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A New York judge has ordered former President Donald Trump to pay approximately $454 million in penalties as part of the ruling in his civil business fraud trial.
This substantial figure includes around $355 million in disgorgement, a term for returning ill-gotten gains, along with over $98 million in prejudgment interest that will accrue daily until paid. The ruling, delivered by Manhattan Supreme Court Judge Arthur Engoron, also imposes a three-year ban on Trump running a business in New York and a three-year restriction on applying for loans from financial institutions registered with the state.
The trial, held without a jury, stemmed from a lawsuit by New York Attorney General Letitia James. She accused Trump, his two adult sons, his company, and top executives of fraudulently inflating Trump’s assets to boost his stated net worth and obtain various financial perks. While James sought a lifetime ban for Trump from New York’s real estate industry and $370 million in disgorgement, the judge imposed a fine of $354,868,768 in disgorgement and $98.6 million in prejudgment interest. The grand total, including disgorgement and interest, for all defendants in the case is just under $464 million.
The ruling also included specific penalties for Trump’s sons, Eric Trump and Donald Trump Jr., who each face over $4 million in fines and a two-year ban from serving as officers or directors of any New York corporation or legal entity. Co-defendants Allen Weisselberg, the Trump Organization’s former chief financial officer, and the company’s comptroller, Jeffrey McConney, are permanently banned from controlling the finances of a New York business.
Reacting to the ruling, Trump expressed his intention to appeal, stating that he remains confident the Appellate Division will ultimately correct the errors made by a trial court he sees as untethered to the law or reality. Trump’s legal team criticized the judgment, accusing the judge and the prosecutor of political bias and warning that the outcome will drive business away from New York.
The trial, which provided a platform for Trump to air grievances against perceived political foes, took place against the backdrop of several legal battles the former president is facing. Last month, a jury in a separate civil case ordered Trump to pay $83.3 million for defaming writer E. Jean Carroll. Trump’s appeal in these cases could take several years to resolve, further complicating his political ambitions as he remains a front-runner for the Republican presidential nomination, setting up a potential rematch with President Joe Biden.
