After a sensational fraud trial in New York, Donald Trump and his family firm were found guilty of inflating property values and were fined a crippling $364 million.
The devastating verdict on Friday casts doubt on the former president’s ability to continue operating his firm in the Big Apple since Judge Arthur Engoron also banned him from acting as a director of a company in the state for three years.
To obtain advantageous loan terms from lenders, the conspiracy to substantially inflate the prices of his properties, including Mar-a-Lago, resulted in fines of more than $4 million for each of his sons Eric and Don Jr., and $1 million for his former CFO Allen Weisselberg.
It is noted that Trump has up to 30 days to come up with the money, which with interest could top more than $400million, or secure a bond of around $35 million. The staggering decision follows an explosive three-month court case where Trump took the stand and his children, including Ivanka, testified.
Trump currently owns more than $454 million for judgements in New York after a jury ordered him to pay up for defaming his rape accuser E. Jean Carroll. His net worth is believed to be around $2.6 billion, according to a Forbes estimate in September 2023, and most of his assets are tied up in his sprawling real estate and golf empire.
The Republican presidential frontrunner, according to Forbes, has $640 million in cash and assets and $870 million in golf clubs ands resorts. His New York real estate is worth $690 million and his social media and brand businesses are worth $160 million.
The Trump Organization called the ruling a ‘gross miscarriage of justice’, accused New York Attorney General Letitia James of ‘overreach’ and said Deutsche Bank made ‘hundreds of millions’ doing business with them.
‘Every member of the New York business community, no matter the industry, should be gravely concerned with this gross overreach and brazen attempt by the Attorney General to exert limitless power where no private or public harm has been established.
‘If allowed to stand, this ruling will only further expedite the continuing exodus of companies from New York.’
