New York Governor Addresses Business Owners Concerns Following Recent Ruling

Last Updated on February 19, 2024 by Robert C. Hoopes

New York Governor Assures Business Owners Following Trump’s Legal Troubles

New York Governor Kathy Hochul has reassured business owners in the state that they have nothing to fear after former President Donald Trump was fined $355 million and temporarily banned from engaging in commerce. The penalties handed to Trump were a result of obtaining favorable bank loans and insurance rates through inflated real estate values.

Hochul emphasized that law-abiding and rule-following businesspeople in New York should not be worried, as the case against Trump was due to his fraudulent behavior, which most business owners do not engage in. Trump has 30 days to come up with a $35 million non-recoverable bond or put $355 million in an escrow account in case his appeals fail.

Trump’s former lawyer argued that the ruling would negatively impact numerous companies and employees within the Trump empire. However, the judge ruled against Trump for fraud but did not dissolve all the companies he owns in the state, allowing them to continue operating with oversight.

Trump has vowed to appeal the ruling and criticized the judge and attorney general as “corrupt.” Attorney General Letitia James stated that the fraud committed by Trump was intentional, egregious, and illegal, and emphasized that everyone should be held accountable under the law.

Despite Trump’s legal troubles, business owners in New York can rest assured that the case against him was for his specific fraudulent actions and does not reflect the behavior of the majority of businesspeople in the state. The governor’s message is clear: as long as business owners operate within the law, they have nothing to fear.