Trump pays US$175 million fine for fraudulent financial statement | World

Trump pays US$175 million fine for fraudulent financial statement | World
Trump pays US$175 million fine for fraudulent financial statement | World
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1 of 1 Donald Trump in February 2024 — Photo: Sam Wolfe/Reuters
Donald Trump in February 2024 — Photo: Sam Wolfe/Reuters

On March 25, the court accepted an appeal from the former president’s defense to reduce the fine by 60%. The original value stipulated was US$454 million (R$2.3 billion). After the decision, Trump was given 10 days to pay the fine.

In February, Donald Trump was convicted in the first instance of having defrauded the balance sheets of one of his companies, the Trump Organization, which operates in the real estate sector. The objective of the fraud, according to the accusation, was to obtain loans and do business under better conditions.

The former president denied irregularities and stated that the action was a politically motivated witch hunt.

Payment of the fine prevents the former president from having assets confiscated by the courts as a means of executing the fine for conviction.

Inflated balance sheet helps win business

New York Attorney General Letitia James sued Trump and the Trump Organization in September 2022. She accused the former president and the company of lying for a decade about asset values ​​to obtain better terms on bank loans and insurance.

Letitia also claimed that the former US president inflated his net worth by up to US$2.23 billion in the annual financial statements provided to banks and insurance companies.

The prosecutor also said that the assets whose values ​​were inflated included Trump’s Mar-a-Lago estate in Florida, his penthouse apartment in Manhattan’s Trump Tower, and several office buildings and golf courses.

The former president argued that he did not manipulate the accounting balance sheets of his companies. His lawyers appealed the decision – that is, they will try to reverse the result in a higher court.

Furthermore, the lawyers stated that the former president did not have the amount and proposed depositing a smaller amount, US$100 million (R$501 million), or suspending the charge, which they considered to be excessive.

The lawyers also looked for 30 companies that lend money to pay bail bonds, in addition to four brokers, to try to close a contract in which one company would be responsible for the deposit.

The former American president hired Gary Giulietti, an executive specializing in insurance, to try to secure a contract with a company of this type.

In practice, if Trump loses his appeal at a higher court, this contract guarantees that the bail payment company will pay the amount.

However, Giulietti said in writing that raising $454 million “is impossible under the current circumstances,” and that many payments companies do not issue bonds worth more than $100 million.

The executive also said that, in these cases, companies do not accept properties as collateral. Much of Trump’s wealth is in property.

Also this Monday, the New York Court ordered Trump to stop attacking the family of the judge who is analyzing another case in which the former president is accused – involving porn actress Stormy Daniels.

On March 28, on a social network, the former president called Judge Juan Merchan’s daughter a “rabid Trump hater” and asked for him to be removed from the case.

In light of the publication, prosecutors claimed that Trump was trying to scare potential witnesses in the case.

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The article is in Portuguese

Tags: Trump pays US175 million fine fraudulent financial statement World

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