The repercussions of Donald Trump’s significant fine for fraud are severe. A judge in New York ordered him and his property business to pay $355m for cooking the books over several years. The Trump Organisation inflated asset values to secure better loan terms, and the judge found that Mr. Trump had “full knowledge of and responsibility for” the scheme. Mr. Trump called the case a “fraud on me” and promised to appeal. The penalty comes on top of an $88m award owed to a writer whom Mr. Trump sexually assaulted decades ago and then defamed over the past few years. The ruling from Judge Arthur Engoron was blistering, and followed an 11-week trial that began in October. The Trump Organisation was found to have overvalued assets by between $812m and $2.2bn from 2014 to 2021. Mr. Trump’s repeated refusal to admit wrongdoing turned a “venial sin” into something more nefarious, wrote the judge. The consequences of this ruling are significant and will have a lasting impact on Mr. Trump’s financial and legal situation.
2024-02-17 11:30:57
Original from www.economist.com