Trump Fined $355m, Banned From Doing Business In New York Over Fraud
Former US President, Donald Trump, has been ordered by a New York judge to pay $355 million over fraud allegations.
The judge also banned him from running companies in the state for three years.
Trump was found liable for unlawfully inflating his wealth and manipulating the value of properties to obtain favourable bank loans or insurance terms.
President Joe Biden was accused by Trump of driving the case, calling it “weaponization against a political opponent who’s up a lot in the polls”, and vowed to appeal.
Although, as the case was civil, not criminal, there was no threat of imprisonment but Trump said ahead of the ruling that a ban on conducting business in New York state would be akin to a “corporate death penalty.”
Trump, facing 91 criminal counts in other cases, has seized on his legal woes to fire up supporters and denounce his likely opponent, Biden, claiming that court cases are “just a way of hurting me in the election.”
However, Judge Arthur Engoron said the financially shattering penalties are justified by Trump’s behaviour.
“Their complete lack of contrition and remorse borders on pathological,” Engoron said of Trump and his two sons, who were also defendants, in his scathing ruling.
“They are accused only of inflating asset values to make more money… Donald Trump is not Bernard Madoff. Yet, defendants are incapable of admitting the error of their ways,” he added, referring to the perpetrator of a massive Ponzi scheme.
Trump’s sons Eric and Donald Trump Jr. were also found liable in the case and ordered to pay more than $4 million each, prompting Don Jr. to claim on social media that “political beliefs” had determined the outcome.
Kazeem Badmus is a graduate of Mass Communication with years of experience. A professional in journalism and media writing, Kazeem prioritses accuracy and factual reportage of issues. He is also a dexterous finder of the truth with conscious delivery of unbiased and development oriented stories.
