With a fortune that, according to Forbes, amounts to $2.6 billion, Donald Trump is required to pay almost 14% of that in a fine imposed by a Manhattan Supreme Court for defrauding banks and insurance companies over a decade (2011 – 2021). .
At the same time, the former president of the USA does not have the right for the next three years to be professionally active as a head of any business based in the state of New York.
It is, no doubt, a powerful blow to the leading candidate for the Republican nomination ahead of the fall elections that will elect the new planet ruler.
According to the court’s verdict, Trump secured low interest rates by previously falsifying the financial information related to his real estate. In fact, more than a dozen buildings were overpriced in order for the 77-year-old businessman to benefit from the agreements with his lenders.
The hearing revealed that Trump’s company routinely used false numbers that were off the normal value as much as four times.
The trial lasted eleven weeks and his adult family members and associates testified.
Trump’s lawyers argued that their client should be acquitted because all real estate valuations are “subjective,” adding that some valuations were the result of “miscalculations.”
Trump and his children attempted to shift the blame for any inaccuracies to the accountants and lawyers who had signed the relevant documents.
The former US president also claimed that in fact the banks had never relied on the financial statements before deciding to lend him money, and that all the loans were repaid, but he was not convinced of his innocence.
The American businessman’s two eldest sons were fined $4 million each.
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