Trump fined more than $350 million for fraud – Politics –

Judge Arthur Engoron said on Friday that the former president overstated his assets in order to defraud lenders. Therefore, Trump is not allowed to hold a leadership position in companies in New York State for three years.

Trump and a number of his companies are also prohibited from borrowing from banks licensed in the state for three years. Trump's two sons, Donald Trump Jr. and Eric Trump, must pay $4 million each and are banned from operating companies in New York for two years. Since Eric Trump is the de facto CEO of Trump Company, the question arises as to who should run it in the near future. Judge Engoron is also demanding that Trump pay significant interest, which could raise the total fine to $450 million.

After the ruling, Trump's lawyer Alina Haba spoke of a “politically motivated witch hunt” and announced that she would appeal the court's decision. Trump himself also called it “complete and complete hypocrisy.” The 77-year-old Republican said on Friday that the entire operation was part of a “witch hunt” against him ordered by his successor, Joe Biden. He will appeal and win.

But New York Attorney General Letitia James hailed the decision as a “major victory.” “Justice was served today,” James said on Friday (local time), according to the statement. “This is a huge victory for this state, for this country and for everyone who believes we should all play by the same rules, including former presidents.”

The ruling represents a political and economic setback for Trump. Forbes magazine estimates the real estate tycoon's total assets at $2.6 billion. Trump recently stated that his cash assets amount to about $400 million. Judge Engoron criticized Trump for being unreasonable in the process. However, the judge reversed the corporate dissolution of Trump's real estate empire that he had ordered in an earlier decision and instead appointed a comptroller to monitor Trump's business activities.

New York Attorney General Letitia James accused Trump of overstating his net worth by as much as $3.6 billion over a decade. He wanted to convince the banks to give him better loan terms. Trump denied any wrongdoing. He talked about a political case brought against him by the Attorney General, who was on the Democratic side, as a Republican.

Trump, who wants to replace current Democratic President Joe Biden in the presidential elections scheduled for November, faces a series of legal measures. In January, he was awarded $83.3 million in damages in a defamation trial in New York. Regardless of the trials, Trump is the clear favorite for the Republican presidential nomination.