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Trump ordered to pay nearly 355 million in NY fraud case.

fantome profane

fantome profane

Anti-Woke = Anti-Justice
Premium Member
www.cnn.com

Live updates: Trump ordered to pay nearly $355 million in civil fraud trial

A judge has ordered former President Donald Trump and his companies to pay nearly $355 million in a ruling in the New York civil fraud case. Follow here for the latest live news updates.
www.cnn.com www.cnn.com

" A judge has ordered former President Donald Trump and his companies to pay nearly $355 million in a ruling"

"The former president is also barred from serving as an officer or director of any New York corporation or other legal entity in the state for three years, and he cannot apply for loans from any financial institution registered in New York for three years. Meanwhile, his adult sons, Donald Jr. and Eric, have been ordered to pay $4 million for their personal profits from the fraud."

As was expected.
 
Laniakea

Laniakea

Not of this world
Further evidence that these cases are politically motivated to try to keep him from winning the presidency.
It'll backfire, just as the indictments did--and will get him even more support.
 
Subduction Zone

Subduction Zone

Veteran Member
I love this quote from the judge:

"Michael Cohen told the truth," the judge wrote of Donald Trump's former lawyer. "Although the animosity between the witness and the defendant is palpable, providing Cohen with an incentive to lie, the Court found his testimony credible, based on the relaxed manner in which he testified, the general plausibility of his statements, and, most importantly, the way his testimony was corroborated by other trial evidence."
 
Subduction Zone

Subduction Zone

Veteran Member
Laniakea said:
Who were the victims? Who claimed to have been wronged?
Click to expand...
The state of New York was a victim. Also you do not understand banking. Banks will have limited amounts of loans at different rates of interest depending upon the qualifications of those applying for them. For example they may have $500 million a year that they will loan out at 5%. $1 billion at 10% etc.. There would have been people that would have gotten lower rates if Trump had not already gotten those low rates by lying. That is illegal in New York State. Even if he paid the bank back those that should have gotten the loans were harmed even if we do not know who they were. The state can collect for them. The idea is that it stops others from breaking the law when one punishes people that do break the law.
 
F

F1fan

Veteran Member
Laniakea said:
Who were the victims? Who claimed to have been wronged?
Click to expand...
Banks and the citizens of New York. Fraud is fraud. Trump has a long history of fraud. And a history of losing in court for fraud. This happens to be the largest fine.

The state has legal authority to charge individuals and corporations for crimes. States often prosecute crimes against victims because they are part of the represented.
 
F

F1fan

Veteran Member
fantome profane said:
I hope you are going to make a healthy donation to Trump's "political campaign". Poor guy is gonna need it.
Click to expand...
Now we will see just how much money he really has. If he appeals he will need to put the money in escrow and not be able to move money into hidden accounts.

As far as I know he can’t take political donations for personal use. He’s been using the donations for legal fees but that is allowed. So the full $355 million is on him.
 
Laniakea

Laniakea

Not of this world
Subduction Zone said:
The state of New York was a victim. Also you do not understand banking. Banks will have limited amounts of loans at different rates of interest depending upon the qualifications of those applying for them. For example they may have $500 million a year that they will loan out at 5%. $1 billion at 10% etc.. There would have been people that would have gotten lower rates if Trump had not already gotten those low rates by lying. That is illegal in New York State. Even if he paid the bank back those that should have gotten the loans were harmed even if we do not know who they were. The state can collect for them. The idea is that it stops others from breaking the law when one punishes people that do break the law.
Click to expand...

Which bank claimed victimhood?
 
exchemist

exchemist

Veteran Member
Laniakea said:
And were repaid in full? Oh my!
Click to expand...
Doesn't matter. False financial statements in business are fraudulent, as that can have all manner of consequences. Remember Enron? It's a basic principle of how business is regulated. Businesses are not allowed to make false financial statements. Period.

As for "repaid in full" yes they were repaid in full but at a better rate than they should have been, i.e. the amount to be repaid was less than it should have been because Trump got a better interest rate than he deserved as a result of his fraudulent misrepresentation. The calculation was that the banks were out of pocket by $370m and the judge has told Trump to pay up $350m.
 
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