A New York judge who presided over a civil business fraud trial on Friday ordered former president Donald Trump, his namesake company, and two of his sons to pay a fine of nearly $364 million in damages and barred them from conducting business in the state.
In a 92-page decision, Judge Arthur Engoron barred Trump, his two sons, and his namesake company "from serving as an officer or director of any New York corporation or other legal entity in New York for a period of three years."
It is unclear how this will affect Eric Trump, the former president's son, and the Trump Organization's de facto chief executive. It is also unclear whether any member of the Trump family can run the business throughout the ban.
In addition, Engoron also ordered the installation of an independent monitor to serve as the court's eyes and ears at the Trump Organization and ensure there is no fraudulent or suspicious activity.
Engoron's Landmark Decision
Engoron's decision caps a yearslong case filed by New York Attorney General Letitia James accusing Trump and his company of falsely altering his net worth on key financial statements to receive tax and insurance benefits. They were also accused of over-valuing the Trump Organization's various assets and sending them to banks and insurers to secure loans and deals.
The verdict was solely at the discretion of Engoron because there was no jury present at the trial.
"There is overwhelming evidence from both interested and non-interested witnesses, corroborated by documentary evidence, that the buck for being truthful in the supporting data valuations stopped with the Trump Organization, not the accountants," Engoron wrote in his decision.
"Their complete lack of contrition and remorse borders on pathological. They are accused only of inflating asset values to make more money. The documents prove this over and over again. This is a venial sin, not a mortal sin. Defendants did not commit murder or arson. They did not rob a bank at gunpoint. Donald Trump is not Bernard Madoff. Yet, defendants are incapable of admitting the error of their ways," he added.
Despite imposing a fine and a ban, Engoron reversed a decision ahead of the trial that ordered the cancellation of the defendants' business certificates. However, he noted that the order could still be renewed in the future.
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