17-2-2024 (NEW YORK) In a significant legal setback for Donald Trump, a New York judge has ruled against the former president, imposing a hefty $364 million penalty. The decision comes after a 2½-month trial where Trump faced accusations of orchestrating a years-long scheme to deceive banks with inflated financial statements, portraying his wealth as greater than reality.
Judge Arthur Engoron, presiding over the case, delivered the verdict, which also includes a three-year prohibition on Trump serving as an officer or director of any New York corporation. This marks a major victory for New York Attorney General Letitia James, who filed the lawsuit in 2022, alleging persistent fraud in Trump’s business dealings.
The trial highlighted allegations that Trump, in constructing his vast real estate empire, habitually inflated his financial statements, leading to better loan terms, interest savings, and successful completion of projects. James asserted that Trump exaggerated his wealth by as much as $3.6 billion in one year.
Even before the verdict, Trump’s legal team expressed their intention to appeal the decision. The judge’s ruling adds another layer to the legal challenges facing Trump, who is already entangled in multiple investigations and lawsuits.
This latest legal setback stems from a civil case, distinct from the criminal accusations Trump faces, including attempts to overturn the 2020 election results, hoarding classified documents, and falsifying business records related to hush money payments.
While civil litigation threatens Trump financially, it has not noticeably impacted his pursuit of the Republican presidential nomination for the 2024 election. However, these legal battles continue to pose challenges to his political ambitions.
The penalty comes amid a series of legal troubles for Trump, including a recently confirmed hush-money trial set to commence on March 25, and ongoing legal debates about his Georgia election interference case. Despite these legal hurdles, Trump remains a prominent figure in the Republican landscape.
