Appeals Court Throws Out Massive Civil Fraud Penalty Against Trump
HuffPost
A panel of judges said the verdict, which stood to cost Trump more than $515 million, was “excessive.”
NEW YORK (AP) — A New York appeals court on Thursday threw out President Donald Trump’s massive civil fraud penalty while upholding a judge’s finding that he exaggerated his wealth for decades. The ruling spares Trump from a potential half-billion-dollar fine but bans him and his two eldest sons from serving in corporate leadership for a few years.
The decision came seven months after the Republican returned to the White House. A panel of five judges in New York’s mid-level Appellate Division said the verdict, which stood to cost Trump more than $515 million and rock his real estate empire, was “excessive.”
After finding Trump engaged in fraud by flagrantly padding financial statements that went to lenders and insurers, Judge Arthur Engoron ordered him last year to pay $355 million in penalties. With interest, the sum has topped $515 million.
The total — combined with penalties levied on some other Trump Organization executives, including Trump’s sons Eric and Donald Jr. — now exceeds $527 million, with interest.
An ‘excessive’ fine
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