A New York state judge has revealed the future of former President Donald Trump’s business empire.
After an 11-week trial, Judge Arthur Engoron announced the civil penalties facing Trump and his co-defendants in the New York attorney general office’s fraud case.
Judge Engoron’s 92-page decision also prohibits Trump from partaking in New York real estate deals for three years.
Engoron previously found Trump and his adult sons liable for business fraud. The trial was to determine damages owed for misleading investors and tax authorities by inflating property values to obtain investments and then deflating them to get tax and loan benefits.
Attorney General Letitia James (D) called for a $370 million fine and a lifetime ban on the presidential front-runner and two former business executives from the New York real estate industry.
Initially, James had sought a $250 million fine.
As Newsweek reported:
Ahead of the start of the civil trial in New York, Engoron ruled that Trump had committed fraud in his financial statements and that the proceedings were mainly to determine the size of the penalty, as well as six other claims, including conspiracy, falsifying business records and insurance fraud which feature in James’ lawsuit.
In September 2022, James filed her lawsuit against Trump and his business following a lengthy investigation, seeking $250 million in financial penalties. In early January, James’ office argued that the former president, his co-accused and the company should pay $370 million in penalties over claims Trump’s financial statements overvalued his net worth by billions of dollars down the years.
The state additionally sought to ban Trump’s adult sons from applying for loans in New York and to prevent any commercial real estate acquisitions by the Trump Organization in New York for five years.
Engoron previously ordered Trump’s business certificates be canceled after ruling he was liable for fraud for misstating the value of his properties and assets, including his Mar-a-Lago resort and his triplex apartment in Manhattan’s Trump Tower. The business certificates ruling is currently on hold pending appeal.
Trump is also expected to appeal any further decision from Engoron in the fraud case.
This is a breaking news story. Please check back for updates.
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