He insisted that he never committed fraud and that there was no crime because the banks made money on his investments.
But according to the judgment,Trump and his company deceived banks,insurers and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing financing.
“In considering the need for ongoing injunctive relief,this Court is mindful that this action is not the first time the Trump Organisation or its related entities has been found to have engaged in corporate malfeasance,” Engoron said in his judgment.
”Of course,the more evidence there is of defendants’ ongoing propensity to engage in fraud,the more need there is for the Court to impose stricter injunctive relief. This is not[the] defendants’ first rodeo.”
Overall,Trump was fined about $US355 million,while his sons Eric and Donald were fined $US4 million each and former Trump organisation chief financial officer Allen Weisselberg was fined $US1 million.
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The amount will put a severe dent on Trump’s bank balance,but is not expected to ruin him financially. The New York Attorney General’s office has estimated that his annual net worth was $US2 billion in 2021,whileForbes magazine put his total net worth at $US2.6 billion,much of which is tied to his real estate ventures.
An independent monitor will also be appointed to oversee the company’s activities after the judge ruled that “the Trump Organisation does not have the ability to operate with a functional financial reporting structure that would protect against fraud in the future”.
“The scale and the scope of Donald Trump’s fraud is staggering,and so too his ego and his belief that the rules do not apply to him,” James said after the verdict.
“Today,we are holding Donald Trump accountable. We are holding him accountable for lying,cheating,and a lack of contrition and for flouting the rules that all of us must play by.”
Engoron’s ruling comes after months of testimony from 40 witnesses,including Trump and sons Eric and Donald Jnr and daughter Ivanka.
The judge had already found in an earlier hearing that financial statements used to value Trump properties,such as Mar-a-Lago and Trump Tower in Manhattan,were fraudulent. Therefore,the latest trial essentially centred on how much Trump should pay.
Trump’s main argument was that the disclaimer on the financial statements absolved him of any wrongdoing. During his testimony,he then admitted he had some involvement with his financial statements,but added that he relied heavily on his accountant.
The verdict is the latest that Trump has faced as he edges closer to winning the Republican nomination to run as a candidate in this year’s election - and the latest to hit his bank balance.
Last month in New York he was ordered to pay $US83 million to writer E. Jean Carroll after a jury found him liable for sexually assaulting her in the 1990s and then defaming her when she spoke out about the incident.
He also faces 91 criminal charges across four trials:one in Washington,DC,for attempting to overthrow the 2020 election results,one in Florida for mishandling classified documents,one in Georgia for interfering in the election in that state,and one in New York for hush money paid to adult film star Stormy Daniels.
The former president appeared in a Manhattan court on Thursday,hoping to dismiss the hush money trial,but was dealt a blow when the judge overseeing it,scheduled it for March 25.
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