Spread the love

Trump ordered to pay $450M by court for fraud | Donald Trump facing justice

Open in full screen mode

Donald Trump during his civil trial for financial fraud in New York, February 15, 2024

  • Sophie-Hélène Lebeuf

Speech synthesis, based on artificial intelligence, makes it possible to generate spoken text from 'a written text.

A New York judge formally ordered the former US president Donald Trump on Friday to pay US$454.2 million following his conviction for a series of financial frauds within his real estate empire, the Trump Organization.

In this civil suit filed by Attorney General Laetitia James, Donald Trump was found guilty of exaggerating the net worth of his assets in order to obtain better bank loan rates and loan terms. more advantageous insurance.

A week ago, at the end of a three-month trial, Judge Arthur Engoron of New York State Court in Manhattan ordered Mr. Trump to pay a penalty of $355 million, plus interest of around $100 million, but formalization of the procedure now establishes a deadline.

The businessman now has one month to pay off or obtain a type of loan called appeal bond.

Donald Trump faces justice

Consult the complete file

Donald Trump facing justice

Consult the complete file< /p>FollowFollow

He has the same time limit to appeal the penalty imposed on him. Last Friday, he had already announced his intention in this direction, criticizing a completely bogus judgment as well as a witch hunt and describing the judge and the attorney general as corrupt.

The penalty imposed does not constitute a fine, but corresponds to the estimated value of the money earned through the fraud scheme over a period of ten years.

Donald Trump's two eldest sons, Donald Trump Jr. and Erik Trump, who were also prosecuted, were for their part ordered to pay a total sum of approximately 4 million each.

Open in full mode screen

Former President Donald Trump is surrounded by his sons Eric Trump and Donald Trump Jr., January 15, 2024.

According to Reuters, interest will increase by more than $114,000 per day, most of it being Donald Trump's share, until the penalties are paid.

Last week's ruling also bars the ex-president from running any business or legal entity in New York for three years and his sons for two years. The ex-president and the Trump Organization also cannot obtain loans from New York banks for three years.

The magistrate, however, reversed his decision to dissolve the Trump Organization, as he had envisaged in September 2023. However, he extended by three years the mandate of an independent monitor responsible, among other things, for monitoring the fraud and transactions that appear suspicious.

Judge Engoron also harshly criticized the defendants for their refusal to recognize any form of embezzlement. Their total lack of contrition and remorse borders on the pathological, he asserted.

Last week, he had refused to suspend his decision for 30 days as requested by Donald Trump's lawyers, who cited the magnitude of the judgment.

This legal setback in a civil case suffered by Donald Trump is the second in a few weeks. Last month, he was ordered by a New York civil court to pay US$83.3 million to author E. Jean Carroll for defaming her, amid claims ;rape charges in the 1990s.

His lawyers also asked a judge on Friday of New York to stay the judgment ordering this payment for at least 30 days after the next post-trial motions, which will be filed no later than March 7.

Open in full screen mode

Donald Trump briefly testified during his trial for defamation, January 25, 2024.

Donald Trump also does l' subject to four criminal indictments in as many states, totaling 91 counts.

In federal court cases, Donald Trump is notably accused of attempting to invalidate the results of the 2020 presidential election and of endangering national security by keeping confidential documents in his Mar-a-Lago residence.

He is also charged in the State of Georgia for attempted manipulation of the' presidential election and accused by the New York courts of having disguised the accounts of his company to conceal the payment of $130,000 to a pornographic film star during the presidential campaign.

Only one trial date has been set: March 25 when the one to be held in New York will begin.

Donald Trump's electoral setbacks have not undermined his popularity among Republican voters, on track to grant him an easy victory in the ;#x27;Inauguration of the Republican Party. Several polls even credit him with a slight lead over Democratic President Joe Biden.

Defending justice American last week, Donald Trump said he was persecuted and compared himself to Russian political opponent Alexei Navalny, whose death in a Siberian prison was announced a few days earlier .

With information from Reuters, New York Times and CNN

  • Sophie-Hélène LebeufFollow
Teilor Stone

By Teilor Stone

Teilor Stone has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining Thesaxon , Teilor Stone worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my teilor@nizhtimes.com 1-800-268-7116