A judge has reportedly ordered former President Donald Trump to pay a hefty fine of $354 million in a civil fraud case. New York Attorney General Letitia James has indicated readiness to seize Trump’s assets if he fails to pay the fine.
What Happened: Trump was penalized for exaggerating his net worth to secure more favorable loan terms. The fine includes approximately $100 million in pre-judgment interest. Despite Trump’s denial of any wrongdoing and his intention to appeal, he may face asset seizure as a judgment enforcement mechanism, reported a local affiliate of ABC News.
“If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets,” James told ABC News. She specifically mentioned Trump’s 40 Wall Street skyscraper as a potential target for seizure.
James dismissed Trump’s claim that the case had no victims, describing the case as crucial for ensuring fair treatment in financial markets. “Financial frauds are not victimless crimes. He engaged in this massive amount of fraud. It wasn’t just a simple mistake, a slight oversight, the variations are wildly exaggerated, and the extent of the fraud was staggering,” she said.
James also refuted Trump’s assertion that the case would lead to a business exodus from New York. “Last I checked tourism is up. Wall Street is doing just fine,” she stated.
Why It Matters: The ruling by Justice Arthur Engoron also bans Trump from serving as an officer or director in any New York corporation for three years. The lawsuit accuses Trump and his family businesses of inflating his net worth by as much as $3.6 billion a year over a decade, reported Benzinga in February.
Following the ruling, Trump’s son, Eric Trump, expressed his outrage over the hefty fine, as reported by Benzinga. He criticized the decision and lamented the treatment his father received despite his contributions to New York City’s skyline.
Trump himself slammed the ruling and accused Engoron of being a “crooked New York State Judge” working with “a totally corrupt Attorney General” in a separate Benzinga article.
Photo via Shutterstock.
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