In a groundbreaking ruling, a New York judge has mandated former President Donald Trump to pay over $350 million in a significant fraud lawsuit.
This judgment marks a pivotal moment in the legal battles surrounding Trump's business dealings.
The 77-year-old former president - along with his two adult sons, Donald Jr. and Eric, and the broader Trump Organization - faced allegations of inflating property values by more than $2 billion to obtain more favorable loans, BBC News reports.
Judge Arthur Engoron had previously ruled in September that Trump had committed business fraud, consistently misrepresenting his wealth by millions of dollars. Financial statements overstating his assets were submitted to lenders, including banks and insurers, to facilitate deals and secure loans.
Specifically, Trump's Mar-a-Lago estate in Florida was appraised at a staggering 2,300% above its actual value in one financial statement. Similarly, his Trump Tower triplex in New York City was portrayed as three times larger than its true size.
Today's ruling determined the extent of damages and penalties to be imposed. Despite the verdict, Trump maintains his innocence, asserting that there was no wrongdoing on his part.
As well as the $350 million order, the ex-president has been barred from serving as a company director within New York state for a duration of three years.
The repercussions extend to Trump's sons, Donald Trump Jr. and Eric Trump, who have been fined $4 million each and restricted from acting as directors for a period of two years.
Engoron's ruling also stipulated that Barbara Jones would retain her position as the independent monitor of the Trump Organization for a minimum of three years.
As an independent monitor, Jones holds authority over overseeing the company's operations and financials. However, she does not manage its day-to-day activities. Her role primarily involves serving as a liaison between the organization and the court, reporting any irregularities or concerns observed during her tenure.
According to former federal prosecutor Diana Florence, monitors are tasked with scrutinizing all aspects of the company's operations and promptly reporting any discrepancies to the court. Their presence ensures transparency and accountability within the organization, preventing any clandestine or illicit activities from occurring.
Under the vigilant supervision of a monitor, companies are unable to engage in any covert or unethical practices, as their actions are closely monitored and subject to scrutiny.
Despite the verdict, Trump and his sons vehemently deny any wrongdoing, with the former president denouncing the case as a "fraud" and a "political witch hunt."
New York's attorney general, spearheading the legal action, urged the judge to impose a fine of $370 million, labeling the alleged schemes as "outrageous." The ruling underscores the intensity of the legal battles surrounding the former president's business practices and sets a precedent for future proceedings.
