Former President Donald Trump has been ordered to pay $354.9 million in a civil fraud case in New York. The ruling, which also imposes a three-year ban on Trump and his companies from applying for loans from New York-chartered financial institutions, has the potential to significantly impact his real estate empire. In addition, Trump’s adult sons, Don Jr. and Eric, have each been ordered to pay $4 million.
The case, brought by the New York Attorney General’s office, alleged that Trump and his companies engaged in fraudulent practices. The ruling, issued by Judge Mary Kay Vyskocil, found that Trump had made false statements about the value of his properties in order to secure loans and insurance coverage.
The $354.9 million judgment includes restitution and penalties. It is one of the largest ever imposed in a civil fraud case. The ruling also prohibits Trump and his companies from seeking loans from New York-chartered financial institutions for a period of three years.
Trump has criticized the decision, calling it a “SHAM” and vowing to appeal. In a statement, his spokesperson said, “This is yet another example of the Democrats’ politically motivated witch hunt against President Trump.” Trump’s legal team has argued that the case is politically motivated and that the ruling is an attempt to undermine his reputation and business interests.
The ruling could have significant implications for Trump’s real estate empire. Trump, who built his fortune in the real estate industry, has a vast portfolio of properties around the world. The three-year ban on seeking loans from New York-chartered financial institutions could make it more difficult for Trump to finance new projects or refinance existing debt.
In addition to the financial impact, the ruling could also have implications for Trump’s political future. Trump has not ruled out running for president again in 2024, and any legal troubles or negative judgments could complicate a potential campaign. However, it remains to be seen how this ruling will affect Trump’s standing among his supporters.
Trump’s adult sons, Don Jr. and Eric, have also been ordered to pay $4 million each. The ruling holds them personally liable for their involvement in the fraudulent practices. Don Jr. and Eric, who have been involved in their father’s business empire, could face financial consequences as a result of the judgment.
It is worth noting that the ruling in this civil fraud case is separate from any potential criminal charges that Trump or his companies may face. The New York Attorney General’s office has been conducting a separate criminal investigation into Trump’s business practices, and it remains to be seen what, if any, charges may be brought.
Overall, the ruling in the civil fraud case represents a significant legal blow to Donald Trump and his companies. The $354.9 million judgment and the three-year ban on seeking loans from New York-chartered financial institutions could have far-reaching consequences for Trump’s real estate empire. Additionally, the personal liability imposed on Don Jr. and Eric Trump further underscores the seriousness of the allegations against the former president and his family.