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Trump asked to pay $350m penalty in civil fraud case

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Staff Writer, TLR

Published on February 17, 2024, 12:25:16

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Donald Trump, New York, Penalty, General Letitia James, legal

Former US President Donald Trump has been ordered by a New York judge to pay $354.9 million in penalties for fraudulent overstatements of his net worth to obtain better loan terms. Justice Arthur Engoron also banned Trump from serving as an officer or director of any New York corporation for three years. Trump's lawyer has vowed to appeal the decision.

The lawsuit, brought by New York Attorney General Letitia James, accused Trump and his family businesses of inflating his net worth by up to $3.6 billion annually over a decade to deceive lenders. Trump, who faces criminal charges in four other cases, has dismissed the lawsuit as a politically motivated attack.

The judge's ruling also imposes penalties on Trump's adult sons and former CFO, with total penalties exceeding $450 million, including interest. Despite Trump's assertions and legal manoeuvres, the court found him liable for the fraudulent practices.
The verdict could have significant implications for Trump's real estate empire and his presidential aspirations. Despite leading in the race for the Republican nomination for the U.S. presidency, Trump's legal troubles continue to mount. Additionally, he faces criminal charges in multiple jurisdictions, with trials set to proceed in the coming months.

Throughout the civil fraud case, Trump's behaviour, including defiant testimony and disparagement of court staff, has drawn criticism from the judge. The ruling underscores the legal and financial challenges facing Trump, who may struggle to access credit and could face further legal repercussions as his legal battles intensify.

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