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Editor in Chief Mohamed Wadie

Trump Ordered to Pay $350 Mln in New York Fraud Case


Sat 17 Feb 2024 | 06:47 PM
Israa Farhan

A New York judge ordered former President Donald Trump and his adult sons to pay a staggering fine exceeding $350 million in a civil lawsuit dubbed the "New York fraud case," as reported by The New York Times.

The conclusion of Judge Arthur F. Engoron in this long-standing legal battle scrutinized Trump's exaggerated wealth claims, culminating in a decision that could significantly impact his business empire amidst four criminal trials and his political ambitions for a White House return.

In a bold move, Judge Engoron not only imposed a three-year ban preventing Trump from holding executive positions in any New York-based company, including his own but also extended similar sanctions to his adult sons for two years.

This decision particularly affects Eric Trump, the de facto CEO of the Trump Organization, casting doubt on the family's ability to manage the company in the short term.

Trump plans to appeal the financial penalty, which might surge to over $400 million with interest.

However, he is required to secure the funds or a bond within 30 days. Although the ruling won't bankrupt Trump, given his real estate-based wealth, it represents a significant financial blow.

This judgment follows an earlier ruling by Judge Engoron, which found Trump guilty of inflating his assets on financial statements presented to banks, insurance companies, and others for securing deals and loans.

The Associated Press highlighted that this could lead Trump to face millions in damages and additional penalties, further complicating his legal and financial challenges.