Judge Arthur Engoron ordered former US President Donald Trump and his companies to pay almost US$355 million (R$1.7 billion).
The Republican was found responsible for issuing false financial reports, falsifying business records and conspiracy, following a lawsuit filed by New York Attorney General Letitia James.
James accused Trump and the other defendants of fraudulently inflating the value of their assets to obtain more favorable loan and insurance rates.
Trump is expected to appeal the decision and seek a suspension of the fine while the appeal is being considered.
Additionally, the former president's adult sons, Donald Jr. and Eric, were ordered to pay $4 million each after being found responsible for multiple counts of fraud, including falsifying reports. financial and business records and conspiracy.
They also will not be able to hold office as an officer or director of any New York corporation or other legal entity for two years.
“To borrow more and at lower rates, defendants submitted blatantly false financial data to accountants, resulting in fraudulent financial statements,” Engoron wrote.
“When confronted at trial with the statements, the facts [apresentados] of the defendants and expert witnesses simply denied the reality, and the defendants did not accept responsibility or did not impose internal controls to prevent future recurrences”, he added.
He added: “As detailed here, this court now holds the defendants liable, continues the appointment of an Independent Monitor, orders the installation of an Independent Chief Compliance Officer, and limits the defendants' right to conduct business in New York for a number of years.”
Trump banned from holding executive positions in companies
Judge Arthur Engoron also banned former President Donald Trump from holding office as an officer or director of any New York corporation or other legal entity for a period of three years.
Trump is also prohibited from requesting loans from any financial institution registered with the New York Department of Financial Services for three years.
Still, the judge did not dissolve the Trump Organization's business certificates, as he had initially established in his summary judgment issued last year.
Engoron explained that the September order was “modified only in the sense of revoking the directive to cancel the defendants’ business certificates.”
He therefore highlighted that a monitor he installed at the company should remain in place for at least three years and that an independent compliance officer should be installed at the company's expense.
Trump lawyer says she will appeal
Donald Trump's lawyer and legal spokeswoman Alina Habba responded in a statement that Arthur Engoron's decision is “manifest injustice — pure and simple” and expressed confidence that the decision will be overturned on appeal.
“It is the culmination of a multi-year, politically fueled witch hunt that was designed to 'take down Donald Trump,' before Letitia James set foot in the Attorney General's office,” the statement continues.
Habba highlighted that “given the serious risks”, they plan to appeal the decision.
Former director and former controller banned and fined
Judge Arthur Engoron also found former Trump Organization chief financial officer Allen Weisselberg and former controller Jeffrey McConney liable on multiple counts of civil fraud in New York, including issuing false financial reports, falsifying business records, insurance and conspiracy.
He permanently barred Weisselberg and McConney from serving in the financial control role of any New York corporation or corporation and prohibited them from serving as officers or directors of any New York corporation for three years.
Weisselberg was also fined US$1 million (R$4.9 million).
*in update
Source: CNN Brasil
Bruce Belcher is a seasoned author with over 5 years of experience in world news. He writes for online news websites and provides in-depth analysis on the world stock market. Bruce is known for his insightful perspectives and commitment to keeping the public informed.
