Ex-President Donald Trump Penalized $354 Million in Fraud Lawsuit
Ex-President Donald Trump Penalized $354 Million in Fraud Lawsuit – After a civil fraud trial in New York, a substantial penalty of $354.9 million has been imposed on Donald Trump, the 77-year-old former US President.
Additionally, Trump has been prohibited from engaging in business activities in New York for the next three years. The judgment is a result of Trump’s alleged inflation of his wealth in statements provided to financial institutions, a tactic employed to facilitate deals and secure loans.
During the court proceedings, Judge Arthur Engoron emphasized the importance of honesty and transparency, dismissing the common excuse that ‘everybody does it.’
He remarked, “The common excuse that ‘everybody does it’ is all the more reason to strive for honesty and transparency and to be vigilant in enforcing the rules. Here, despite the false financial statements, it is undisputed that defendants have made all required payments on time; the next group of lenders to receive bogus statements might not be so lucky.”
New York Attorney General Letitia James uncovered that Trump had inflated his personal wealth by as much as $3.6 billion.
In addition to the substantial fine imposed on Trump, his children, Eric and Donald Jr, have each been fined $4 million. Allen Weisselberg, the former chief operating officer of the Trump Organization, faces a $1 million fine.
Despite the legal repercussions, Alina Habba, Trump’s lawyer, vehemently criticized the verdict, branding it a “manifest injustice” and a result of a “politically fuelled witch hunt.”
In a statement, Habba asserted, “It is the culmination of a multi-year, politically fuelled witch hunt that was designed to ‘take down Donald Trump,’ before Letitia James ever stepped foot into the Attorney General’s office.” Trump’s legal team has indicated their intention to appeal the decision.
Habba expressed confidence in the appeal process, stating, “Given the grave stakes, we trust that the Appellate Division will overturn this egregious verdict and end this relentless persecution against my clients.”
She emphasized the broader implications, warning, “Let me make one thing perfectly clear: this is not just about Donald Trump – if this decision stands, it will serve as a signal to every single American that New York is no longer open for business.”
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