In a landmark civil fraud trial, former US President Donald Trump is set to learn on Friday about the potential penalties he may face, including a fine of approximately $370 million and a ban on doing business in New York. The trial, which lasted three months, stems from allegations by New York's attorney general that Trump engaged in fraudulent business practices over a decade. Although the court has already determined that Trump committed fraud, the judge overseeing the case will issue the final ruling on Friday, pending any unexpected circumstances.
This ruling marks a critical moment in the culmination of a five-year investigation. The key issue at hand is the amount of money Trump and his organization, the Trump Organization, will be required to repay as 'ill-gotten gains.' These are profits obtained through fraudulent activities that the judge has already established as having occurred. Specifically, the fraud involved the issuance of false financial statements to insurers and banks in order to obtain more favorable loan terms.
Aside from the financial penalties, there is another consequential question: the possibility of a ban. The New York attorney general's office is seeking a lifetime ban on Trump conducting any business in New York, while also requesting a five-year ban for his sons, who currently run the Trump Organization. The judge's ruling on Friday could profoundly impact the future business endeavors of Trump and his family.
Throughout the trial, the judge has consistently ruled against Trump and his defense team. In December, when Trump's lawyers argued that the attorney general's office had failed to prove its case, the judge issued a scathing rejection of their arguments. He dismissed Trump's claim that property valuations were subjective, asserting that 'a lie is still a lie.' As a result, Trump's legal team has already indicated their intention to appeal the forthcoming ruling.
The outcome of this trial is widely anticipated due to its significant implications for the former president's financial standing and his ability to conduct business in New York. With the judge's impending decision, both Trump's financial liability and the extent of his ban, if any, will be finalized.
