Donald Trump must pay $354.9 million in penalties for fraudulently overstating his net worth to dupe lenders, a New York judge has ruled, handing the former US president another legal setback in a civil case that imperils his real estate empire.
The lawsuit brought by New York Attorney General Letitia James accused Mr Trump and his family businesses of overstating his net worth by as much $3.6 billion a year over a decade to fool bankers into giving him better loan terms.
Mr Trump has denied wrongdoing and called the case a political vendetta by Ms James, an elected Democrat.
Mr Trump is expected to appeal the ruling by New York state judge Arthur Engoron.
The civil fraud case could deal a major blow to Mr Trump’s real estate empire as the businessman turned politician leads the race for the Republican nomination to challenge Democratic President Joe Biden in the 5 November US election.
Judge Engoron ruled in September that Mr Trump had engaged in fraud and ordered his business empire be partially dissolved. The full implications of that order are still unclear, and Trump is appealing.
The ruling came after a contentious three-month trial in Manhattan.
More to follow..
