During a recent civil business fraud trial, Judge Authur Engoron found Former President Donald Trump, his sons, and his associates guilty of intentional financial fraud over the last decade. In the court ruling, Trump was fined over $350 million and is banned from operating any corporations or entities in New York for the next three years. Eric and Donald Trump Jr., his two sons, are both barred from running New York businesses for two years. This ruling will have an immense impact on the Trump Organization, which is headquartered at Trump Tower, in New York City. Additionally, Trump and his corporation are banned from requesting bank loans throughout the next three years.
Prosecutors claimed that the former president distorted official financial statements, allowing him to obtain better loans. One of the most notable examples in the case was Trump's triplex apartment in Trump Tower, which was found to be listed at triple its value and size. More shocking evidence was cited in court regarding Mar-a-Lago, Trump’s social club, and residence in Palm Beach, Florida. In a preliminary finding, Judge Engoron determined that Trump and his firm committed fraud by misrepresenting Mar-a-Lago's value by up to 2,300% from 2011 to 2021. Palm Beach County tax appraiser valuations of the property ranged from $18 million to $28 million. However, throughout the same period, Trump's financial filings valued Mar-a-Lago at $426 million to $612 million. Furthermore, he fraudulently inflated the property's worth by disguising it as a private residence, despite previously signing an agreement that it could only be utilized as a social club to reduce his tax liability.
According to New York Attorney General Letitia James, including pre-judgment interest, the judgment totals over $450 million, which will continually increase until the debt is paid off. However, the Former President has since then publicly expressed his intent to appeal the case. He denies all wrongdoing and misconduct despite evidence and testimony brought forth during the trial. In a written statement from Judge Engoron, “Defendants’ refusal to admit error — indeed, to continue it, according to the Independent Monitor — constrains this Court to conclude that they will engage in it going forward unless judicially restrained.” Due to Trump’s demonstrated lack of remorse and high probability of repeated deception, Judge Engoron issued two monitors to oversee and prevent potential fraudulent activity within the Trump Organization.
Sources:
https://abcnews.go.com/Politics/trump-asks-judge-delay-penalties-civil-fraud-case/story?id=107433418