In a stunning blow to his business empire, Donald Trump has been found liable for almost $355 million (£281 million) in penalties by Justice Arthur Engoron, in a long-awaited conclusion to the billionaire’s fraud trial.
Here are the key things to know about Justice Engoron’s decision and its impact:
1. **Crushing Financial Penalty for Trump:**
– Mr. Trump and his real estate organization were ordered to pay $354,868,768 (£281 million) in fines.
– Donald Trump Jr and Eric Trump must pay $4 million each in fines, and Allen Weisselberg, the former CFO, must pay $1 million.
– The defendants may also have to pay heavy interest on their fines, potentially adding millions more to the total.
– Mitchell Epner, a white-collar attorney, called it “an overwhelming defeat for the former president on all counts.”
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2. **Trumps Barred from Doing Business in New York, but not Forever:**
– Donald Trump is barred from doing business in New York for three years, and his sons, Eric and Donald Jr, are barred for two years.
– Ms. James had asked for a lifetime ban for Mr. Trump, but Justice Engoron opted for a shorter length of time.
– The ruling curtails Mr. Trump’s ability to do business in New York, limiting involvement in valuable assets.
3. **Judge Walks Back a Controversial Initial Ruling, and Trump Organization Will Still Exist:**
– Justice Engoron revised his earlier decision to dissolve many of Mr. Trump’s businesses in New York.
– Instead, he subjected those companies and the Trump Organization to strict oversight, and any decisions about the “restructuring and dissolution” will fall to an overseer.
– The Trump Organization will continue to exist in a modified, heavily scrutinized form.
4. **Court Monitor Will Keep Company Under a Microscope:**
– An independent monitor, Barbara Jones, will have broad authority to oversee Mr. Trump’s businesses for at least three years.
– Diana Florence, a former federal prosecutor, notes that the compliance director ensures nothing can go out without approval.
5. **Ruling Lays Bare Trump’s Controversial Business Practices:**
– Justice Engoron cited extensive evidence to underscore his harsh ruling.
– The judge criticized the lack of contrition and remorse, saying defendants’ posture “borders on pathological.”
– The trial exposed the sloppy financial practices of the Trump Organization.
The ruling represents a significant setback for the 77-year-old former president, with potential financial and business implications.
