A U.S Court has ordered former President Donald Trump to pay $355 million after finding him guilty of fraud and banned him from running businesses in New York state for three years.
This decision, coupled with a three-year ban prohibiting Trump from engaging in any business ventures within the state of New York, marks a significant blow to the once-flamboyant tycoon’s financial fortunes, according to reports from BTA.
The charges were initially brought forth by New York Attorney General Letitia James in 2022, who filed a civil fraud suit targeting Trump, his two adult sons, and their family company.
Reacting to the verdict, Trump launched scathing attacks against the presiding judge, labeling them a “sellout,” while accusing the attorney general of being totally corrupt.
Trump’s sons have also been penalized, with fines amounting to approximately a million each and a prohibition from holding executive positions in companies within the state for the next two years.
The civil case, which has been rife with political undertones, saw Trump and his sons repeatedly appearing in court from October to January.
They stood accused of artificially inflating the value of their company’s assets, including skyscrapers and luxury hotels, in a bid to secure favorable loans from banks and insurance terms beginning from 2010 onwards.
