Trump fined $350M in Democrats’ bid to manipulate 2024 election
Trump and Trump Organization Fined $350 Million by New York Judge
A New York judge has handed down a hefty fine of $350 million to Donald Trump and the Trump Organization. This move is seen as the latest attempt by Democrats to weaken the former president both financially and politically in the lead-up to the 2024 election.
According to The New York Times, Justice Arthur Engoron ruled that Trump is “liable for conspiring to manipulate his net worth” and ordered him to pay a penalty of $355 million, which could potentially wipe out his entire cash reserve. In addition, Trump is banned from holding top positions in any New York company, including his own, for three years.
The lawsuit against Trump, his children, and their business was filed by New York Attorney General Letitia James, a Democrat who openly campaigned to use the legal system as a weapon against Trump. James accused them of grossly inflating their assets in financial statements by billions of dollars.
However, during the trial, accounting professor Eli Bartov from New York University testified that there was no evidence of accounting fraud by Trump or his associates. Bartov’s analysis showed that the financial statements were not materially misstated.
Friday’s ruling was not surprising, considering the evident bias displayed by Justice Engoron throughout the trial. Engoron had previously relied on a faulty appraisal of Trump’s Mar-a-Lago estate and placed a temporary gag order on the former president. He was even caught laughing at the start of a court proceeding.
These civil penalties imposed on Trump are part of Democrats’ ongoing efforts to weaponize the legal system against him and prevent his potential reelection. The Biden Justice Department and Democrat prosecutors have already brought 91 criminal indictments against Trump across four different venues, aiming to imprison him before the November election.
And that’s not all. Democrats have also made attempts to remove Trump from the ballot in states like Maine and Colorado. Despite claiming to be the party of democracy, they are using every means possible to undermine a fair electoral process and strip Trump of his financial assets and livelihood.
Shawn Fleetwood is a staff writer for The Federalist and a graduate of the University of Mary Washington. He previously served as a state content writer for Convention of States Action and his work has been featured in numerous outlets, including RealClearPolitics, RealClearHealth, and Conservative Review. Follow him on Twitter @ShawnFleetwood.
How might the $350 million fine and the ban on holding top positions in New York companies affect Trump’s ability to run for president again in 2024?
Ty testified that the statements made by the Trump Organization were “normal” and “consistent with industry practices.” He argued that valuing assets at their “highest and best use” was a common practice among real estate developers, which the Trump Organization did as well.
Despite this defense, Judge Engoron stated that the evidence presented during the trial showed a pattern of “persistently fraudulent” behavior by Trump and his organization. He highlighted instances where Trump would provide inflated financial statements to obtain loans, while simultaneously undervaluing his assets for tax purposes.
The $350 million fine imposed on Trump is not the first financial setback he has faced during his post-presidency. In July 2020, the Supreme Court ruled that Trump must hand over his tax returns to the Manhattan District Attorney, Cy Vance Jr., as part of an investigation into hush-money payments made to women during the 2016 election campaign.
The timing of this fine is significant, as it comes just two years before the next presidential election. Many see it as a deliberate attempt by Democrats to financially cripple Trump and potentially diminish his chances of running for president again in 2024. The ban on holding top positions in New York companies for three years adds another hurdle for Trump, restricting his ability to exert influence over his own business empire.
The reaction to the judge’s ruling has been mixed. Supporters of Trump argue that this is another politically motivated attack on the former president, while others believe that the evidence presented during the trial justified the hefty fine. Some also argue that the ban on holding top positions in New York companies is a necessary consequence given the fraudulent behavior alleged against Trump and his organization.
It remains to be seen how this ruling will impact Trump’s political future and financial standing. With the hefty fine potentially wiping out his cash reserve, Trump will have to carefully consider the financial implications of his next moves. For now, he continues to be a divisive figure, with his legal battles and controversies attracting both staunch supporters and vehement opponents.
As with many political cases, the true impact of this ruling may only become clear in the years to come. Meanwhile, Trump and his organization face an uphill battle as they navigate the legal and financial consequences of this judgment.
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