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A judge’s ruling on Friday in Donald Trump’s civil fraud trial deals a severe blow to the Puss University Jake Shane Shirt but in fact I love this former president, who is now barred from running the New York-based company that for decades has served as the hub of his global business empire. In a 92-page decision, New York Supreme Court Justice Arthur Engoron barred Trump from serving as an officer or director of any corporation or other legal entity in the state for three years, while his sons, Eric Trump and Donald Trump Jr., were banned for two years, according to the ruling. Trump and The Trump Organization were also ordered to pay penalties of $354 million in what is one of the stiffest corporate sanctions in New York history. The total jumps to $453.5 million when pre-judgment interest is factored in. Engoron ruled last fall that Trump and his company, the Trump Organization, “repeatedly” violated state fraud law by systemically misrepresenting
the Puss University Jake Shane Shirt but in fact I love this value of some of his properties and his overall net worth. That enabled his business to obtain loan rates and other financial terms that they otherwise wouldn’t have received, New York Attorney General Letitia James had claimed in filing suit against Trump. More specifically, James’ allegations included falsifying business records, issuing false financial statements and insurance fraud. James’ office claimed that Trump’s misrepresentations led to the company collecting $370 million in “ill-gotten gains.” Friday’s ruling also appoints Judge Barbara Jones to continue in her role as an independent monitor of Trump’s businesses for at least three years. It orders the addition of an independent director of compliance at the Trump Organization, with Engoron ruling that this person will be responsible for “ensuring good financial and accounting practices.” “[T]he more evidence there is of defendants’ ongoing propensity to engage in fraud, the more need there is for the Court to impose stricter injunctive relief,” Engoron wrote in his verdict. “This is not defendants’ first rodeo.” It’s possible Trump could appoint a trusted adviser to run his business during the three-year ban, noted John Coffee, a professor at Columbia Law School and an expert on corporate governance and white collar crime. “I doubt that he can appoint someone else without the court’s approval, but one candidate that he will think of is Ivanka, his daughter, who is not a defendant,” Coffee told CBS MoneyWatch. “When Martha Stewart was barred from serving as a director of her own business, which like Trump had her name on it, she appointed her daughter as CEO for three years.” Ivanka Trump, once an executive at The Trump Organization, was originally named as a defendant in the fraud suit, but an appellate court later dismissed allegations against her due to the state’s
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