A New York judge ruled that former US President Donald Trump must pay $354.9 million in penalties for fraudulently inflating his net worth to deceive lenders and to obtain favorable loan terms, Reuters reports.
Justice Arthur Engoron also banned Trump from serving as an officer or director of any New York corporation for three years. Engoron also barred Trump from applying for loans from New York-chartered financial institutions for three years. Trump’s sons, Don Jr. and Eric, were ordered to pay $4 million each. Trump’s lawyer called the ruling unjust and plans to appeal.
The lawsuit, brought by New York Attorney General Letitia James, accused Trump and his family businesses of overstating his net worth by billions of dollars over a decade to secure better loan terms.
