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Trump will pay $415 million for fraud related to his wealth!

2024-02-17 12:47:31Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Trump will pay $415 million for fraud related to his wealth!

A New York judge yesterday ordered Donald Trump to pay $355 million (€329.4 million) in fines, finding that the former US president lied about his wealth for years in a sweeping civil fraud ruling that tarnishes his image. billionaire, but not putting his real estate empire out of business.

Judge Arthur Engoron's ruling after a trial in New York Attorney General Letitia James' lawsuit convicts Trump, the company and its executives, including his two oldest sons, of schemes to defraud banks, insurers and others inflating his wealth in the financial statements. He is forcing a change at the top of his Trump Organization, putting the company under court supervision and restricting the way it does business.

The ruling is a stunning setback for the Republican presidential front-runner, the latest and costliest fallout of his recent legal woes. The size of the verdict on the penalties in other cases could dramatically damage Trump's financial resources and damage his identity as a shrewd businessman who parlayed his fame as a real estate developer into reality TV stars. and the presidency. He has vowed to appeal and will not have to pay immediately.

Trump's actual punishment could be much more costly, because under state law he is also required to pay interest on the fines, which James said puts him on the hook for a total of more than $450 million ( 417.5 million euros). The amount that would be paid to the state will increase until it pays.

The judge made it clear, however, that the Trump Organization will continue to operate, reversing a previous ruling that would have dissolved Trump's companies.

Trump still owns the Trump Organization, but he put his assets into a revocable trust and relinquished a leadership role when he became president in 2017, putting his sons Eric and Donald Trump Jr. in charge. in charge of day-to-day operations. Engoron's decision imposes a three-year ban on Trump from serving as an officer or director of any New York company and bars his sons for two years, effectively requiring the company to find new leadership, at least temporarily.

The monetary penalties include money Trump saved by securing lower loan interest rates and profits from the sale of properties he might not have been able to develop without that financing. Eric and Donald Trump Jr. were each ordered to pay $4 million (€3.7 million) their share of the proceeds from the sale of Trump's Washington, DC hotel in 2022.

All told, Trump and his co-defendants owe $364 million (€337.7 million), which James' office said rises to $464 million (€430.5 million) when interest is included. Weisselberg and another longtime company executive, Jeffrey McConney, were barred from ever holding a corporate finance or leadership role in the state. Because it was civil, not criminal, the case did not carry the potential for jail time.


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