The verdict, announced after a weeks-long civil trial that ended last month, is in line with a proposal by the New York attorney general’s office that sought a $370 million fine.
Before the start of the main part of the trial, the judge accepted the prosecution’s main claim, that is, that the Trump Organization had been creating false asset declarations for yearsin principle, only the amount of the penalty was expected.
“Their complete lack of remorse and remorse borders on the pathological,” said Engoron in justification of the heavy fine. “They are only accused of exaggerating the value of their property to make more money. The records prove it time and time again. It is a venial sin, not a mortal sin… Yet the defendants are unable to admit their own fault,” he wrote.
Trump’s sons were also punished
In addition to Trump, who wants to fight for re-election to the White House in November, his sons and high-ranking officials of the Trump Organization were also sued Donald Jr. and Eric, as well as other companies bearing the family name. In total, the imposed fines reach about 364 million dollars, writes the AP agency, of which approximately 355 million concern the ex-president and his companies.
His adult sons were also banned from running a company or holding high business positions, for two years. Both are also to pay four million dollars each. However, the judge did not order the dissolution of Trump’s companies, AP reports.
Compensation to women
Last year, Trump said under oath that his financial reserves exceed $400 million (almost CZK 9.5 billion). If that is indeed the case, he could now lose all his savings precisely because of the trio of verdicts in civil trials.
The media points out that the decisions have financial consequences for him, even if he appeals them. Earlier last year, a jury ordered Trump to pay five million dollars to journalist Jean Carroll for sexually assaulting her years ago and then defaming her about it. In January of this year, another jury in the same case awarded the woman over $83 million in damages. Meanwhile, legal fees for the ex-president, who wants to return to the White House this year, have cost tens of millions of dollars more.
The biggest blow
Then on Friday came the biggest blow yet – a $355 million fine for Trump and his companies. The BBC news company points out that the final amount could be as much as 100 million more when interest is factored in.
Altogether, this would amount to more than 500 million dollars. It is not clear whether Trump has such an amount. His company is not a joint-stock company and the politician himself does not publish his tax returns, so his financial background is not known, the website Politico points out.
In a deposition in preparation for trial regarding his business, Trump stated that has over $400 million immediately available and that these savings are “growing very significantly every month”.
He is not in danger of bankruptcy
In total, Trump’s fortune is estimated to have reached at least two billion dollars in recent years. That’s probably why the diary The New York Times (NYT) reported on Friday that the ex-president is not in danger of bankruptcy.
However, the series of verdicts represents for him a significant financial blow at a time when he is also preparing for a possible series of criminal trials. He is appealing against the verdicts regarding journalist Carroll’s lawsuits, and he has also announced an appeal against the one hundred million fine, but this does not mean that the verdicts do not have immediate consequences for him.
According to the NYT, a 30-day period began after Friday’s verdict, while Trump’s situation is also complicated by a court order that prohibits him from negotiating loans for three years. Media speculates that the ex-president could be forced to sell some of his real estate or other assets to cover the verdicts.
“If Trump was unable to post the amount or secure the bond, then the verdict would immediately take effect and the sheriff could start seizing Trump’s property,” reports Politico about Friday’s decision.
CNN: Trump thinks the rules only apply to others?
The way Donald Trump runs his business is a window into his soul, as is his devastating defeat in a New York court on Friday. This is how CNN presents its analysis of the conclusion of the trial.
“The trial ended in a sharp ruling (by Judge Arthur Engoron) that Trump noted for theatrics and contempt for the judicial system,” writes CNN, “unearthed four basic patterns that explain Trump’s whirlwind journey through life, which he sees as an endless stream of business and political deals he must make.”
Engoron’s ruling, according to CNN, shows that “Trump thinks the rules only apply to others and is ready to break them himself in an effort to gain wealth, attention or votes”. “He thinks that if reality doesn’t give him what he wants, he will create a new one (…) and when he has to face responsibility for his actions, he sees justice only as oppression by his enemies,” noted CNN.
Was he pretending to be richer than he really is?
Republican-leaning Fox News, citing legal experts, on the other hand, speculates whether the ruling will drive companies out of New York state, which will fear similar “political whims” from the judiciary. “You just wave goodbye to New York like a lot of successful people have done latelybecause New York is too political, too blue, and too repressive … the crime wave in that state only exacerbates the problem,” said Fox News contributor Ari Fleischer.
During his first candidacy for the White House in 2016, Trump highlighted, among other things, that he finances himself. He was able to convince many voters that he was much richer than he actually was, and many got the impression that money made him trustworthy because it couldn’t be bought, writes the NYT.
