Former Republican President Donald Trump could end up paying close to $335M to NY state for making up stories about the value of his property. He also faces a ban from serving as a director and even taking loans from banks in New York State for 3 years.
However, the maverick real estate mogul and former American president said that he would contest the ruling. He called the ruling a witch hunt. He called the judge crooked and said that he was being made to pay a fine of $355M despite building a perfect company.
Donald Trump called it a sad day for the country. Earlier, Judge Arthur Engoron had said that previous allegations of wrongdoings justified the large amount he had ordered Donald Trump to pay. He said that the defendants were likely to continue in their fraudulent methods unless they faced a deterrent penalty.
Judge Engoron specifically referred to the conviction of the Trump Organization in 2022 in a tax scam case. A jury had then ruled that the company had benefitted its senior executives with hidden benefits for over a decade.
Donald Trump And Sons Denounce Judgement
In a withering ruling, the judge ruled that the company’s lack of regret was pathological. In his scathing decision running into ninety-two pages, he said that the frauds that they indulged in were glaring and shocked the conscience.
But Donald Trump and his empire were spared from its business license being canceled. It would have the equivalent of the death penalty for the former president’s empire. The judge has instead ordered two layers of oversight. While he has ordered a monitor who will report to the court for at least 3 years, he has also ordered the installation of an independent compliance director.
Judge Engoron has also ordered Donald Trump to pay interest on the amount that he and his cohorts earned through fraudulent means. The total amount thus could rise to around $450M. His sons are to pay $4M each while the organization has been barred from applying for loans in the state for 3 years. Donald Trump’s sons have called the judgment politically moved and have called Judge Engoron ‘cruel’.