Donald Trump Ordered To Pay $354M In Fraud Case, Business Barred From New York
By Afouda Bamidele on February 16, 2024 at 4:01 PM EST
Donald Trump has scored another major legal "L" in the fraud case brought against him by the New York State Attorney General Letitia James.
The former president has been hit with a hefty payment of more than $300 million in damages as well as additional consequences that might largely disrupt his business empire.
Donald Trump Hit With Almost $370 Million In Damages For Fraud Case
On Friday, a New York judge ordered Trump Sr to pay nearly $354 million in damages after finding that the former president, his companies, and two of his children engaged in fraudulent business practices.
Alongside the judgment placed on other co-defendants, the total amount of damages to be paid amounted to $362 million. In addition to the hefty penalty, Judge Arthur Engoron declared that the 44th President of the United States cannot operate a business in New York state for three years or seek loans.
His sons, Donald Jr Trump and Eric Trump, were meted similar fates and banned from serving in any business in the Empire State for two years. They were also ordered to pay more than $4 million each in fines. While pronouncing the judgment, Justice Engoron slammed Trump and his business executives for refusing to admit their crimes of exaggerating values on financial documents in order to take huge loans from banks.
"Their complete lack of contrition and remorse borders on pathological," Engoron said of the disgraced politician before adding, "Defendants are incapable of admitting the error of their ways."
Recall that in 2022, New York AG James filed a civil fraud lawsuit against Trump, his companies, and two of his children. She alleged that the Trumps engaged in a fraudulent scheme for over 10 years that benefited their company to the tune of $250 million.
Despite the consequences of today's judgment, Trump's political ambition to be the primary GOP presidential nominee for the 2024 elections remains unaffected. Also, The New York Times revealed that the entrepreneur plans to appeal the judgment but in the meantime, he will have to come up with the money or secure a bond within 30 days.
