In a recent ruling, former U.S. President Donald Trump has been ordered to pay $354.9 million in penalties for fraudulently overstating his net worth to deceive lenders. The ruling was made by a New York judge, Justice Arthur Engoron, who also barred Trump from serving as an officer or director of any New York corporation for three years. Engoron had previously ordered the dissolution of companies that control Trump's real estate empire but has now appointed an independent monitor and compliance director instead.
The lawsuit against Trump was brought by New York Attorney General Letitia James, who accused him and his family businesses of inflating his net worth by up to $3.6 billion per year over a decade in order to obtain better loan terms. Trump's lawyer, Alina Habba, called the ruling a "manifest injustice" and claimed it was part of a politically motivated witch hunt against him. Habba plans to appeal the decision.
Trump's adult sons, Donald Trump Jr. and Eric Trump, were also defendants in the case and have been ordered to pay $4 million each. Trump has denied any wrongdoing and called the case a political vendetta.
This civil fraud case is just one of several legal challenges that Trump is currently facing. He is also under indictment in four criminal cases, including one in New York related to hush money payments made to a porn star before the 2016 election. Despite these legal troubles, Trump is still leading the race for the Republican nomination to challenge President Joe Biden in the upcoming U.S. election.
The ruling in this civil case could have significant implications for Trump's real estate empire. However, it remains to be seen how the ruling will ultimately impact his businesses as he is expected to appeal. Trump's legal battles are ongoing, and his lawyers have sought to delay some of the criminal trials due to his busy schedule. Trump has pleaded not guilty in all four criminal cases.
Overall, this ruling represents another setback for Trump in the legal arena, but its ultimate impact on his real estate empire and political aspirations remains uncertain.