Trump, Trump Org. ordered to pay $350 million in damages to NY State, Bars him from running businesses in N.Y. for 3 years!
Judge fines Donald Trump more than $350 million, bars him from running businesses in N.Y. for three years
The former president denied any wrongdoing, calling the case “a fraud on me.”
Excerpt from NBC News:
The judge who presided over a civil business fraud trial against Donald Trump on Friday ordered the former president, his sons, business associates and company to pay over $350 million in damages and temporarily limited their ability to do business in New York.
Judge Arthur Engoron ordered the former president and the Trump Organization to pay over $354 million in damages, and bars Trump “from serving as an officer or director of any New York corporation or other legal entity in New York for a period of three years.”
He also continued “the appointment of an Independent Monitor” and ordered “the installation of an Independent Director of Compliance” for the company.
During the trial, Trump and executives at his company, including his sons Donald Trump Jr. and Eric Trump, attempted to blame exaggerated financial statements that were the heart of the AG’s case on the accountants who compiled them. Engoron disagreed.
“There is overwhelming evidence from both interested and non-interested witnesses, corroborated by documentary evidence, that the buck for being truthful in the supporting data valuations stopped with the Trump Organization, not the accountants,” he wrote.
The judge also cited the lack of remorse by Trump and his executives after the fraud was discovered as showing the need for a monitor.
“Their complete lack of contrition and remorse borders on pathological. They are accused only of inflating asset values to make more money. The documents prove this over and over again. This is a venial sin, not a mortal sin. Defendants did not commit murder or arson. They did not rob a bank at gunpoint. Donald Trump is not Bernard Madoff. Yet, defendants are incapable of admitting the error of their ways,” Engoron wrote.
“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,” he added.