Judge Arthur Engoron, presiding over a civil business fraud trial against former President Donald Trump, has reportedly ordered him, his sons, business associates, and the Trump Organization to pay a staggering $354 million in damages.
Additionally, NBC News reported on Friday, February 16, 2024, that the judge imposed a three-year ban on Trump from serving as an officer or director of any New York corporation, including his namesake company.
New York Attorney General Letitia James, spearheading the case, celebrated the ruling, emphasizing that the judgment, including pre-judgment interest, exceeds $450 million.
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She asserted that this verdict represents a significant step towards holding Trump accountable for alleged deception and fraud.
James declared, “Donald Trump is finally facing accountability for his lying, cheating, and staggering fraud. Because no matter how big, rich, or powerful you think you are, no one is above the law.”
The judgment also delivered a blow to Trump’s financial capabilities by temporarily restricting him and the Trump Organization from applying for any bank loans for the next three years. This limitation, coupled with the hefty damages, could have lasting repercussions for Trump’s business ventures.
Notably, the ruling extended beyond the former president to include his sons, Donald Trump Jr. and Eric Trump, both of whom have been actively involved in running the Trump Organization.
The judge barred them from serving as officers or directors of any New York corporation for two years, alongside imposing fines exceeding $4 million each, plus interest, for their roles in the alleged fraudulent scheme.
In response to the verdict, Trump announced his intention to appeal, expressing confidence in a successful outcome. At Mar-a-Lago, he denounced the ruling as “a fine of 350 million for a doing a perfect job,” continuing his criticism by labeling the judge as “crooked” and the attorney general as “corrupt.”
This ruling marked a potential setback for Trump as he currently seeks a third term in the White House. Having built his brand on the image of a successful businessman, the financial and reputational implications of this judgment could significantly impact his campaign.
However, Trump remained defiant, dismissing the decision on Truth Social as “an illegal, unAmerican judgment against me, my family, and my tremendous business.”
During the trial, Trump and his company executives attempted to shift blame onto accountants, arguing that exaggerated financial statements were their responsibility.
Judge Engoron rejected this defense, stating, “There is overwhelming evidence from both interested and non-interested witnesses, corroborated by documentary evidence, that the buck for being truthful in the supporting data valuations stopped with the Trump Organization, not the accountants.”
This case is just one of several legal challenges facing Trump, with four separate pending criminal trials, the first scheduled to commence on March 25.
