peekpublishersTLDR:
- Former President Donald Trump faces a $355 million fine and restrictions on his financial activities imposed by a New York judge.
- Judge Arthur Engoron’s ruling prevents Trump from borrowing money from financial institutions supervised by the New York Department of Financial Services.
Former President Donald Trump is facing financial challenges following a ruling by a New York judge that imposed a fine of nearly $355 million and imposed restrictions on his ability to run his companies. The ruling from Judge Arthur Engoron prohibits Trump from borrowing money from financial institutions supervised by the New York Department of Financial Services. This ruling stems from a civil suit brought by New York Attorney General Letitia James in 2022, alleging fraudulent asset valuations to secure favorable bank loans and tax deals. Despite maintaining his innocence and attributing the case to political motives as he runs for the GOP nomination in the 2024 presidential race, Trump’s financial options may be limited as he plans to appeal the ruling. The order handed down by Judge Engoron also prohibits Trump from serving as an officer or director of any New York corporation or legal entity for three years.
While some have speculated that Trump may still have access to major banks for borrowing, MSNBC legal correspondent Lisa Rubin clarified that the formal restrictions outlined in the ruling are specific to institutions supervised by the New York Department of Financial Services. This limitation could impact Trump’s ability to secure new loans, as some of the entities he owes money to are supervised by the DFS. Despite plans to appeal the ruling, Trump’s legal team remains confident that the decision will be overturned on appeal. The financial implications of the ruling add to the ongoing legal challenges and controversies faced by the former president as he navigates the political landscape in pursuit of his presidential ambitions.
