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In a significant legal blow to former U.S. President Donald Trump, a New York judge has ordered him to pay approximately $454 million in fines and interest as part of a civil business fraud trial. The ruling, delivered by Manhattan Supreme Court Judge Arthur Engoron, follows a lawsuit filed by New York Attorney General Letitia James, accusing Trump, his company, and top executives of fraudulently inflating Trump’s assets to enhance his net worth and gain various financial advantages.
The staggering sum ordered by the court includes around $355 million in disgorgement, which refers to returning ill-gotten gains, along with more than $98 million in prejudgment interest. Judge Engoron’s ruling also imposes a three-year ban on Trump from running a business in New York and applying for loans from state-registered financial institutions.
This legal saga stems from allegations that Trump and his associates misrepresented financial information to secure loans and other financial benefits. The judge’s decision is seen as a significant victory for the New York Attorney General’s office in its efforts to combat business fraud.
Trump’s legal team has indicated plans to appeal the ruling, expressing confidence that the Appellate Division will rectify what they perceive as errors made by the trial court. The appeals process is expected to extend over several years, prolonging Trump’s legal battles.
The ruling comes amidst a slew of legal challenges facing Trump, including a recent defamation case where he was ordered to pay $83.3 million for defaming writer E. Jean Carroll. Despite his legal setbacks, Trump remains a prominent figure in American politics and a frontrunner for the Republican presidential nomination, setting the stage for a potential rematch with President Joe Biden in the upcoming election.
Throughout the trial, Trump vehemently denied any wrongdoing, often characterizing the legal proceedings as politically motivated attacks aimed at undermining his reputation. However, Judge Engoron’s scathing ruling criticized Trump and his associates for their lack of contrition and remorse, describing their behaviour as bordering on pathological.
The outcome of this trial underscores the legal scrutiny surrounding Trump’s business dealings and the potential consequences for his future ventures. As the legal battle continues to unfold, it remains to be seen how Trump will navigate these challenges and their implications for his political aspirations and business interests.