A New York Judge has ordered Former US President Donald Trump to pay $354.9-M in penalties for fraudulently inflating his net worth to deceive lenders, marking another legal setback for the embattled White House hopeful.
Justice Arthur Engoron also imposed a three-year ban on Trump from serving as an officer or director of any New York corporation.
The ruling stems from a civil lawsuit filed by New York Attorney General Letitia James, accusing Trump and his family businesses of exaggerating his net worth by up to $3.6-B annually for over a decade to secure favorable loan terms.
Trump denies wrongdoing, and claims that the case is politically motivated.
Despite Trump’s plans to appeal the decision, the verdict could significantly impact his real estate empire as he pursues the Republican nomination for the 2024 US Presidential election.
Judge Engoron’s ruling follows a contentious three-month trial in Manhattan, during which the former US President defended his actions but acknowledged discrepancies in property valuations.
