Former President Donald Trump must pay $354.9 million for fraudulently overstating his net worth to secure better loan conditions, a New York judge ruled on Friday.
This ruling, delivered by Justice Arthur Engoron, also bans Trump from serving as an officer or director in any New York corporation for three years. The lawsuit, filed by New York Attorney General Letitia James, accuses Trump and his family businesses of inflating his net worth by as much as $3.6 billion a year over a decade.
“In order to borrow more and at lower rates, defendants submitted blatantly false financial data to the accountants, resulting in fraudulent financial statements,” Engoron wrote in the ruling.
Engoron also ruled Donald Trump Jr. and Eric Trump, Donald Trump’s adult sons, liable for multiple fraud counts, ordering them to pay $4 million each.
