Donald Trump must pay $354.9 million US in penalties for fraudulently overstating his net worth to dupe lenders, a New York judge ruled on Friday, handing the former U.S. president another legal setback in a civil case that imperils his real estate empire.Former U.S. president Donald Trump attends a civil fraud trial at the New York State Supreme Court in New York City in November 2023. Donald Trump must pay $354.
Justice Arthur Engoron also banned Trump from serving as an officer or director of any New York corporation for three years. Engoron cancelled his prior ruling from September ordering the "dissolution" of companies that control pillars of Trump's real estate empire, saying on Friday that this was no longer necessary because he is appointing an independent monitor and compliance director to oversee Trump's businesses.Judge rules Donald Trump defrauded banks, insurers as he built real estate empire
The lawsuit brought by New York Attorney General Letitia James accused Trump and his family businesses of overstating his net worth by as much $3.6 billion US a year over a decade to fool bankers into giving him better loan terms. Trump has denied wrongdoing and called the case a political vendetta by James, an elected Democrat. Trump is expected to appeal Friday's ruling by Engoron.