Donald Trump Ordered to Pay $355 Million, Barred From Doing Business in New York For 3 Years
Donald Trump was fined over $350 million in the New York civil fraud case.
Feb. 16 2024, Published 3:52 p.m. ET
Judge Arthur Engoron delivered his verdict in the New York civil fraud case against Donald Trump and his company.
The ex-president was fined over $350 million for fraudulently inflating the value of his properties and was barred from doing business in the state for three years, RadarOnline.com has learned.
Trump was barred from doing business in New York for three years.
On top of the hefty fine, Trump, 77, was barred from acting as an officer or director of any of the New York-based company or other legal entities for three years. The ex-president was additionally barred from applying for loans from any financial institution registered in the state for three years.
The ex-president's adult sons, Donald Jr. and Eric were also barred from serving as officers or directors for the company and were ordered to pay $4 million in fines each.
Donald Jr. and Eric were also fined $4 million each and barred from doing business in the state for three years.
Trump was previously found liable of fraud, conspiracy, and falsifying financial statements and business records over decades of doing business in the state.
"In order to borrow more and at lower rates, defendants submitted blatantly false financial data to the accountants, resulting in fraudulent financial statements," Engoron wrote in the 93-page opinion.
"When confronted at trial with the statements, defendants’ fact and expert witnesses simply denied reality, and defendants failed to accept responsibility or to impose internal controls to prevent future recurrences."
Judge Engoron noted Trump's lack of contrition in his opinion on Friday.
While Engoron's ruling stopped just short of dissolving the Trump Organization altogether, he didn't hold back in condemning the ex-president, his adult sons and business associates in the scathing opinion.
The Manhattan judge blasted the ex-president as impenitent and "likely to continue their fraudulent ways unless the Court grants significant injunctive relief."
"Their complete lack of contrition and remorse borders on pathological."
Trump's lawyer plans to appeal the ruling.
"They are accused only of inflating asset values to make more money. The documents prove this over and over again," the opinion stated. "Yet, defendants are incapable of admitting the error of their ways. Instead, they adopt a 'See no evil, hear no evil, speak no evil' posture that the evidence belies."
"This is a venial sin, not a mortal sin. Defendants did not commit murder or arson. They did not rob a bank at gunpoint. Donald Trump is not Bernard Madoff."
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Trump attorney Alina Habba branded Engoron's verdict a "manifest injustice — plain and simple."
"It is the culmination of a multi-year, politically fueled witch hunt that was designed to 'take down Donald Trump,' before Letitia James ever stepped foot into the Attorney General's office," Habba wrote.
Habba said the ex-president plans to appeal the decision.
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