Former US President Donald Trump ordered to pay nearly $355 million in fines

A New York judge has ordered former President Donald Trump to pay $354.9 million for misleading lenders about his net worth, putting him in further legal trouble in a civil case that could have a major impact on his real estate empire.

Former US President Donald Trump (center) criticized the verdict against him. Photo: NEW YORK TIMES

In a ruling that ended a controversial three-month trial, Judge Arthur Engoron also banned Republican presidential hopeful Donald Trump from holding any executive or director position in any New York company for three years.

Mr. Arthur Engoron also banned the former US President and the companies named in the lawsuit from applying for loans from any financial institution licensed in New York for 3 years, limiting Donald Trump's ability to receive credit from major banks in the US. Judge Engoron also affirmed that he would appoint an independent monitor and a director to oversee Mr. Trump's business activities.

Mr Trump has criticized the ruling. His lawyer, Alina Habba, said he would appeal. The lawsuit, filed by New York Attorney General Letitia James, alleges that Donald Trump and his family companies inflated his net worth by as much as $3.6 billion a year for more than a decade to deceive banks into offering better loan terms.

MINH CHAU

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