A NY Court has repeatedly ordered Donald Trump and his organization to pay 364 Million dollars for its massive fraudulent practices.
Attorney General Leticia James's case highlighted ways that the Trump Organization inflated the value of its assets to get favorable deals on insurance and loans. The prosecution also proved that Trump “acted with intent” and knowledge of such practices. Donald has once again been defeated. “Donald Trump may have authored the art of the deal, but he perfected the art of the steal.” James said。
New York judge ruled Friday against Donald Trump, imposing a $364 million penalty over what the judge ruled was a years long scheme to dupe banks and others with financial statements that inflated the former president’s wealth.
The Cory ruling could climb to $400 million or more once interest is added — but will have to either come up with the money or secure a bond within 30 days.
Not only did Judge Engoron impose a three-year ban preventing Trump from serving in top roles at any New York company, including his own, but the judge also applied that punishment to Trump's adult sons for two years and ordered that they pay more than $4 million each. Eric Trump, is the Trump Organization’s de facto chief executive, and the ruling throws into doubt whether any member of the family can run the business in the near term.
Prosecutors said the firm manipulated the value of its real estate assets for financial and tax purposes. No jury was involved in the case—Judge Arthur Engoron previously found the Trump Organization committed fraud, with only the penalty to be determined. See our previous write-up here.
Trump is now a professional loser after he was also barred from serving as an officer or director of any New York corporation for the next three years.
Judge Arthur Engoron issued his decision after a 2½-month trial that saw the Republican presidential front-runner bristling under oath that he was the victim of a rigged legal system.
The stiff penalty was a victory for New York Attorney General Letitia James, a Democrat, who sued Trump over what she said was not just harmless bragging but years of deceptive practices as he built the multinational collection of skyscrapers, golf courses, and other properties that catapulted him to wealth, fame and the White House.
Trump’s lawyers had said even before the verdict that they would appeal. NY Executive Law 63(12), the "regulatory bazooka" used by Letitia James (Also used by her office against the pharma executive Martin Shkreli, and by her predecessors against Trump University.