STATE & NATIONAL: As of now, Former US President Donald Trump is facing significant legal challenges related to financial fraud. Here are the key points:
By Anne M Erbynstein
Judge Arthur Engoron’s ruled, in February, Judge Engoron ruled that Trump and his companies must pay nearly $355 million in a civil fraud trial in New York.
Engoron also barred Trump from applying for loans from New York state-registered banks for three years and from serving as an officer or director of any New York corporation or legal entity for the same duration.
Trump’s adult sons, Donald Jr. and Eric, were found liable for multiple fraud counts and were ordered to pay $4 million each for their personal profits from the fraud. Former Trump Organization Chief Financial Officer Allen Weisselberg was fined $1 million.
Engoron criticized the defendants’ lack of contrition and remorse, stating that their actions were akin to a “venial sin” rather than a “mortal sin” like murder or arson.
New York Attorney General Letitia James accused Trump of fraudulently inflating the value of his properties and assets in financial statements. The judge’s ruling could potentially lead to the dissolution of some of Trump’s companies, including iconic New York properties like Trump Tower.
Trump’s legal battles continue, and he faces a $454 million bond that came due recently. If the former President fails to pay, James could begin seizing Trump’s properties or freezing his bank accounts to cover the bond.
Former President Trump’s legal situation remains complex, and the outcome is still uncertain. He has the option to appeal the ruling, but as of now, the financial obligations stand.
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