A Manhattan judge dealt Donald Trump a powerful blow on Friday, delivering a civil penalty totaling more than $450 million and giving him a three-year ban from the notoriously bare-knuckle world of New York real estate. Trump and his Trump Organization are also barred for three years from borrowing from banks and financial firms registered in New York, per the judge’s order.
Yet, the decision in the civil fraud case brought by New York state Attorney General Letitia James isn’t expected to deliver a knockout punch to the former U.S. president or the Trump Organization — at least not immediately. “The Trump Organization is going to exist,” said Evan Gotlob, a partner at law firm Saul Ewing and a former New York City prosecutor who focuses on public corruption and white-collar investigations. “It is going to be hamstrung, but I think it still exists.” Gotlob said that while the Trump Organization likely can withstand losing hundreds of millions of dollars from the fine, the three-year financing ban “might be the worst part,” since the real-estate industry runs on borrowed money. Friday’s decision could also sweep up foreign lenders with registered affiliates in New York. “For …
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Yet, the decision in the civil fraud case brought by New York state Attorney General Letitia James isn’t expected to deliver a knockout punch to the former U.S. president or the Trump Organization — at least not immediately. “The Trump Organization is going to exist,” said Evan Gotlob, a partner at law firm Saul Ewing and a former New York City prosecutor who focuses on public corruption and white-collar investigations. “It is going to be hamstrung, but I think it still exists.” Gotlob said that while the Trump Organization likely can withstand losing hundreds of millions of dollars from the fine, the three-year financing ban “might be the worst part,” since the real-estate industry runs on borrowed money. Friday’s decision could also sweep up foreign lenders with registered affiliates in New York. “For …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]