New York Judge Arthur Engoron issued a serious blow to former President Donald Trump on Friday in a sweeping ruling on the fraud case brought against him by New York Attorney General Letitia James.
Engoron ruled that Trump is to be barred from operating any company in New York for three years and must pay $355 million plus additional monies in interest. The ruling is a serious blow to Trump and the Trump Organization. The former president’s attorneys intend to appeal the ruling they called “unjust.”
“The Court blatantly refused to follow a binding Appellate Division decision, ignored and twisted the evidence, and imposed a draconian and unconstitutional fine and a corporate ‘death penalty’ on President Trump, his family, and the extraordinary global business empire he developed over a lifetime of hard work and achievement,” attorney Christopher Kise said in a statement, reported Fox News. “Hard to imagine a more unfair process and hard to believe this is happening in America.”
Engoron said the ruling resulted from Trump’s purported refusal to take accountability for what prosecutors claimed was fraud. At the center of the case was alleged evidence that Trump over-inflated the value of his assets and net worth to get better terms from lenders, some of whom testified in his defense. Reportedly, no one lost money on any of the deals Trump and his family arranged. However, prosecutors argued that the “victims” would have made even more money were it not for Trump’s fraudulent actions.
“Their complete lack of contrition and remorse borders on pathological,” Ergoron said, according to The New York Times.
Trump’s legal team brought in expert witnesses to testify. They had reviewed the former president’s financial statements and told the court that there was nothing fraudulent. However, one issue on paper was the overvaluing of a New York penthouse apartment that was listed as 30,000 square feet when, in fact, the property was just 10,000 square feet. The experts testified that this was simply an “error,” not evidence of fraud.
Throughout the trial, Trump and his team described the proceedings as a witch hunt, pointing to comments that James made when she was running to be elected as attorney general of New York.
James once told supporters that “the number one issue in this country is defeating Donald Trump. Nothing else matters.” The Dallas Express previously reported on James’ apparent motivations in bringing the case to court.
Engoron’s ruling followed news on Thursday that the Securities and Exchange Commission had signed off on a proposed merger between Trump Media & Technology Group and Digital World Acquisition Corp. The merger has been in the works for several years but has been handicapped by legal and procedural regulations. The merger adds significant value to Truth Social, the social media platform started by Trump in 2022, as reported by The Hill.
It is not clear how Engoron’s ruling will impact Trump and his ability to operate the newly-forming company. Should the courts uphold Engoron’s ruling, it will mean that Trump and his adult sons will be banned from running the company and will place significant oversight requirements on any deals that are made.
