New York Appeals Court: Trump and Sons Can Keep Managing Business, Must Pay Now, No Delay Allowed!
Cybersecdn– The former president and his sons will be able to keep running their business while the appeals process is underway, according to a judge in New York’s Appeals Court. However, the judge denied Trump’s request to delay payment of the $464 million owed to the state following Attorney General Letitia James’ lawsuit.
Earlier this month, Trump’s firm in New York was restricted for two to three years, along with his sons Donald Trump Jr. and Eric Trump. Letitia James, the attorney general of New York, filed a civil fraud lawsuit against Trump, his family, and the Trump Organisation. The case resulted in damages totaling hundreds of millions of dollars.
The decision has prompted the ex-president to file an appeal. But on Wednesday, a judge from the New York Appeals Court decided that the former president is required to post a bond equal to the entire judgment amount, and the appointment of the independent director of compliance will proceed.
While appealing, the judge has agreed to let Trump and his sons keep the company going. Before the motion’s presentation to the entire Appeals Court, this filing serves as a temporary order. The deadline for Trump’s responses is March 18, while the deadline for James’ brief to the panel is March 11.
James sued the former president, claiming he committed fraud and overstated his assets. The trial began in October, and New York Judge Arthur Engoron issued his decision earlier in February following the lengthy ordeal.
In his ruling, Engoron found that Trump and the other defendants were guilty of “persistent and repeated fraud,” “falsifying business records,” “issuing false financial statements,” “conspiracy to falsify false financial statements,” “insurance fraud,” and “conspiracy to commit insurance fraud.”
For two years, the judge also forbade Donald Trump Jr. and Eric Trump from holding the positions of officer or director in any New York corporation or legal body.
Additionally, for three years, Engoron “permanently” disqualified defendants Allen Weisselberg and Jeffrey McConney from “serving in the financial control function of any New York corporation or similar business entity registered and/or licensed in New York State” and from their roles as directors of any New York corporation or other legal entity in the state. Weisselberg was the former CFO of the Trump Organisation, and McConney was the former corporate controller.
James sued Trump and the Trump Organisation, claiming that they engaged in deceitful commercial activities. During the heated court sessions, Engoron briefly restrained Trump from criticising court employees by placing him under a partial gag order multiple times.
With the addition of 9% interest as penalties, James had asked Trump for $370 million. The New York State Treasury would receive any awarded funds unless the state comptroller specifies otherwise.
At every stage, Trump called the trial a “witch hunt” and accused James and Engoron of being Democratic party operatives. On multiple occasions, Trump’s legal team criticized the trial’s jury-free status.
The choice of a jury trial was never an option, according to a Trump spokesman who spoke with Fox News Digital last month. “It is unfortunate that a jury won’t be able to hear how absurd the merits of this case are and conclude no wrongdoing ever happened.”
All members of Trump’s family have denied any wrongdoing; the ex-president even claimed his wealth had been unfairly assessed. The legal team representing Trump demanded that banks perform their own evaluations and stressed that his financial statements included disclaimers.
The president has boasted that his financial records are “perfect,” returned his bank loans, and described himself as “as happy as can be.”
Among the witnesses presented by Trump’s legal team were high-ranking Deutsche Bank officials who claimed their employers courted Trump for more business because he was a “whale of a client.”
As part of his defense team, Trump called in accounting professor Eli Bartov of New York University, who examined the relevant Trump financial documents and concluded that there was no indication of accounting fraud.
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Last month, Bartov gave testimony stating that Trump’s financial accounts complied with generally accepted accounting principles. He continued by implying that any discrepancies, such as the enormous annual increase in the penthouse’s estimated worth, were due to simple human error. “My main finding is that there is no evidence whatsoever of any accounting fraud,” said Bartov. He claimed that Trump’s profit and loss figures “were not materially misstated.”
