A New York judge has ordered former President Donald Trump and the Trump Organization to pay a fine of over $450 million in a civil fraud case brought by the state attorney general, Letitia James.
However, the former president will cover most of the amount as he has been told to pay $355 million, while his two older sons, Eric and Donald Trump Jr, will pay $4 million each. Also, a former Trump Organization executive, Allen Weisselberg, is liable to pay $1 million.
In addition, the judge barred Trump and some of his co-defendants from holding executive office at a New York company and getting loans from New York banks for three years.
The case, which was filed in 2022, accused the former president, his family members, and executives of inflating the value of his assets to secure favorable loans and tax benefits over a decade.
The judge, Arthur Engoron, ruled that Trump and the co-defendants had engaged in a “pattern of persistent fraud” and ordered them to pay $363.8 million in disgorgement and pre-judgment interest, which could amount to a sum bigger than $450 million.
Donald Trump, who has not conceded his loss to Joe Biden in the 2020 election and has hinted at running again in 2024, denounced the case as a “complete and total sham” and vowed to appeal. He said that the judge was biased and that the attorney general was motivated by political vendetta.
Still, the verdict is a stunning blow to Trump’s business empire and reputation and could have implications for his other legal battles, including the criminal investigation by the Manhattan district attorney, Cyrus Vance Jr., who is also probing his financial dealings.
He is also facing up to four criminal trials this year, related to his alleged election interference in Georgia, his role in the January 6 Capitol riot, his handling of classified documents, and his tax evasion.
After the ruling on Friday, the attorney general, Letitia James, said in a released statement that the verdict sent a clear message that no one is above the law, not even a former president.
“This is a tremendous victory for this state, this nation, and for everyone who believes that we all must play by the same rules — even former presidents.”
