A New York judge has ordered that former President Donald Trump pay $355 million — and temporarily banned him from doing business in the state where he made his name — after finding Friday that he inflated his net worth by billions to dupe banks and insurers over the course of a decade.
This decision came after the judge concluded that Trump had exaggerated his net worth by billions over a period of ten years to deceive banks and insurers.
Under the ruling from Manhattan Supreme Court Justice Arthur Engoron, Trump, aged 77, will face a three-year prohibition from serving as an officer or director of any company based in New York.
Should this ruling withstand the expected appeal process, Trump might lose control over his famed properties in New York, including the iconic Trump Tower located in Midtown Manhattan.
Furthermore, Engoron imposed a two-year ban on business activities in New York against Trump’s two eldest sons, along with a directive for them to each pay $4 million.
This ruling marks the end of a three-month-long civil trial that tarnished Trump’s reputation as a successful mogul who transformed his father’s business into a globally recognized real estate empire before venturing into politics.
The trial, which spanned 11 weeks, presented evidence suggesting that Trump inflated the value of various assets, such as Trump Tower and Mar-a-Lago Club, to secure favorable interest rates, resulting in significant financial benefits for the Trump Organization.
Testimony revealed instances where Trump’s company misrepresented the size and value of properties, including his personal triplex in Trump Tower and the Mar-a-Lago estate in Florida.
Trump’s former associates, including his tax broker and Michael Cohen, his former lawyer, provided testimony regarding Trump’s involvement in manipulating asset values to align with his desired net worth. Cohen recounted instances where Trump instructed him to inflate property values, likening Trump’s demeanor to that of a mob boss.
Evidence presented during the trial suggested his direct involvement in crafting financial documents that misrepresented asset values. Trump’s legal team argued that any discrepancies were subjective and did not result in harm to lenders, portraying the case as a politically motivated attack.
{Matzav.com}
I do not like Donald Joseph Trump although I voted for his twice and likely will vote for him again. He deserves to win in appeal. He didn’t do anything others don’t do. He got nipped.
He paid all the banks with interest, and they loved doing business with him. He also built up the city, and this is how he’s paid back! I hope all businesses leave the city. This is the greatest miscarriage of justice in the history of this country. I hope he doesn’t pay a cent and destroys these viscous animals when he becomes president for the third time.
I feel bad for trump!!
So send him a nice Hallmark card.
I’m gonna guess that this wasn’t politically motivated.
83.5 million + 355 million = did we get it all or do we have to trump up some new charges so he’ll be totally penniless?