Trump’s Expensive Lessons: New York Fines Ex-President $355M for Unfair Business Play

Justice Arthur F. Engoron of the New York State Supreme Court rendered a decision today in support of Attorney General Letitia James in the office’s tax fraud lawsuit against Donald Trump, other defendants individually, and businesses affiliated with the Trump Organization. In total, the defendants have been compelled to pay almost $450 million, which is the difference between the interest that accumulated prior to judgment and the $363.8 million that was not paid. Below is a summary of the noteworthy results:

Justice Prevails: A Victory for Equality and Justice

Letitia James, the attorney general, stressed the importance of today’s ruling, saying that justice has been served for the state, the country, and every person who believes in operating within the rules of fairness. A significant victory even against a former head of state is shown by the verdict.

Uncovering Deception: Trump’s Unethical Financial Practices

Despite his claim to have written “The Art of the Deal,” our investigation has shown that, for years, Donald Trump engaged in dishonest techniques to exaggerate his total financial wealth and engage in substantial financial wrongdoing for personal advantage. Our case revealed that the foundation of his company was theft.

Accountability for All: No One Above the Law

No one is above the law, regardless of their position, income, or influence. With his ruling today, Justice Arthur F. Engoron has held Donald Trump responsible for his astounding fraud, dishonesty, and lies. It makes it very evident that everyone is subject to the law.

Key Relief Measures Ordered by Justice Engoron:

  • Pre-judgment interest plus the $363.8 million disparity represent a collective order for Donald Trump and the other defendants to pay nearly $450 million.
  • It is forbidden for three years for Jeffrey McConney, Allen Weisselberg, and Donald Trump to serve as directors or officials of any firm based in New York.
  • For a period of three years, Allen Weisselberg and Jeffrey McConney are prohibited from holding financial managerial positions in any New York-based business.
  • Eric Trump and Donald Trump Jr. are prohibited from serving as directors or officers of any firm based in New York for a period of three years.
  • For three years, Donald Trump and his businesses are not allowed to apply for loans from any bank or financial institution in New York.

Apart from the monetary sanctions, the Trump Organization will create a new role called Director of Compliance to make sure that internal policies are followed and financial reporting obligations are met. The organization’s financial transactions will be monitored by an impartial third party to make sure that fraudulent activities stop.

Attorney General James filed a lawsuit against Donald Trump, many Trump Organization enterprises, and senior officials for financial fraud and illegal business activities in September 2022, following three years of investigations. After an 11-week hearing that started in September 2023, Justice Engoron’s ruling represents the sum of the substantial facts and persuasive legal arguments that were presented.

Important roles in the investigation and legal proceedings have been played by Senior Enforcement Council Kyle Wallis, Special Counsel Andrew Emmer, Assistant Attorney General Colin Forty, Assistant Attorney General Alex Frankel, Assistant Attorney General Will Hendley, Assistant Attorney General Stephanie Torre, Assistant Attorney General Sharif Giber, Special Counsel Erik Arhern, Chief of the Real Estate Finance Enforcement Section Louis M. Solomon, Former Assistant Attorney General Mark Laddow, Former Assistant Attorney General Austin Thompson, and Legal Support Analysts Samantha Eastern and Labiba Hassan.

More assistance was provided by Husain Chun, Page Podolny, John Roche, Senior Assistant Solicitor General Dennis Fain, Deputy Solicitor General Judith Vale, Deputy Solicitor General Esther Mardukhaeva, Assistant Solicitor General Daniel Meggy, Assistant Solicitor General Kelliland Welton, and former Assistant Solicitor General Eric Del Pozo, who are experts in information technology. Jennifer Levy, deputy attorney general, was in charge of the inquiry.

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