This Friday, in the New York civil fraud trial, Judge Arthur Ngolon handed down the harshest punishment to date against former Trump in the United States.
Trump for thisFraudulently inflating the value of their property, was fined 3$5.5 billion.
Judge Ngolon said Trump should be guilty of fraud, collusion andPublication of false financial statements and false business recordsresponsible, and barred him from serving as a director of a company in New York for three years.
Source: businessinsider, The copyright belongs to the original author.
Ngolon issued a 93-page vehemently worded opinion that made the former ** unremorseful and highly likely to commit fraud again.
In his speech on Friday night, Trump claimed that Joe Biden was behind the civil fraud case in New York.
He and his team of lawyers said Friday that they intend to appeal the decision.
3$5.5 billion will be deposited into an account pending an appeal process, which could take years to proceed to litigation.
Source: businessinsider, The copyright belongs to the original author.
Judge Ngorong ordered Trump and his company to be nearly 3The $5.5 billion judgment pays 9% interest, which will continue to accrue until paid as ordered.
These interests could add nearly $100 million to Trump's liabilities.
The drama Daily Mail reported that Trump's net worth was estimated to be more than $2 billion, but a New York judge prescribed him a 3With a $5.5 billion fine, he may need to make some painful decisions.
Trump's business empire owns golf and real estate properties, but he keeps only a fraction of his cash as a liquid asset.
Source: businessinsider, The copyright belongs to the original author.
In his testimony in a lawsuit filed by New York State Attorney General Letitia James, he claimed that he had $400 million in cash and said "that's a lot of money for developers."
Investigators found that as of 2020,Trump's liquid assets are $93 million
After Friday's court trial, the sky-high fine could create a potential cash shortage for Mr. Trump.
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