Donald Trump must pay compensation of $355 million, according to the expected ruling in the civil trial against the former president, his children, and former executives of the Trump Organization in the Supreme Court of the State of New York.
Judge Arthur Engoron had already ruled that Trump committed fraud by presenting misleading financial statements for his companies for about 11 years, which allowed him to obtain loans and insurance with more favorable interests.
Additionally, Engoron prohibited former President Donald Trump from serving as an officer or director of any New York corporation or other legal entity in New York for a period of three years. However, the judge departed from a previous ruling that would have dissolved the former president’s companies.
“To borrow more and at lower rates, the defendants presented blatantly false financial data to accountants, resulting in fraudulent financial statements,” wrote Ergorón, who had already established that the Trumps had committed fraud and was only seeking to determine the penalty. to be them.
“When the statements were confronted at trial, the facts of the defendants and the experts simply denied reality, and the defendants did not accept responsibility or impose internal controls to prevent recurrence in the future.”
Additionally, the judge ordered the installation of an Independent Compliance Director and limits the defendants’ right to conduct business in New York for a few years.”
Trump’s lawyers had said even before the verdict that they would appeal.
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Engoron’s resolution was delayed by reports that Allen Weisselberg, the Trump Organization’s longtime chief financial officer, had committed perjury.
Trump, favorite in the Republican Party for the presidential nomination, has attacked prosecutor James and Judge Engoron, whom he accuses of mounting a case against him for political motivation.
The fraud case against Trump
The case accused Trump, his adult children and the Trump Organization of fraudulently manipulating property values to obtain profits on loans.
At least two years ago, the Trump Organization stopped sending inflated financial figures about his net worth to Deutsche Bank and other entities, but a court-appointed monitor said that only happened after he was sued and that other financial documents continued to contain errors and misrepresentations.
Although the bank offered Trump lower interest rates because he had agreed to personally guarantee the loans with his own money, it was unclear how much interest rates dropped because of the inflated figures.
Last September, Judge Engoron ruled that the state certificates needed to run many of his businesses in New York should be revoked.
Engoron said Trump should lose control of those companies, which are the official owners of his Fifth Avenue headquarters and other iconic properties, and turn them over to a receiver to manage their “dissolution.”
More cases against Trump
Apart from this case, the question of whether he enjoys immunity in federal criminal proceedings for allegedly having conspired to alter the result of the 2020 elections and encouraged the assault on the Capitol on January 6, 2020 also reached the Supreme Court this week. .
Additionally, in Atlanta, he faces charges along with more than a dozen others for their alleged attempts to alter the outcome of the state’s elections.
Also pending in South Florida is a case involving mishandling of classified documents, involving files he took from the White House when his term ended and were seized at his Mar-a-Lago residence after refusing to return them to the government. .
In addition, the Supreme Court has already heard oral arguments on the so-called insurrection clause, which refers to Section 3 of the 14th Amendment of the Constitution, which prohibits anyone who has participated in an insurrection from holding public office.
2024-02-16 20:09:00
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