Judge orders Trump to pay hefty fine, banning him from running firms in NYC
Date
2/18/2024 2:33:41 AM
(MENAFN) In a significant legal development, a judge in New York issued an unprecedented ruling against former President Donald Trump, ordering him to pay a hefty fine of approximately USD355 million and banning him from managing his companies in the state for a period of three years. The ruling stemmed from a fraud case in which Trump was found responsible, marking a significant setback for his business empire and potentially impacting his political aspirations for the upcoming November elections.
Judge Arthur Engoron of the New York State Supreme Court delivered the 92-page decision, which outlined the penalties imposed on Trump for his role in the alleged fraud. In addition to the fine, Trump was prohibited from holding any officer or managerial position in any New York corporation or legal entity for the specified duration. The substantial financial penalty underscores the gravity of the charges against Trump and signals the severity of the court's judgment.
Trump's legal team swiftly denounced the ruling, with lawyer Alina Haba issuing a statement expressing dissatisfaction with the judicial decision. Trump himself took to his social media platform, Truth Social, to denounce the trial as a "sham," accusing the judge of bias and labeling the prosecutor as corrupt. Trump vehemently denied any wrongdoing, asserting that no fraud had occurred and characterizing the legal proceedings as a politically motivated attack.
Meanwhile, New York State Attorney General Letitia James welcomed the court's decision, hailing it as a "tremendous victory" in the pursuit of justice. The attorney general's office had filed a civil lawsuit against Trump and his two sons in 2022, alleging financial fraud and seeking substantial compensation along with the removal of the Trump family from the management of their companies and real estate assets in New York.
The case underscores the high stakes involved in legal battles surrounding Trump's business dealings and the potential ramifications for his future endeavors, including his political ambitions. The ruling represents a significant chapter in the ongoing legal scrutiny faced by the former president and underscores the complexities of navigating the intersection of law, politics, and business interests.
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