A New York judge ruled Friday against Donald Trump, imposing a $364 million penalty.
FILE - Former President Donald Trump attends the closing arguments in the Trump Organization civil fraud trial at New York State Supreme Court in the Manhattan borough of New York, Jan. 11, 2024. A verdict is expected Friday in Donald Trump's New York civil fraud trial, adding to a monumental week on the former president's legal calendar.
The stiff penalty was a victory for New York Attorney General Letitia James, a Democrat, who sued Trump over what she said was not just harmless bragging but years of deceptive practices as he built the multinational collection of skyscrapers, golf courses and other properties that catapulted him to wealth, fame and the White House.James sued Trump in 2022 under a state law that authorizes her to investigate persistent fraud in business dealings.
Even before the trial began, Engoron ruled that James had proven Trump’s financial statements were fraudulent. The judge ordered some of Trump’s companies removed from his control and dissolved. An appeals court put that decision on hold. Trump and his lawyers have said the outside accountants that helped prepare the statements should’ve flagged any discrepancies and that the documents came with disclaimers that shielded him from liability. They also argued that some of the allegations were barred by the statute of limitations.
James’ office previously sued Trump for misusing his own charitable foundation to further his political and business interests. Trump was ordered to pay $2 million to an array of charities as a fine and the charity, the Trump Foundation, was shut down.
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