A New York appeals court on Thursday threw out the massive financial penalty a state judge imposed on President Donald Trump, while narrowly upholding a finding he engaged in fraud by exaggerating his wealth for decades, according to the Associated Press.
The ruling spares Trump from a potential fine that is now over $515 million, but bans him and his two eldest sons from serving in corporate leadership for a few years, the AP said.
“I greatly respect the fact that the Court had the Courage to throw out this unlawful and disgraceful Decision that was hurting Business all throughout New York State,” he wrote in a social media post. "Total victory."
A sharply divided panel of five judges in New York’s mid-level Appellate Division couldn’t agree on many issues raised in Trump’s appeal, but a majority said the monetary penalty was “excessive,” the AP reported.
After finding Trump flagrantly padded financial statements that went to lenders and insurers, Judge Arthur Engoron ordered him last year to pay $355 million in penalties. With interest, the sum has topped $515 million. Additional penalties levied on some other Trump Organization executives, including Trump’s sons Eric and Donald Jr. — bring the total to $527 million, with interest.
The suit against the president and the Trump Organization was brought by New York Attorney General Letitia James, who said her office will appeal the decision.
“The court upheld the injunctive relief we won, limiting Donald Trump and the Trump Organization officers’ ability to do business in New York," James said in a statement. "It should not be lost to history: yet another court has ruled that the president violated the law, and that our case has merit. We will seek appeal to the Court of Appeals and continue to protect the rights and interests of New Yorkers.”
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