visimoney
TLDR
- Former President Trump is facing $354 million in civil penalties for fraud in New York.
- Trump plans to appeal the ruling, but may have to divest some property assets to cover the costs.
In a recent ruling by a New York judge, former President Trump and his organizations were found guilty of committing fraud related to their real estate dealings. The judge ordered Trump to pay over $354 million in damages plus interest, and also banned him from running a business as an officer or director in New York for three years. This decision has raised questions about Trump’s ability to pay the penalties without selling off assets.
Trump, whose net worth is estimated at $2.6 billion, has stated that he will appeal the ruling. However, legal experts suggest that he may have to put up 10% of the penalty in cash and use properties as collateral to cover a security bond during the appeal process. The appeals court could potentially reduce the penalties ordered by the judge, but the outcome remains uncertain.
New York Governor Kathy Hochul has tried to reassure the business community that Trump’s case is an isolated incident and that most law-abiding business owners have nothing to worry about. Despite Trump’s criticism of the ruling, the legal battle over these significant penalties is likely to continue for years to come.
