FORMER President Donald Trump has been barred from doing business in New York and ordered to pay millions in penalties in his New York civil fraud case.
Justice Arthur Engoron of the Supreme Court of New York handed down the decision on Friday.
Former President Donald Trump was barred from doing business in New York and ordered to pay millions in penalties in his New York civil fraud case on Friday
APThe ruling also fined Donald Trump Jr. (pictured here) and his brother Eric $4 million each for their personal gain from the fraud[/caption]
AFPEric Trump (pictured here) and his brother were also barred from leading a company in New York for two years in Friday’s ruling[/caption]
“They are accused only of inflating asset values to make more money. The documents prove this over and over again,” the judge said in the ruling.
Trump was found liable for manipulating his net worth to influence investors and lenders, resulting in the $354 million penalty.
He has also been banned from running a business in the state for the next three years.
Trump’s financial history and investments were investigated during the trial, and many of his claims over the previous years concerning his extreme wealth were found to be overblown.
“[The] defendants submitted blatantly false financial data to the accountants, resulting in fraudulent financial statements,” according to court documents.
“This Court now finds defendants liable… and limits defendants’ right to conduct business in New York for a few years,” the court wrote.
The former president’s sons were also affected by the ruling.
Eric Trump and Donald Trump Jr. were both barred from serving as an officer or director of any New York company for 2 years and fined $4 million each for personally benefiting from the fraud.
Trump family lawyers have already said they would appeal the ruling, but will still be required to secure a bond or pay the money within 30 days to avoid further penalties.
“This verdict is a manifest injustice — plain and simple,” Trump spokesperson and lawyer Alina Habba posted on X after the decision.
“Given the grave stakes, we trust that the Appellate Division will overturn this egregious verdict and end this relentless persecution against my clients,” she wrote.
The Trump Organization’s former chief financial officer Allen Weisselberg was also fined a $1 million penalty.
The former president faces at least four criminal trials later this year in cases that include 91 felony charges.
Friday’s ruling was the result of a civil case brought to courts by New York Attorney General Letitia James in 2022 under a state law designed to prevent recurrent business fraud.
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