NEW YORK — On the witness stand last year, Donald Trump proclaimed: “I have a lot of cash.”
After Friday’s eye-popping penalty in his New York civil fraud trial, he’s going to need it — and maybe more.
A judge ordered the former president to fork over $355 million of his fortune, plus interest, finding he lied for years about his wealth on financial statements he used to secure loans and make deals as he built the real estate empire that vaulted him to fame and the presidency.
“The frauds found here leap off the page and shock the conscience,” Judge Arthur Engoron wrote in a 92-page decision that spares Trump’s company from closure, but forces it into years of court supervision, among other sanctions.
The ruling, after a 2½-month trial in New York Attorney General Letitia James’ lawsuit cuts to the core of Trump’s image as a wealthy, shrewd real estate mogul turned political force.
The financial penalty — staggering even for a businessman who’s seen casinos, an airline and other ventures fail — adds to Trump’s mounting legal debts and could put the Republican presidential front-runner in a serious cash crunch as he campaigns to retake the White House.
Trump, who’s also dealing with four criminal cases, decried Friday’s ruling as “election inference” and has vowed to appeal.
Here’s a look at the case, the penalties and what’s next for Trump.
WHAT DID THE JUDGE DECIDE?
Engoron ruled that Trump engaged in a yearslong conspiracy with top executives at his company, the Trump Organization, to deceive banks and insurers about the size of his wealth and the true value of such properties as Trump Tower in Manhattan and his Mar-a-Lago club in Florida.
Engoron, who ruled before the trial that Trump and his co-defendants committed fraud with his financial statements, found Trump liable on five of the six remaining claims in James’ lawsuit: falsifying business records, issuing false financial statements, conspiracy to commit insurance fraud and…
Read the full article here
Leave a Reply