 |
| Reuters |
Former President of the United States, Donald Trump (2017-2021), will have to pay a fine of over 350 million dollars for various fraud cases in his family company, the Trump Organization, as ruled by a judge in New York on Friday.
Judge Arthur Engoron also restricted the former president's ability to do business in the state for the coming years. Trump is expected to appeal the decision.
Engoron reversed his previous ruling issued in September, which ordered the dissolution of the companies controlling pillars of Trump's real estate empire, stating on Friday that this was no longer necessary because he is appointing an independent monitor and compliance officer to oversee the former president's businesses.
The lawsuit, filed by New York Attorney General Letitia James, accused Trump and his family companies of inflating their net worth by as much as 3.6 billion dollars per year for a decade to deceive bankers and secure better terms on loans.
Trump has denied wrongdoing and characterized the case as political revenge by James, a elected Democrat. The former president is expected to appeal the judgment issued on Friday by Engoron.
The civil fraud case could deliver a significant blow to Trump's real estate empire at a time when the businessman-turned-politician leads the race for the Republican nomination to challenge Democratic President Joe Biden in the U.S. elections on November 5.
Friday's judgment came after a controversial three-month trial in Manhattan.