Former president Donald Trump and his companies must pay $354.8 million for fraudulent business practices and will be banned from the New York real estate business for three years.
Friday, February 16, 2024 11:18PMFormer president Donald Trump and his companies must pay $354.8 million for fraudulent business practices and will be banned from the New York real estate business for three years, Judge Arthur Engoron ruled this afternoon.
Engoron had already ruled that Trump and his associates, including his adult sons, wildly overvalued the former president's net worth and his real estate assets to make deals and to get big loans. "They are accused only of inflating asset values to make more money. The documents prove this over and over again. This is a venial sin, not a mortal sin. Defendants did not commit murder or arson. They did not rob a bank at gunpoint. Donald Trump is not Bernard Madoff. Yet, defendants are incapable of admitting the error of their ways. Instead, they adopt a 'See no evil, hear no evil, speak no evil' posture that the evidence belies," Engoron wrote.
Trump's sons Donald Trump Jr. and Eric Trump were both found liable in the case and were each ordered to pay $4,013,024. Both sons are also banned from serving as officers or directors of New York companies for two years. In a section of his ruling titled, "Blame the Accountants," Engoron wrote that, "There is overwhelming evidence ... that the buck for being truthful in the supporting data valuations stopped with the Trump Organization, not the accountants."
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