Billionaire Don Hankey's firm provided a bond on Trump's $175 million court judgment, with Trump putting up all cash as collateral, allowing him to collect interest if the amount is invested in a money market or other investment vehicle while held in a trust account pending appeal.
New York v. Trump is a civil investigation and lawsuit by the office of the New York Attorney General (AG) alleging that The Trump Organization and several individuals (including operative members of the Trump family) engaged in financial fraud by presenting vastly disparate property values to potential lenders and tax officials, in violation of New York Executive Law § 63(12). A trial took place from October 2023 to January 2024. As a result of the trial, the presiding judge Arthur Engoron ordered the defendants to disgorge a total of US$364 million of ill-gotten gains, among other penalties.AG Letitia James began investigating the organization in early 2019, with public litigation beginning in August 2020 to support her subpoenas in the inquiry. In February 2022, Engoron ruled in favor of James's subpoenas, and that April, Donald Trump was found in contempt of court for not complying with them and Trump was fined $110,000.In September 2022, the AG sued Donald, his three oldest children (Donald Jr., Ivanka, and Eric), former chief financial officer Allen Weisselberg, former controller Jeffrey McConney, and ten related companies. That November, Engoron appointed retired judge Barbara S. Jones to monitor the organization regarding potential future fraud. In 2023, Ivanka was released as a defendant due to an expired statute of limitations.In September 2023, Engoron issued a summary judgment that Trump and his company had committed fraud for years. The judge ordered the termination of the defendants' state business licenses and the dissolution of pertinent limited liability companies (pending appeal). The trial covered six additional claims by the AG and considered further penalties. In October, a gag order was placed on Trump, forbidding him from publicly disparaging court staff; the judge fined Trump $5,000 and $10,000 for two violations of the order that same month. The defense unsuccessfully sought to dismiss the case, as well as related subpoenas and rulings.In February 2024, Engoron concluded that the "defendants failed to accept responsibility or to impose internal controls to prevent future recurrences" of having "submitted blatantly false financial data" to "borrow more and at lower rates". Engoron assessed Donald Trump and his companies $354 million of disgorgement of ill-gotten gains (not including interest), while Eric and Donald Jr. were assessed $4 million each, and Weisselberg $1 million. These four and McConney were also banned from leading New York organizations from two to three years; Weisselberg and McConney were also permanently banned from having any financial control in such organizations. The provisions of the judgement are under appeal.
Former Trump aide Hope Hicks is set to testify for the prosecution in Trump's New York hush money trial, involving falsified business records to cover up payments made to hide an affair during his 2016 campaign. Hicks, who denies prior knowledge of payments, is believed to have been involved in negotiating a $130,000 payment to Stormy Daniels. Trump faces multiple criminal cases and has labelled the charges as political, pleading not guilty. His former attorney, Michael Cohen, is cooperating with prosecutors. The trial is scheduled for April 15, with Daniels expected to testify.
Don Robert Hankey (born June 13, 1943) is an American businessman, the founder of the Hankey Group, which makes most of its income from car loans.
Following the completion of its SPAC merger, Donald Trump's social media company, Trump Media and Technology Group, reported a revenue of $4.1 million for 2023. The company's stock, trading under DJT, initially surged in value, increasing Trump's net worth to $7 billion. However, the company's financial condition raises concerns about its sustainability, with the stock price later tumbling by over 25%. Trump's ability to sell shares is restricted for six months unless the board intervenes.
In the criminal hush money case involving Donald Trump, the judge has broadened the gag order on the former president to include prohibiting him from criticising his family members or those of Manhattan prosecutor Alvin Bragg. Trump denies concealing hush money payments to an adult film actress before the 2016 election. The expanded order came after Trump's online attacks on the judge's daughter. Trump's camp called the gag order unconstitutional, but the judge emphasized the need to protect the integrity of the judicial proceedings.
Following a surge in stock price post its SPAC merger, Trump Media and Technology Group's market cap reached $9 billion, increasing Trump's net worth to $7 billion despite the company making only $4.1 million in revenue in 2023, resulting in a significant loss of $58 million. The company, which owns Truth Social, a conservative alternative to Twitter, faces skepticism due to its high stock price relative to revenue and plans to develop additional services like video streaming for "cancelled content creators" despite unclear prospects.
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