Trump Slapped with $355 Million Fine for Financial Fraud

World | February 17, 2024, Saturday // 10:21
Bulgaria: Trump Slapped with $355 Million Fine for Financial Fraud @Wikimedia Commons

Amidst the ongoing legal tumult surrounding former US President Donald Trump, a court has handed down a significant blow, ordering him to pay a staggering fine of nearly 5 million for a litany of financial frauds linked to his real estate empire, the Trump Organization.

This decision, coupled with a three-year ban prohibiting Trump from engaging in any business ventures within the state of New York, marks a significant blow to the once-flamboyant tycoon's financial fortunes, according to reports from BTA.

The charges were initially brought forth by New York Attorney General Letitia James in 2022, who filed a civil fraud suit targeting Trump, his two adult sons, and their family company.

Reacting to the verdict, Trump launched scathing attacks against the presiding judge, labeling them a "sellout," while accusing the attorney general of being "totally corrupt."

Notably, Trump's sons have also been penalized, with fines amounting to approximately million each and a prohibition from holding executive positions in companies within the state for the next two years.

For Letitia James, the ruling represents a resounding victory in her pursuit of justice against the Trump family. However, Trump's legal team has vowed to appeal the decision, indicating that the legal saga is far from over.

The civil case, which has been rife with political undertones, saw Trump and his sons repeatedly appearing in court from October to January. They stood accused of artificially inflating the value of their company's assets, including skyscrapers and luxury hotels, in a bid to secure favorable loans from banks and insurance terms beginning from 2010 onwards.

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Tags: Trump, financial fraud, New York, ruling

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