Donald Trump suffered a significant blow to his wealth when a New York judge ordered him and his associates to pay over $364 million for bank fraud, stripping the family’s control of his real estate company and dealing a legal defeat to the former president. Additionally, Trump was barred from borrowing money from any New York bank for three years, potentially forcing him to sell off assets like buildings or golf courses to cover the judgment. The interest rate could push the total owed above $450 million, marking Trump’s worst personal financial crisis at the age of 77, amidst ongoing criminal cases and his pursuit of the presidency in 2024. The judge highlighted the Trump Organization’s history of corporate wrongdoing and emphasized the importance of honesty and transparency in business dealings. The ruling also saw Trump’s sons removed from leadership positions within the company and subjected to oversight, while an independent director of compliance was appointed to clean up the organization’s operations. Despite Trump’s expected appeal, logistical challenges, including the need for substantial upfront payments, could complicate his legal strategy. The ruling also prohibits Trump from relying on his usual tactic of corporate bankruptcy to evade financial obligations. Trump’s relentless attacks on the court and its personnel have led to concerns about political intimidation, with security measures implemented to protect those involved in the case. Amidst these legal battles, Trump faces an upcoming criminal trial related to his alleged coverup of a sexual affair, further adding to his legal woes.
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