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Trump’s identity takes a hit with a $450 million loss.

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Summary of “In Trump Fraud Ruling, a $450 Million Blow to His Finances and Identity” – The New York Times

TLDR:

  • Donald Trump ordered to pay $450 million in civil fraud case
  • Judge imposes restrictions on Trump’s ability to run New York companies and obtain loans

A huge penalty for deceiving lenders about the value of his properties and his own net worth, if upheld, leaves Donald J. Trump in a perilous financial position. The judge overseeing Mr. Trump’s civil fraud case issued a final ruling that inflicted a staggering financial penalty of about $450 million, threatening to wipe out a stockpile of cash, stocks, and bonds he amassed since leaving the White House. The ruling includes restrictions on Trump and his family business, with Mr. Trump being unable to run any New York company for three years and his sons facing similar restrictions for two years. The family business will also be monitored by a court-appointed outsider, posing unprecedented threats to Mr. Trump’s finances, his family business, and his ego at a critical time for the former president. The ruling could impose several years of paralysis at the Trump Organization, hampering its ability to compete in a city full of real estate companies.


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