Trump Barred From Doing Business In New York For Three Years
A New York judge ordered Donald Trump, his companies, his sons, and his former CFO to pay $364 million
for engaging in a scheme that inflated Trump’s wealth in financial statements to banks and others. This decision came after a 2½-month trial where Trump was also barred from serving as an officer or director of any New York corporation for three years. The penalty, viewed as a victory for New York Attorney General Letitia James, was for civil fraud, not a criminal offense, thus not involving prison time.
The court found that Trump and his defendants presented financial statements that grossly overstated his assets, including claims about the size of his Trump Tower penthouse and the value of his Mar-a-Lago estate. Trump defended himself by stating that the banks involved conducted their own due diligence and were satisfied with the transactions, asserting that there were no victims in this case.
Trump’s legal team has announced plans to appeal the verdict, criticizing it as unjust and politically motivated. The lawsuit against Trump and his associates was initiated by Attorney General James in 2022 under a state law targeting persistent business fraud. The judge’s decision not only imposes a substantial financial penalty on Trump and his co-defendants but also limits Trump’s business activities in New York.
This case is one of several legal challenges facing Trump, including multiple indictments related to election interference, mishandling classified documents, and other issues. Despite these legal battles, Trump’s bid for the Republican presidential nomination appears unaffected. The penalty and the associated findings underscore ongoing scrutiny of Trump’s business practices and financial representations.