Judge Engoron fines ex-president $454 million

A New York judge on Friday ordered Donald Trump to pay about $454 million in total penalties as part of his ruling in the former president’s civil business fraud trial.

The staggering figure includes about $355 million in disgorgement, a term for returning ill-gotten gains, plus more than $98 million in prejudgment interest that will accrue every day until it is paid, according to a spokesperson for the attorney general’s office.

Manhattan Supreme Court Judge Arthur Engoron also barred Trump from running a business in New York for three years.

The former president also faces a three-year ban on applying for loans from financial institutions registered with the state.

“New York means business in combating business fraud,” Engoron wrote in the 92-page ruling.

The judge delivered the final decision from the trial, which was held without a jury.

“We’ve employed tens of thousands of people in New York, and we pay taxes like few other people have ever paid in New York,” Trump said in remarks at his Mar-a-Lago resort after the ruling. “They don’t care about that. It’s a state that’s going bust because everybody’s leaving.”

His attorney Chris Kise said in a statement earlier Friday that Trump “will of course appeal.”

The former president “remains confident the Appellate Division will ultimately correct the innumerable and catastrophic errors made by a trial court untethered to the law or to reality,” Kise said.

The appeals process could take several years to resolve.

The explosive trial stemmed from New York Attorney General Letitia James’ lawsuit accusing Trump, his two adult sons, his company and top executives of fraudulently inflating Trump’s assets to boost his stated net worth and obtain various financial perks.

“There simply cannot be different rules for different people,” James said in a statement celebrating the ruling Friday afternoon.

“Everyday Americans cannot lie to a bank to get a mortgage to buy a home, and if they did, our government would throw the book at them,” James said.

James had asked Engoron to ban Trump for life from New York’s real estate industry, and for $370 million in disgorgement.

Instead, Engoron fined Trump $354,868,768 in disgorgement. He also ordered Trump to pay a total of $98.6 million in prejudgment interest, which will accrue at an annual rate of 9%.

The grand total, including disgorgement and interest, for all defendants in the case: just under $464 million.

Of that sum, Eric Trump and Donald Trump Jr., who took over the Trump Organization after their father became president in 2017, have been ordered to pay more than $4 million each.

Eric and Donald Jr. also face two-year bans from serving as officers or directors of any New York corporation or legal entity.

Co-defendants Allen Weisselberg, the Trump Organization’s former chief financial officer, and the company’s comptroller, Jeffrey McConney, are permanently banned from controlling the finances of a New York business, Engoron ruled.

But the judge vacated his own prior…

Read More: Judge Engoron fines ex-president $454 million

Leave a comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.