A US court in New York has handed down a significant ruling against former President Donald Trump, fining him over $350 million and prohibiting him from participating in business activities within the state for the next three years.
The judgment, delivered by Judge Arthur Engoron in a civil case involving business fraud allegations against Trump and his company, marks a significant legal setback for the former president.
According to NBC News, Judge Engoron’s ruling requires Trump and the Trump Organization to pay damages exceeding $350 million and prohibits Trump from holding officer or director positions in any New York corporation or legal entity for the specified three-year period. Additionally, an Independent Monitor and Director of Compliance are to be appointed to oversee the company.
This ruling adds to Trump’s legal woes, as it follows a $83.3 million verdict against him in a defamation lawsuit brought by writer E. Jean Carroll last month. Furthermore, Trump faces the prospect of four criminal trials this year, with the first scheduled to commence on March 25th in a New York state court.
The lawsuit, brought by New York Attorney General Letitia James, sought $370 million in damages, alleging repeated and systematic fraud by Trump, his firm, and senior executives, including his sons Donald Trump Jr. and Eric Trump. James accused them of fabricating business records and inflating financial statements by as much as $2.2 billion to secure loans and insurance policies, resulting in substantial illicit profits.
Trump has consistently denied wrongdoing, arguing that his financial statements were conservative and dismissing the allegations as politically motivated. He maintains that the case against him should never have been pursued and has expressed his intention to seek damages.
This recent legal setback for Trump comes after he was fined $10,000 in October 2023 for violating a gag order in the case, along with an additional $5,000 for failing to remove a disparaging post about the judge’s law clerk. Judge Engoron had previously prohibited Trump from making derogatory remarks about court staff.
The civil trial, which lasted several months, featured testimony from Trump and his children. Trump’s demeanor on the witness stand was characterized as aggressive, with him labeling Attorney General James as a “hack” and describing the court as “extremely hostile.”
During the trial, examples of alleged fraud cited by the attorney general’s office included Trump inflating the value of his Trump Tower triplex and improperly including brand values to boost the valuation of his golf courses, despite explicit statements indicating otherwise on financial documents.
