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Donald Trump fined with $354.9 million penalty for inflating his net worth, bans him from NY business for 3 years

This legal battle could significantly impact Trump's business ventures as he seeks the Republican nomination for the upcoming presidential election against Democrat Joe Biden.

News Arena Network - New York - UPDATED: February 17, 2024, 12:19 AM - 2 mins read

Donald Trump fined with $354.9 million penalty for inflating his net worth, bans him from NY business for 3 years

Former U.S President Donald Trump

A New York judge has ordered Donald Trump to pay $354.9 million in fines for misleading lenders by inflating his net worth, posing another legal challenge to his business operations. Justice Arthur Engoron also prohibited Trump from holding any leadership role in New York companies for three years.

Engoron revised his earlier decision to dissolve Trump's companies, now deeming it unnecessary because he plans to appoint a monitor to supervise Trump's business activities.

The legal action, initiated by New York Attorney General Letitia James, claims Trump and his businesses exaggerated his wealth by up to $3.6 billion annually for ten years to secure favorable loan conditions.

Trump, denying any misconduct, has criticized the lawsuit as politically motivated by James, a Democrat, and plans to appeal Engoron's decision. This legal battle could significantly impact Trump's business ventures as he seeks the Republican nomination for the upcoming presidential election against Democrat Joe Biden.

The decision followed a heated three-month trial in Manhattan.

During defiant and meandering testimony in November, Trump conceded that some of his property values were inaccurate but insisted banks were obligated to do their own due diligence.

He used his occasional court appearances as impromptu campaign stops, delivering incendiary remarks to reporters and insisting his enemies are using the courts to prevent him from retaking the White House.

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