Former U.S. President Donald Trump received a fine of more than 600 billion won in his hometown of New York. A New York court ruled on the 16th that former President Trump’s family and his business received unfair profits by ‘inflating assets’ to obtain bank loans, and that they must pay a fine of $355 million (474.1 billion won) and additional interest. This is the largest fine ever for former President Trump.
The Trump Organization, a family business, is expected to be virtually paralyzed for several years as the court ruling imposes penalties such as a ban on bank loan requests and a ban on Trump’s father and son’s involvement in management. Previously, former President Trump also had to pay $83.3 million (111.3 billion won) on charges of defamation against author E. Gene Carroll, a victim of sexual harassment.
Some analysts say that the ‘bad relationship’ between former President Trump and the New York court is only a prelude. On the 25th of next month, he will face the first criminal trial as a former or current U.S. president on charges of document manipulation in the sexual scandal silencing case.
On the 16th, Judge Arthur Engoron of the Manhattan District Court in New York ruled that former President Trump and the Trump Organization should pay a fine of $355 million in a sentencing hearing for the so-called “fraudulent loan” allegations. Including interest, it is expected to jump to $450 million (601 billion won).
In addition, former President Trump and his two sons were banned from running businesses in New York State for three and two years, respectively. In effect, management rights were taken away. The Trump Organization was no longer able to apply for loans from New York banks. As a result, the Trump Group virtually lost its top management and faced a personnel and financial crisis as the bank funding line essential for real estate operations was cut off.
Previously, New York State Attorney General Letitia James filed a civil suit in 2022, claiming that former President Trump falsely and inflated the value of his assets to obtain favorable transaction terms from banks and insurance companies. Judge Engoron acknowledged most of the charges and imposed a hefty fine after calculating the illegal profits obtained by the Trump Organization and others. She especially criticized former President Trump for not repenting his mistakes, saying, “It is pathological that they are repenting and have no remorse.”
Former President Trump said he plans to appeal, but even so, he must deposit the fine and raise more than 600 billion won within 30 days. Regarding Trump’s financial situation, the New York Times said, “It will not be enough to pay the fine with cash assets, so eventually the real estate will have to be sold. Not only will it not be easy to cash it out right away, but it will be a blow to former President Trump’s pride.” analyzed.
Former President Trump expressed his anger, saying, “President Joe Biden’s invisible hand is behind the trial,” and “If we do not succeed in appealing, New York state will disappear (all the companies will leave).”
Supporters of former President Trump are campaigning to raise money for fines. When an article was posted on GoFundMe, an American online fundraising site, with the title ‘Let’s fund the fines resulting from unfair rulings,’ $84,354 (110 million won) was raised within 24 hours of opening.
The day after the ruling, former President Trump announced the sale of expensive goods (souvenirs) by introducing ‘golden sneakers’ worth $399 (540,000 won). He appeared at ‘Sneaker Con’, a shoe fair held in Philadelphia on the 17th, and presented ‘Trump sneakers’ with gold and American flags drawn on them.
Former President Trump said at this event, “We will turn this country around quickly, and we will remember our young people.” It is interpreted as a strategy to appeal to young people who enjoy sneaker culture, and at the same time to raise funds through goods. These golden shoes were named ‘Never Surrender High Top Sneakers’.
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Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.