In a significant ruling on Friday, a New York judge has directed former US President Donald Trump and the Trump Organization to pay a hefty fine of nearly $355 million in a civil fraud case. The judgment, spanning 90 pages, also imposes restrictions on Trump’s role in corporate activities in New York state for three years, while his sons, Donald Trump Jr. and Eric Trump, are each fined $4 million and barred from serving as directors for two years.
This decision stems from a trial that concluded in January, where Trump and his sons were found liable for inflating the value of their properties by hundreds of millions of dollars. Despite the ruling, Trump and his sons continue to deny any wrongdoing, with the former President labeling the case as a “fraud” and a “political witch hunt.”
Former Chief Financial Officer Allen Weisselberg was also slapped with a $1 million fine and a three-year ban from New York business activities. Additionally, Weisselberg and former controller Jeffrey McConney face a lifetime prohibition from holding financial control positions in any New York corporation or business entity.
The judge has mandated the continuation of an independent monitor overseeing Trump’s business for three years, along with the appointment of an “Independent Director of Compliance.” However, the decision to cancel the defendants’ business certificates ahead of the trial was reversed, though the judge indicated it could be revisited.
Trump’s legal team has condemned the ruling, calling it a “manifest injustice” and the culmination of a politically motivated campaign. The trial, spanning over two months, featured testimony from 40 witnesses, including Trump himself, top Trump Organization executives, and his adult children.
With this substantial judgment, Trump’s financial standing faces a significant setback, compounded by another $83.3 million judgment against him for defamation in a separate case involving writer E Jean Carroll’s allegations of sexual assault. The repercussions of these legal battles could have profound implications for Trump’s future endeavors and financial stability.
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