New York: After a New York judge imposed a $355 million penalty on him in a civil fraud trial, Donald Trump called the judge “crooked” on Friday, claiming the case was part of a left-wing “witch hunt” to stop him from becoming president again. The former president reacted to the ruling earlier in the day from the steps of his Mar-a-Lago resort in Palm Beach, Florida.
"A crooked New York state judge just ruled that I have to pay a fine of $355 million for having built a perfect company," he said. "We'll appeal, we'll be successful," said Trump. "It's a witch hunt against his political opponent, the likes of which our country has never seen before. You see it in third-world countries, banana republics, but you don't see it here," he added.
VIDEO: Trump's first reaction after being fined in civil fraud case
Justice Arthur Engoron, in a sharply worded decision issued after a contentious three-month trial in Manhattan, ruled on Friday that Trump must pay $354.9 million in penalties for fraudulently overstating his net worth to dupe lenders, another legal setback in a civil case that imperils Trump’s real estate empire. Engoron also banned Trump, who is running to regain the presidency this year, from serving as an officer or director of any New York corporation for three years. Trump vowed to appeal.
Why did Donald Trump inflate property prices?
James sued Trump in 2022 under a state law that authorised her to investigate persistent fraud in business dealings. The suit accused Trump and his co-defendants of routinely puffing up his financial statements to create an illusion his properties were more valuable than they were. State lawyers said Trump exaggerated his wealth by as much as USD 3.6 billion one year. By making himself seem richer, Trump qualified for better loan terms, saved on interest, and was able to complete projects he might otherwise not have finished, state lawyers said.
Even before the trial began, Engoron ruled that James had proven Trump's financial statements were fraudulent. The judge ordered some of Trump's companies removed from his control and dissolved.
An appeals court put that decision on hold. In that earlier ruling, the judge found that, among other tricks, Trump's financial statements had wrongly claimed his Trump Tower penthouse was nearly three times its actual size and overvalued his Mar-a-Lago estate in Palm Beach, Florida, based on the idea that the property could be developed for residential use, even though he had surrendered rights to develop it for any uses but a club.
(With inputs from agencies)
Also Read: Donald Trump hit with $355 million penalty, 3-year ban for fraudulently inflating property price to get loans
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