Judge Arthur Engoron’s ruling on Friday concludes the nearly century-long history of the Trump Organization in New York in disgrace and ruin. For his financial fraud, Donald Trump must pay $355m in fines. He is suspended for three years from doing business in New York. His sons – Donald Jr and Eric, executives of the company – are barred for two years. “New York means business in combating business fraud,” the judge stated in his decision. The Trump brand is now adjudicated to be synonymous with fraud and failure.
“In order to borrow more and at lower rates, defendants submitted blatantly false financial data to the accountants, resulting in fraudulent financial statements,” the judge wrote in his decision. “When confronted at trial with the statements, defendants’ fact and expert witnesses simply denied reality, and defendants failed to accept responsibility or to impose internal controls to prevent future recurrences … Their complete lack of contrition and remorse borders on pathological.”
