decision.
2. Trump and his sons have been barred from doing business in New York for a period of two to three years. While Trump has relocated to Florida, the order will not apply outside the state.
3. The initial decision to dissolve Trump’s New York businesses has been revisited, with the Trump Organization set to continue to exist under strict oversight and potential restructuring. An independent monitor will keep a close eye on their operations.
4. An independent monitor will oversee Trump’s businesses, with the power to appoint a compliance director to work under her. This will ensure strict oversight and prevent any financial misconduct.
5. Justice Engoron’s ruling exposed Trump’s controversial business practices, with scathing criticism of the defendants’ lack of contrition and remorse.
The ruling adds to Trump’s legal woes, and the significant financial penalty and business restrictions put a dent in his once-impeccable reputation as a real estate mogul. His struggles with the law are a far cry from his days as a high-flying New York businessman and reality TV star. This ruling is a major blow to Trump’s legacy and is likely to have far-reaching implications for his businesses and reputation.
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