Former US President Donald Trump has been fined $354.9 million for fraudulently inflating the value of his assets to lenders. A judge in New York gave this order yesterday after hearing a civil case filed against Trump.
Justice Arthur Ngoron also banned Trump from serving as an officer or director of a New York corporation for three years.
New York Attorney General Leticia James filed the civil suit against former President Trump. He alleged that Trump had inflated the value of his assets and those of his businesses to bankers to obtain large loans. After a three-month trial in a Manhattan court in New York, Justice Ngoron announced the verdict without a jury yesterday.
Trump has denied the allegations against him. He claimed that elected Democrat leader James made the case out of political revenge.
Yesterday, Ngoron overturned his ruling in the case last September. The ruling called for the companies that controlled the pillars of Trump's housing empire to be "liquidated."
But Ngoron said yesterday that it will no longer be necessary. Because he's hiring an independent monitor to keep an eye on Trump's business.
Ngoron wrote in his ruling that Trump and other defendants in the case have been unable to admit wrongdoing. Instead, they have made such a gesture to hide the truth - see no evil, hear no evil and speak no evil.
Meanwhile, in a social media post, Trump referred to Justice Ngoron as "dishonest". And he called James Leticia 'corrupt'.
Calling Ngoron's decision a "total lie," Trump wrote, "We cannot allow any injustice to stand."
Trump's lawyer, Alina Haba, said they will appeal the ruling.
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