Judge Orders Ex US President, Donald Trump To Pay fine of $364 Million for engaging in fraudulent business, Strips Business Licenses
Judge Engoron issued his long-awaited ruling today.
After conducting an 11-week trial of Trump Org on a case where the New York Attorney General alleged that Donald Trump engaged in a pattern of fraudulent business practices over the court over course of many year, Judge Engoron ordered Trump to pay a massive $372 million in total fines. Trump was also stripped of his business certificates in the State of New York, which makes it virtually impossible for him to continue to conduct business in the state.
The AG also asked Judge Engoron to ban Donald Trump, Jr. and Eric Trump from conducting business in NY for 3 years. Engoron declined to grant that request, finding that there was insufficient proof presented at trial to show that they were aware of their father’s fraudulent schemes.
Engoron had previously found Trump liable on some of the counts and stripped him of his business licenses on those. Trump appealed that case and any punishment was stayed by the court until the appeal is resolved. That is expected to happen now with this fine and suspension on the remaining counts.
Judge Engoron ruled that Trump repeatedly inflated his assets on his financial statements to banks in order to secure favorable financing, often making up numbers in his own head rather than rely on third-party appraisals. Trump’s legal team, led by Alina Habba and Chris Kise, argued that Trump included disclaimer language in these statements that rendered the statements “worthless.” Judge Engoron did not agree, ruling that Trump still had a duty to make good faith financial disclosures and adding a disclaimer clause doesn’t absolve that responsibility.
