New York Judge Fines Former President Trump $364M and Bars Him From Corporate Roles
A New York judge issued a stunning ruling on Friday, fining former President Donald Trump a staggering $364 million for fraudulent business practices and barring him from serving as an officer or director of any corporation in the state for three years.
The ruling wrapped up a trial of more than two months, which the former president described as “very unfair.”
Throughout the trial, Trump’s lawyers lambasted the verdict as “a danger to the business environment” and a “politically motivated witch hunt.” However, the ruling could have been much more damaging to Trump and his companies.
The lawsuit was a victory for New York Attorney General Letitia James, who sued Trump over allegations of fraudulent practices that led to inflated financial statements and more favorable financing and insurance terms for his properties.
The investigation began in March 2019, sparked by former personal lawyer Michael Cohen’s testimony before Congress. It centered on Trump’s exaggerated wealth in financial statements provided to Deutsche Bank while seeking financing to buy the NFL’s Buffalo Bills.
The judge’s final decision retracted an earlier ruling that would have dissolved Trump’s companies. It also imposed a hefty fine, although it was less than the minimum amount sought by the state attorney general. Judge Arthur Engoron characterized the business practices as a “venial sin” but criticized Trump and his co-defendants for their lack of remorse and repentance.
The trial did not involve a jury, as neither side sought one and the nature of the lawsuit did not require it. However, this ruling is just one of the many legal and financial issues that Trump faces. He currently has 91 criminal accusations derived from four criminal trials, two state ones in Georgia and New York, and two federal trials.
This case exemplifies the legal and financial burdens weighing on the former president as he campaigns for a potential return to the White House. It’s clear that Trump’s legal woes are far from over, and the implications of this ruling continue to loom large for the former president and his businesses.