New York Attorney General Letitia James announced the ruling in the civil fraud case against former President Donald Trump, his company, and key executives. The judgment delivered by the court confirms the extensive fraudulent activities and deceptive business practices conducted by Donald Trump and his associates.
The investigation revealed that Trump knowingly inflated his net worth by billions of dollars, which led to unjust enrichment for himself, his family, and the Trump Organization. The fraudulent scheme involved deceiving banks, insurance companies, and other financial institutions.
After an 11-week trial, the Attorney General's office successfully demonstrated the magnitude and intentional nature of the fraud committed by Trump and his co-defendants. The court ruled in favor of the attorney general and all hard-working Americans impacted by such wrongdoing.
The judgment requires Donald Trump and the other defendants to pay a total of $463.9 million. This includes disgorgement of $363.9 million, representing the unjust gains made through the fraud, and an additional $100 million in interest that will continue to accumulate until fully paid.
Furthermore, the former president's two adult sons, Donald Trump Jr. and Eric Trump, along with key executives Allen Weisselberg and Jeffrey McConney, face specific bans. Weisselberg, the former chief financial officer, and McConney, the former controller of the Trump Organization, are each prohibited from serving as an officer or director of any New York company for three years. Additionally, they are permanently banned from holding any financial management role within a New York company. Donald Trump Jr. and Eric Trump are banned from serving as officers or directors of any New York company for two years.
The court also imposed restrictions on future financial dealings for Donald Trump and his companies. They are prohibited from applying for loans from any New York bank or financial institution for the next three years.
In order to ensure compliance and prevent future misconduct, an independent director of compliance will be established within the Trump Organization. This individual will be responsible for establishing internal protocols and ensuring financial reporting obligations are met. Additionally, the current independent external monitor will remain in place to oversee the company's financial affairs and prevent the continuation of any fraudulent activity.
Attorney General James emphasized the significance of this ruling, stating that white-collar financial fraud is not without consequences, especially when powerful individuals exploit the system for personal gain. She underscored that such actions divert resources from working people, small businesses, and families. The attorney general emphasized that all individuals, regardless of their standing or influence, should be held accountable for their actions and abide by the rule of law.
This ruling marks a substantial victory for all Americans who believe in the principles of equality and justice. It sends a clear message that no individual, including former presidents, can evade responsibility for their actions. The decision reaffirms that the rule of law applies to all individuals, ensuring a fair and just society for everyone involved.
