Former US President Donald Trump has been found guilty in the civil fraud case that has been brought against him in New York. This is revealed in a recent judgment. Trump is sentenced to pay a fine of 354.9 million dollars – or in excess of 3.7 billion Norwegian kroner at today’s exchange rate. According to the New York Times, the claim against him could end up being up to 400 million dollars – 4.2 billion Norwegian kroner – including interest. Judge Arthur Engoron has also barred Trump from being an owner or CEO of businesses registered in New York for the next three years. Judge Arthur Engoron read out the verdict against Donald Trump. Trump must pay over NOK 3.7 billion in fines. Photo: Shannon Stapleton / Reuters His sons, Donald Trump Jr. and Eric Trump, also cannot manage New York companies for the next two years, according to the ruling. Trump also cannot apply for loans from any New York-registered financial institutions for the next three years. Trump is expected to appeal Friday’s ruling. The New York Times has published the 92-page judgment in its entirety. Exaggerated value of property Trump is said to have exaggerated the net value of assets and properties to deceive lenders. The lawsuit filed by New York Attorney General Letitia James accused Trump and his family businesses of exaggerating their value by $3.6 billion a year over a decade to trick bankers into giving him better loan terms. Trump was also accused of tricking banks and insurance companies into thinking his properties were worth more than they were. This should have given him cheaper loans and insurance, and lower taxes. Donald Trump believes that Attorney General Letitia James in New York has conducted a “witch hunt” against him. Photo: Brittainy Newman / AP – In order to borrow more and at lower interest rates, the defendants apparently sent false financial data to the accountants, resulting in fraudulent financial reports, Friday’s ruling said. Trump denies having done anything wrong and calls the case a political revenge by James, who is a Democrat. According to the New York Times, there is no danger of Trump going into personal bankruptcy anytime soon, despite the large fine, as most of his assets are in real estate. He is also expected to request that the claims against him do not come into effect until the appeal has been processed, writes Storavisa. The fraud case could be a serious blow to Trump’s real estate empire. The court ruled in September that Trump had committed fraud and that his business empire should be partially dissolved. They went back on that in today’s ruling. More ongoing cases Trump also has several ongoing criminal cases against him, in addition to the civil fraud case that was settled today: The so-called “swindle case”, in which he is accused of having cheated on accounts to hide the fact that he paid for porn actress Stormy Daniels ‘ silence about his various sidesteps. The January 6 case, in which he is charged with complicity in the storming of Congress in Washington DC The election interference case in the state of Georgia, in which Trump and 18 others are charged with trying to change the results of the 2020 election. He is also charged with bringing classified documents from the White House home to his house, Mar-a-Lago, in Florida. Listen to the latest podcast from news’s foreign editors:
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Trump found guilty in fraud case – news Urix – Foreign affairs and documentaries
