Protesters have converged outside Trump Tower, wielding signs that sarcastically declare “everything must go,” “loser,” and “going out of business.” This symbolic expression of disdain follows a New York judge’s ruling that former President Donald Trump must pay $354.9 million in penalties for alleged business fraud, a decision that has ignited both public outrage and mocking.
As detailed in a Newsweek report on Monday, February 19, the legal showdown, spearheaded by New York Attorney General Letitia James, accuses Trump and key figures in The Trump Organization of artificially inflating asset values to deceive lenders.
The judge’s verdict not only levies substantial fines but also imposes restrictions on Trump’s business activities, as well as those of his sons Donald Jr. and Eric, and key executives within The Trump Organization.
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Individually, Donald Jr. and Eric are mandated to pay $4 million each and are barred from participating in business activities in New York for a two-year period. Key executive Allen Weisselberg faces a $1 million penalty, while The Trump Organization is forbidden from seeking loans in New York for three years.
Trump himself faces a three-year ban on obtaining bank loans and serving as a company director in New York.
The financial repercussions and business restrictions leave Trump with limited avenues to meet the judgment. Speculation about selling iconic properties, including Trump Tower, has surfaced as a potential means to generate funds. However, biographer Tim O’Brien cautioned that the current market conditions, especially in post-Covid cities with reduced occupancy rates, could result in a “fire sale” scenario, potentially affecting the former president’s ability to fetch top prices for his assets.
Despite the legal setback, Trump and his legal team maintain their innocence, expressing their intention to appeal the decision. Attorney Christopher Kise expressed confidence in the Appellate Division’s ability to rectify what he deemed “innumerable and catastrophic errors” made by the trial court.
New York Attorney General Letitia James hailed the ruling as a “tremendous victory” for those advocating equal adherence to the law, emphasizing that the defendants are ordered to pay more than $450 million in total, representing disgorgement and pre-judgment interest.
In response, Trump took to his Truth Social media platform to express frustration, characterizing the judge as a “Crooked New York State Judge” and decrying what he deemed a baseless penalty fueled by election interference and a witch hunt mentality.
