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Former US President Trump imposed heavy fines in a commercial fraud case in New York

Former US President Trump imposed heavy fines in a commercial fraud case in New York

Former US President Donald Trump and his businesses were ordered to pay fines of up to $355 million on Friday in a business fraud case brought by New York State Attorney General Letitia James.

In order to borrow more money at lower interest rates, Donald Trump and entities he controls provided blatantly false financial statements to accountants, resulting in fraudulent financial statements, said a decision and order issued by New York District Judge Arthur F. Engoron. supreme court.

“The defendants’ facts and expert witnesses simply denied reality, and the defendants failed to accept responsibility or impose internal controls to prevent future recurrence” during the trial, Engoron said in a summary of a 92-page document.

The judge continued the appointment of an independent monitor, ordered the appointment of an independent director of compliance and restricted the defendants' right to do business in New York for a few years.

In particular, Donald Trump, Allen Weisselberg, former CFO of the Trump Organization, and Jeffrey McCone, former Comptroller of the Trump Organization, are barred from serving as an officer or director of any New York corporation or other New York legal entity for three years.

Weisselberg and McConney are permanently barred from serving in the financial oversight function of any New York corporation or similar business entity in the state.

Furthermore, Weisselberg as well as Donald Trump Jr. and Eric Trump, Donald Trump's sons, were fined $1 million, $4.01 million, and $4.01 million, respectively.

Eric Trump and Donald Trump Jr. criticized the ruling, and Donald Trump's lawyer Chris Case also indicated a plan to appeal.

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Letitia James is scheduled to make her remarks on the ruling later Friday.

The trial in the case began on October 2, 2023 and ended on January 11, 2024, with Donald Trump appearing in court several times.

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