NEW YORK: US former President Donald Trump and his business organizations were ordered to pay $ 355 million of penalties on Friday in a business fraud case lodged by New York State Attorney General Letitia James.
In order to borrow more money and at lower rates, Donald Trump and the entities he controls submitted blatantly false financial data to the accountants, resulting in fraudulent financial statements, said a decision and order by Arthur F. Engoron, a judge of New York County Supreme Court.
“Defendants’ fact and expert witnesses simply denied reality, and defendants failed to accept responsibility or to impose internal controls to prevent future recurrences” at trial, said Engoron in summary of a 92-page document.
The judge continued the appointment of an independent monitor, ordered the installation of an independent director of compliance and limited defendants’ right to conduct business in New York for a few years.
In particular, Donald Trump, Allen Weisselberg, former chief financial officer of the Trump Organization, and Jeffrey McConney, former Trump Organization controller, were banned from serving as an officer or director of any New York corporation or other legal entity in New York for three years.
