New York appeals court confirms Trump is a fraud, but overturns $500 million fine

The Appellate Division of the New York Supreme Court overturned a $500 million fine imposed on the US President. Donald Trump had to pay in a real estate fraud case in New York. About this... reports BBC.

The appellate judges stated that while Trump is liable for the violation, the fine is excessive.

"Damage was certainly done, but it was not catastrophic, which would justify awarding the state $500 million," said Judge Peter Moulton.

In 2023, a New York court ordered Trump to pay a fine for significantly overvaluing the assets of his company, Trump Organization, in order to obtain favorable loans. In particular, the financial statements of the organization indicated the size of the penthouse in Trump Tower as almost three times larger than it actually was.

The fine imposed by the judge of the first instance was $355 million, but with interest the amount grew to over $500 million.

In a post on his Truth Social page, Trump stated that the decision was a "complete victory."

"I greatly respect the fact that the court had the courage to overturn this illegal and shameful decision, which was harming businesses across the state of New York. It was a witch hunt unlike anything ever seen before," wrote the US President.

In turn, the New York Attorney General's Office, which brought the case against Trump, considered the appeals court's decision a victory, as it confirmed the US president's liability for fraud.

"The judges upheld the reasoned conclusion of the court of first instance: Donald Trump, his company Trump Organization, and two of his children are liable for fraud. Another court ruled that the president violated the law, and that our case is well-founded," the prosecution said.

In addition, the prosecution emphasized that the other penalties imposed on Trump remain in effect.

Specifically, Trump is prohibited from holding a position as a director of the Trump Organization or taking out loans from banks in the state for three years.

• March 25, 2024, Trump received a deferral of the collection of over $454 million that he owed as a result of a civil fraud case. The decision was made on the condition that he pay $175 million within 10 days.
• April 4, New York State Supreme Court rejected Trump's documents regarding the $175 million bail in the civil fraud case were rejected due to the politician's failure to provide an up-to-date financial statement.
• July 23, Trump's lawyers filed an appeal with a request to overturn the decision in the civil fraud case.