Trump must pay a fine of more than US$350 million for fraud in his family business

The former president of the United States donald trump (2017-2021) will have to pay a fine of more than US$350 million for several cases of fraud in his family business, the Trump Organizationas a judge in New York ruled this Friday.

Magistrate Arthur Engoron also limited the former president’s ability to do business in the state for the next three years.

Trump is expected to appeal the decision, but so far he has not yet reacted on his social network, Truth Social, where he usually posts his comments.

The fine is divided into several charges trump and his companies (for a combined value of US$ 355 million), his two oldest children (US$ 4 million each), and a former executive of the company (US$ 1 million), all of them accused by the Prosecutor’s Office. of inflating asset figures to achieve advantages with insurers and banks.

Engoron had already found them all liable for fraud in a summary decision, before the civil trial began.

“His complete lack of repentance and remorse borders on the pathological.”the magistrate wrote in his decision.

The New York State Attorney’s Office, led by prosecutor Letitia James, demanded that Trump and the two accused executives, Allen Weisselberg and Jeffrey McConey, be prevented from “forever” participate in the real estate sector or exercise management of “any company or legal entity” in New York State.

Finally, Engoron decreed that Weisselberg and McConney can never have financial control of any company of any kind in New York, and that Trump (in addition to the two executives) cannot serve as a director of any company or legal entity for three years in the state, or borrow from any entity registered in New York in the same period.

This will have immediate effects, for example, on Trump Tower, a hotel, restaurant and shopping complex located on New York’s iconic Fifth Avenue.

However, the judge decided not to ratify the liquidation of the former president’s companies that he ordered before the trial began (that decision was then paused by an appeals court).

The verdict, highly anticipated by the media in the United States, was delayed for more than a week, as it was scheduled to be announced at the end of January.

The trial lasted about two months, and resolved six charges related to the manipulation of asset figures in the Trump Organization’s financial documents to obtain advantages with insurers and banks.