A New York court fined former US President Donald Trump $355 million.
Both he and his two oldest sons, Donald Trump Jr. and Eric Trump, are accused of a 10-year fraud, inflating their net worth by billions of dollars to defraud banks and insurers. In total, they were fined $364 million.
In addition, the tycoon was barred from serving as an officer or director of any New York corporation for the next three years.
In fact, the verdict goes beyond Trump’s wallet, notes Business Insider. It targets his real estate empire, golf resort and the Trump Organization. And he’s doing it in two ways that Trump has been trying to avoid for two years.
First, the ruling effectively removes control of the company from the former US president and his sons, leaving important decisions to an as-yet-unnamed “independent chief compliance officer”, who will operate under the ongoing supervision of the existing court.
Second, it imposes a three-year ban on Trump from running the Trump Organization or any other business in the city and state where he first came into the spotlight as a real estate mogul.
“The frauds found are out of the ordinary and shock the conscience,” said Judge Arthur Engoron, who presided over the case for more than three years.
How will Trump pay the fine?
$355 million is a huge number, even for a billionaire. Legal experts argue that the court’s decision will greatly damage the former president’s wealth.
“It’s not going to make him poor, but it’s going to take a big chunk out of his money,” noted former federal prosecutor Diana Florence. “His net worth will drop a lot.”
According to Forbes magazine, Trump’s total net worth was $2.6 billion. That means a $354.9 million fine would take away about 14-17% of his money.
Another option is to sell some of his assets to raise enough cash. In his deposition, Trump said he had $400 million in cash on hand. But that wouldn’t be enough to cover the fine, plus his other legal costs and fees.
For his part, Trump maintains he did nothing wrong and plans to appeal the case.
But if he doesn’t want to risk losing his money or property while the appeal is pending, he must deposit the full amount within 30 days.
A fundraiser was started by his fans to help him pay the fine
Meanwhile, supporters of Donald Trump have set up a fundraising account to help him pay a mammoth $355 million in fines for financial fraud at the real estate company that bears his name. So far, over $82,500 has been raised.
As billionaire Donald Trump’s entourage tries to find a way to pay a mammoth civil fraud fine, his supporters have turned to online fundraising in an effort to contribute.
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