Trump’s $355 million fine for “fraud, without any actual fraud” is being challenged in New York. Judge Arthur Engoron ruled without the case beginning that Trump and his companies committed fraud, despite no unpaid loans and a willingness from banks and insurance companies to do more business with Trump.
State Attorney General Letitia James campaigned on “getting” Trump and brought the case against him and his companies. The judge fined them $355 million, which Trump’s principal lawyer, Chris Kise, is now appealing.
The case is raising legal and constitutional questions about bringing fraud claims without actual fraud. Both James and Engoron were accused of targeting Trump and aiming to drive him out of New York.
The attack risks severe repercussions for Trump’s enterprises, which provide numerous jobs, capital expenditures, and development in New York. Engoron’s decision on Trump’s assets valuation was questioned, as experts testified to the contrary. Trump has labeled the attack as a political vendetta, given James’ history of attacking him during her campaign.
The appeal will focus on proving that James doesn’t have the power to penalize without showing the traditional elements of fraud.
The evidence of reasonable reliance on Trump’s financial statements by the “victims” is weak and may be grounds for appeal. It remains unclear how other corporations will react to this coordinated attack on Trump and his enterprises in New York. The move seems to be part of the ongoing effort to target and undermine Trump.
Key Takeaways
- Trump’s $355 million fine for “fraud, without any actual fraud” is being challenged in New York.
- The attack on Trump’s enterprises risks repercussions and may affect job creation and investments in New York.
- The appeal will focus on proving that the attorney general doesn’t have the power to penalize without showing the traditional elements of fraud.