Trump Ordered To Pay Sh50B In Civil Fraud Trial

A New York judge on Friday ordered ex-US President Donald Trump to pay a fine in excess of $350 million (KES 50.7 billion) and to refrain from doing business for three years in the state where he made his real estate empire.

Justice Arthur Engoron issued the biting ruling following a monthslong civil fraud trial that sought to determine the damages that Trump was to pay after being found liable for misleading authorities and banks about the value of his real estate holdings. The trial was focused squarely on the extent of damages that Trump would be forced to pay.

Engoron previously sided with prosecutors in their contention that Trump engaged in a pattern of overvaluing his assets when reporting to banks to secure more favorable loan terms while skirting taxes by devaluing his properties in financial disclosures to state authorities.

During the two-and-a-half months of proceedings in which dozens of witnesses provided testimony, the ex-president repeatedly bemoaned what he said were “rigged” proceedings and “politically-motivated” charges.

The fine instituted by Engoron reportedly comes in just under the $370 million penalty sought by New York Attorney General Letitia James, and the full ban sought by her office. But it is nonetheless a major blow to the ex-president, coming after he was ordered to pay over $83 million to write E. Jean Carroll after being found guilty of defaming her.

Trump’s two eldest sons — Eric Trump and Donald Trump, Jr. — are also barred from operating any business in New York, and were each ordered to pay a $4 million fine, according to the New York Times newspaper.

An appeal from Trump is all but certain, and the Times said the penalty could balloon past $400 million once interest is factored in.

Engoron also ordered the extension of a special monitor to independently review the Trump Organization’s business dealings, watching for any additional potential fraud.

A separate New York trial centered on hush money payments to adult film actress, Stormy Daniels, is slated to begin March 25 after a Manhattan judge denied Trump’s effort to delay the trial’s start date.