What did he do to incur a $500MM fine again?
“What did he do to incur a $500MM fine again?”
The state, through James’ office, sued Trump in 2022, alleging he had committed fraud for years by inflating his wealth on financial statements given to banks and insurance companies in connection with various business deals. This inflation was based upon welth, not cash. He’s like most really welthy people, they have worth, not liguid wealth.
An example is Jeff Bezos. Bezos holds only 5% of his worth in cash. The American tech entrepreneur’s wealth is coming from strong gains from his online retail company now worth over $1.5 trillion.
The world’s richest man, Jeff Bezos owns about 11% of Amazon, according to its most recent SEC filing.
Jeff Bezos held 16% of the world’s largest online retailer before a 4% stake was transferred to his ex-wife last year following the pair’s divorce.
He is also the principal owner of space exploration company Blue Origin, which is included in Bloomberg’s calculation of investment cost.
https://nairametrics.com/2020/12/12/world-richest-man-jeff-bezos-holds-5-of-his-wealth-in-cash/
So by scattering his worth based upon something other than cash, he has worth for the purposes of investable credit, but no cash.
Trump does the same thing as most really rich people do.
wy69