The new year could be off to a rough start for Donald Trump.
The former president faces a $250 million fine and a ban on doing business in New York when the judge overseeing his civil fraud trial handed down a ruling in the case in January.
The Manhattan Supreme Court trial – which has been adjourned since December 13 – is set to resume with closing arguments on January 11, and Judge Arthur Engoron said he hopes to have a decision in the non-jury case by the end of the month.
New York Attorney General Letitia James is seeking at least $250 million in restitution for alleged ill-gotten gains from Trump, 77, and his co-defendants, including his two eldest sons Eric and Donald Trump Jr.
The 2024 Republican presidential front-runner is accused of exaggerating the value of his assets by billions on annual financial statements to get better loan and insurance terms.
Engoron has already found Trump liable for fraud, but other claims in James’ lawsuit, as well as possible final penalties, remain to be decided.
The judge could order Trump to pay less — or more — than what the Attorney General is seeking, but one legal expert said it’s likely he will either rule that the former president owes the full $250 million, or not.
Donald Trump faces a $250 million fine and a ban from doing business in New York when a judge issues a ruling — expected in late January. Gabriella Bass
“There’s no clear amount of profit or loss, so I don’t know how a judge would come up with a different number,” Evan Gotlob, a former prosecutor and white-collar defense attorney, told The Post.
The court has heard from about 40 witnesses since the trial began on Oct. 2, but not much testimony has focused on how much each lender or insurer lost as a result of Trump’s alleged fraud — making it unlikely that Engoron will come up with a different one. number from the amount James is looking for.
“I doubt the judge in this case will exceed that amount because they have no basis unless they have forensic accountants through a large organization like the Trump Organization, all their books and all the improper benefits they get,” Gotlob said.
It’s also unlikely the judge will set a penalty lower than $250 million, he said.
“I think it would be very difficult, unless one of the judge’s clerks is a secret financial expert, to come up with a much lower number — based on what? The evidence doesn’t really go either way, until there’s $250 million or not,” Gotlob said.
And he said judges tend to try to make financial penalties payable.
Judge Arthur Engoron will hear closing arguments on January 11 and will soon issue his decision in the non-jury case. Reuters
“When you’re a judge, you know what they can pay whether it’s through bankruptcy or not,” Gotlob said. “I think the Trump organization is worth between $1 billion and $3 billion… there’s money to be paid.”
Engoron in a surprise ruling just before the start of the trial found Trump liable on one of the AG’s major fraud claims and the judge revoked the Trump Organization’s business license.
The company can continue to do business because the final part of the decision was put on hold by the appeals court at least until Engoron issues its decision.
But even after the ruling is issued, Gotlob predicts it will take years for the case to end because Trump is likely to appeal any negative ruling all the way to the Empire State’s highest court.
“This is a case where I can see, especially knowing how much the former president likes to fight the ruling against him, that it will go all the way to the Court of Appeals,” Gotlob said.
One expert believes if the judge rules against Trump there will be years of appeals before Trump has to pay or stop doing business in New York. Gabriella Bass
The earliest the case will be resolved is after the 2024 presidential election, as “courts don’t like to get involved in politics,” Gotlob suggested, adding that a final decision could be issued as late as 2025 or 2026.
As for the revoked business license, Gotlob said he thinks it will be years before Trump’s real estate empire feels the effects of the suspension, pending an appeal.
Even if the ruling goes into effect, Trump could find a way around it — for example by running a shell company, lawyers argue.
Still, “the possibility of losing a business license for, at least five years or more, that’s pretty devastating,” Gotlob said.
“New York is like the center of the business world.”
Judge Engoron will likely fine Trump $250 million — the amount sought by the Attorney General’s Office — or he will not punish him financially at all, a lawyer said. Reuters
The real estate tycoon is a defendant along with his two eldest sons, the Trump Org and others in a case that accuses Trump of inflating the value of his assets on annual statements of financial condition from 2011 to 2021.
Testimony at the trial lasted 11 weeks and featured the former commander-in-chief, children Eric, 39, Ivanka, 42, and Donald Jr., 45, all testifying.
The former first daughter was also initially a defendant in the case until the appeals court dismissed it finding that the claim against her was beyond the statute of limitations.
All four Trumps deny the Attorney General’s claims and blame any discrepancies in financial documents on accountants and lawyers.
Trump has denied Attorney General claims that he is the victim of a political witch hunt REUTERS Attorney General Letitia James has accused Trump of exaggerating his assets over the years to get better loan and insurance terms. Reuters
Trump was in court for eight days of the trial — which he did not have to attend as he would in a criminal case — and repeatedly attacked the Attorney General and the case, as well as the judge and Engoron’s top law clerk.
Engoron issued a limited gag order on the second day of the trial preventing Trump from speaking publicly about his court staff as the 45th president went after chief justice Allison Greenfield on social media.
The judge has fined Trump $15,000 after finding he twice violated the gag order.
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Source: thtrangdai.edu.vn/en/
