Donald Trump called 'real fraud' after his family was hit with $364M fine for inflating property prices

NEW YORK CITY, NEW YORK: Following a highly publicized trial in New York, internet users found themselves divided when Donald Trump and his family empire were hit with a significant fine of $364 million for inflating property prices, as reported by The Guardian.

The former US President was also prohibited by Judge Arthur Engoron from serving as the director of a company in the state for three years in the ruling issued on Friday, February 16, that now puts the future of his business in doubt. 

Trump's sons were fined $4 million each

Trump's sons Eric and Don Jr were individually fined over $4 million, while their former CFO Allen Weisselberg faced a $1 million fine.

This penalty was imposed due to their involvement in a scheme to significantly inflate the prices of properties owned by Donald Trump, including Mar-a-Lago, with the aim of securing favorable loan terms from lenders.

The business mogul has up to a month to come up with the money, which with interest could top more than $ 400 million, or secure a bond of around $35 million.

After an explosive three-month court case, the staggering decision was made, during which Trump himself took the stand and his children, including Ivanka, provided testimony.

Trump's mind-boggling net worth

Trump now faces over $454 million in judgments in New York after a jury ruled he must pay for defaming his rape accuser, E Jean Carroll.

According to a Forbes estimate in September 2023, Trump's net worth is approximately $2.6 billion, with the majority of his assets tied up in his extensive real estate and golf empire.

The outlet also reported that the Republican presidential frontrunner has $640 million in cash and assets and $870 million in golf clubs and resorts. His New York real estate is worth $690 million and his social media and brand businesses are worth $160 million. 

The Trump Organization termed the ruling a 'gross miscarriage of justice'

The Trump Organization called the ruling a "gross miscarriage of justice", accused New York Attorney General Letitia James of "overreach" and said Deutsche Bank made "hundreds of millions" doing business with them.

"Every member of the New York business community, no matter the industry, should be gravely concerned with this gross overreach and a brazen attempt by the Attorney General to exert limitless power where no private or public harm has been established", the organization stated. "If allowed to stand, this ruling will only further expedite the continuing exodus of companies from New York."

The former president gave evidence during the trial and railed against the judge and prosecutor, arguing he had done nothing wrong and was being persecuted by political opponents. Engoron had already found Trump, and his sons Don Jr and Eric, liable for fraud, and the trial was to determine how much they should pay. 

What did the NY attorney accuse Trump of?

James had demanded over $370 million from Trump and that he be barred from doing business in the state of New York. James accused Trump and his family businesses of overstating his net worth by billions of dollars. She sought to permanently ban Trump from New York's real estate industry and sharply limit his ability to do business in the state.

Trump protested during the closing arguments

In closing arguments on January 11 Trump defied the judge and gave a six-minute tirade after his lawyers spoke. "I am an innocent man", Trump protested. "I'm being persecuted by someone (James) running for office. What's happened here, sir, is a fraud on me." Trump said he was being targeted by officials who "want to make sure I don't win again."

Internet users reacted after Trump was fined for inflating the value of his properties

X users voiced their displeasure after Trump was fined for inflating the value of his properties by hundreds of millions.

One user tweeted, "Donald Trump is the real fraud."

Another wrote, "Considering he's worth $2.6 billion I think he can afford it." 

One user opined, "The Banks involved even testified in favor of Trump, that as far as they were concerned no fraud was committed. The US has become a laughing stock."

Another wrote, "Corruption knows no limits. If anyone trusts the judiciary, they have lost their f***ing minds. Pretty soon the people will pay them no mind at all. Perhaps for the better, who knows?" 

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.