Former President Donald Trump was dealt a significant blow as a New York Supreme Court judge ordered him and his company to pay nearly $355 million in a civil fraud case. This ruling comes on top of the $83 million that Trump has been ordered to pay for defamation charges brought against him by E. Jean Carroll, a woman who accused him of sexual abuse.
The judge's ruling stems from a trial that lasted for 11 weeks, during which Trump's former lawyer and fixer, Michael Cohen, provided testimony that implicated the former president. Cohen testified that Trump had knowledge of and directed the inflation of assets and revenues. The judge credited Cohen's truthful testimony as instrumental in reaching this verdict.
Trump responded to the ruling from his residence at Mar-a-Lago, maintaining his innocence and denying any fraudulent activities. He asserted that the banks involved have been fully compensated and hailed himself as a great customer who is highly regarded by financial institutions.
Throughout the trial, Trump made numerous appearances in court, even though he was not required to do so. His three adult children, Donald Jr., Eric, and Ivanka Trump, also testified during the trial.
The trial was filled with dramatic moments, and Trump frequently criticized the judge, his clerk, and the New York attorney general both inside and outside the courtroom. At one point, the judge issued a gag order to prevent Trump from attacking court staff, an order that Trump violated twice, resulting in fines totaling $15,000.
The judge's ruling not only demands a significant financial penalty from Trump but also bars him from serving as a company director in New York. This outcome tarnishes Trump's reputation as a successful businessman, given that he amassed his wealth primarily in the city and had the Trump name adorning numerous skyscrapers.
Trump decried the ruling as politically motivated, claiming that the trial was fast-tracked to coincide with his presidential campaign. He expressed concern that the ruling and ongoing legal battles in New York would cause individuals and businesses to leave the state.
The former president, along with his legal team, has vowed to appeal the judgment, with Trump stating that the repercussions of a negative outcome would be detrimental to the economic landscape of New York.
The ruling represents a significant setback for Trump and adds to the mounting financial liabilities he now faces. With a total of approximately half a billion dollars now at stake, the legal battles and financial repercussions continue to cast a shadow over the former president's business ventures and personal life.
